Legendary analyst says Elon Musk’s favorite coin could jump 80%

Dogecoin, the meme coin once adored by Elon Musk, has jumped more than 10% over the last seven days, riding the crypto market rally as Bitcoin hit a record high of $123,091.61 early this week.

A meme coin is a type of cryptocurrency that parodies a mainstream cryptocurrency. It is called so because it gives a nod to viral memes or trends.

Ali Martinez, a prominent crypto analyst known as @ali_charts on X, shared a price analysis chart and showed the meme coin seeming to form a "double bottom" pattern.

Dogecoin $DOGE seems to be shaping a double bottom pattern, targeting $0.42! pic.twitter.com/EpaYIoPEtY

— Ali (@ali_charts) July 18, 2025

A double bottom is a bullish reversal pattern that forms after a downtrend on a price chart, marked by two similar lows and a breakout above the middle peak. It signals that selling is exhausted and a trend reversal toward a price uptick may be underway.

If the crypto asset follows the pattern as the analyst predicts, it could hit $0.42 in September.

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Martinez also highlighted how whales have bought more than 1 billion DOGE tokens within 48 hours.

Whales bought 1.08 billion Dogecoin $DOGE in the last 48 hours! pic.twitter.com/vQapyIncRN

— Ali (@ali_charts) July 18, 2025

Launched in December 2013, Dogecoin is a parody of the first decentralized cryptocurrency, Bitcoin, which was itself launched in 2009.

Due to its status as the world's largest cryptocurrency, Bitcoin is the preferred choice for companies embracing a crypto treasury strategy.

However, Dogecoin — BTC's parody — isn't far behind. Several companies, such as Bit Origin (Nasdaq: BTOG), have also begun buying DOGE to add to their corporate balance sheet.

Dogecoin was exchanging hands at $0.234 at press time, nearly 70% lower than its record high of $0.7376 that it reached on May 8, 2021.

To even reach the target of $0.42, DOGE needs to jump nearly 80% within a span of two months.