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Cryptocurrency experts believe that positive market sentiment towards the digital asset will also push the price of the popular meme coin to an all-time high. Analysts believe meme-based Dogecoin could gain momentum in a bull run that could push the cryptocurrency as high as $3 per coin.
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Dogecoin: Possible Bull Market
Prominent analysts believe that it is only a matter of time before Dogecoin reaches the $3 level.
Crypto Schofield claimed that memecoin is currently gaining momentum towards a potential bull market that will push the token to the desired price.
According to reports, the meme-based currency could take advantage of the soaring price of Bitcoin, which has already surpassed $97,000, and crypto analysts believe that the soaring price of Bitcoin could be the driving force behind Dogecoin's own price rise. I see it as having sex.
Until then it’s just a matter of time 👇
$FET up to $10 $FTM up to $5 $VET up to $0.25 $COTI up to $1 $INJ up to $150 $rose up to $ 0,80 $Doge up to $3 $XRP up to $5
— Scofield (@Crypto_Scofield) November 28, 2024
Despite the downturn memecoin has experienced recently, Krypto Scofield believes that Dogecoin’s bull market could return at any time, paving the way for the token to reach $3.
Experts explained that for Dogecoin to reach this unprecedented level, the price would need to undergo a massive rally, an increase of 624% from the current price.
Considering that DOGE has already experienced over 400% price appreciation in the past 12 months, a 624% jump is not outlandish and further increases the bullish chances of the memecoin reaching $3. There is.
DOGE price increased last week. Source: Coin Gecko
Goals that can be achieved within one year
Multiple crypto analysts have suggested that Dogecoin could reach the $3 level within six months to a year and predicted that the meme coin's peak could be at the $3 mark.
Market commentators also said the ongoing bull market is expected to end within the same timeline.
However, some crypto observers disagree with the $3 prediction, saying DOGE is predicted to reach $11 per coin or even exceed $20.
DOGE's market capitalization is currently $62 billion. Chart: TradingView.com
Analysts at TradingView studied Dogecoin’s past performance within a Gaussian channel and as a result predicted that the memecoin could peak at $11.
Another analyst, Ali Martinez, also expected DOGE to surpass its $3 per coin forecast. Martinez analyzed DOGE's historical performance and concluded that the peak would be $18 per DOGE.
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Market capitalization is $440 billion?
Analysts said they expect Dogecoin to reach $3 per coin, which would also boost the memecoin's market cap to about $440 billion.
If DOGE reaches that market cap level, it would surpass the current market cap of $439 billion for another popular cryptocurrency, Ethereum.
Market commentators also believe that DOGE's estimated valuation of $440 billion puts it ahead of industry leaders such as Netflix and Bank of America in global rankings, making it one of the most valuable assets and companies worldwide. I explained that it would go in.
At the time of writing, DOGE is trading at $0.4219 per coin, up 2.1% in the past 24 hours, and has a market cap of over $62 billion.
Featured images from DALL-E, charts from TradingView
