Crypto analysts have turned a close eye on the performance of Dogecoin (CRYPTO: DOGE), the memecoin, amidst the flurry of interest surrounding newer meme tokens

What Happened: According to on-chain analyst Ali Martinez, "I feel my fellow degens have been distracted with the new shiny memecoins, but Dogecoin remains the most important #altcoin in this sector."

Further analyzing the price movements and market behavior, Martinez noted a sense of déjà vu with the original memecoin's chart patterns. Martinez added, " From a technical perspective, DOGE seems to mirror the 2018-2021 pattern. If so, DOGE could be at the very beginning of a massive parabolic bull run!"

Another analyst, known for his predictions on altcoins, concurs with the positive sentiment on DOGE. The analyst, known as Bluntz, said that Dogecoin's price activity could be echoing a pattern similar to Bitcoin's (CRYPTO: BTC) earlier in 2023 when it rebounded from a low of around $16,000.

Bluntz tweeted: "What if? DOGE."

Meanwhile, echoing similar sentiments, pseudonymous analyst Altcoin Sherpa predicted a substantial surge in the price of Dogecoin DOGE, estimating a possible increase of over 200% from its current value.

"DOGE: this is still a great long-term investment to be honest. And by long term, I mean like six months-plus. It's going to do something insane this cycle and still should be at least a 3x-plus from here (possibly more). It accumulated for 700 days, still is the banner meme for all of crypto, and is very 'safe' given the market cap/liquidity/etc," they wrote on X.

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Data from Coinglass indicates a peak in DOGE futures open interest, surpassing $2 billion on Sunday.

The memecoin, often reacting to payment integration news from companies owned by Elon Musk, has seen heightened speculation from the Dogecoin community. Discussions have peaked regarding DOGE's potential use within Musk's ventures—especially since the entrepreneur's acquisition of company X in 2021, coupled with his public endorsement of the coin.

Price Action: At the time of writing, DOGE was trading at $0.21, up 6.56% in the last 24 hours.