Dogecoin: A Trader's Big Bet and the Path to $1

A well-known trader has made a huge profit from Dogecoin, and he's not done yet. This person, known as Bonk Guy, shared on X that his Dogecoin trade is now up over $500, 000. Just a day earlier, he had reported a profit of $252, 000. He started with a $100, 000 investment, but used a lot of leverage to boost his potential gains. So, what's driving Dogecoin higher? The trader points to a few things. First, Dogecoin often moves in a pattern: long periods of calm, followed by sudden jumps. Second, there are some short-term events that could push it higher, like a possible Dogecoin ETF launch and growing interest in the Dogecoin Asset Treasury. Finally, the overall market momentum still seems to be going up, not slowing down. Another analyst, Altcoin Sherpa, praised Bonk Guy's trading style, saying he's a great example of how to trade meme coins with confidence and clarity.Bonk Guy believes Dogecoin could reach $1 in a multi-step process. First, a strong move up from current levels. Then, a period of consolidation where people might get complacent. Finally, a "monster rally" that could last for months, pushing Dogecoin above $1. He advises traders to hold on to their investments and not panic-sell during dips, calling it a "HODLer's market. " Meanwhile, another analyst, Cryptoinsightuk, noted that there's a lot of short interest on lower timeframes. With open interest rising, negative funding premiums, and spot volume increasing, he believes a short squeeze is likely. The big question is: is this just a temporary relief rally, or the start of a full trend reversal? Many other altcoins are showing similar patterns.