Trader Says Large-Cap Memecoin Could Surge by 140%+, Updates Outlook on Solana, Chainlink and One Ethereum Rival

May 31, 2024

A widely followed analyst and trader is predicting triple-digit gains for a leading memecoin while updating his outlook on three other crypto assets.

The trader pseudonymously known as Altcoin Sherpa tells his 216,400 followers on the social media platform X that Dogecoin (DOGE) potentially surging to $0.40, about 147% above the current level, “is one of the safest trades you can make this cycle in my opinion.”

On the reasons informing his bullish thesis for the largest memecoin by market cap, the pseudonymous analyst says,

“- Retail is eventually going to buy it up.

– All it takes is one retarded Elon [Musk] tweet to blow it up.

– Has great liquidity/low downside relative to other memes.

– Probably outperforms a lot of other shitcoins.”

Dogecoin is trading at $0.162 at time of writing.

Turning to Solana (SOL), Altcoin Sherpa says,

“I think this goes much higher later this year but I think that we just see more chop/lower volatility for now.”

Solana is trading at $168 at time of writing.

Next up is blockchain oracle Chainlink (LINK). The pseudonymous trader says that while Chainlink may not yield 100x gains, it has limited downside. Based on Altcoin Sherpa’s chart, it appears that he is suggesting that LINK could surge by around 75% from the current level and reach a price of $32 over the coming months.

Chainlink is trading at $18.26 at time of writing.

Next up is the layer-1 platform NEAR Protocol (NEAR). The pseudonymous analyst says that the Ethereum (ETH) competitor currently offers no attractive entry opportunity for a long position.

“I think it [NEAR] looks like it’s consolidating but you’re basically hoping this has a breakout. Would rather just be patient on it and buy it higher personally.”