Could Dogecoin repeat its insane 68,000% price surge? Let’s explore what that would mean.
What a 68,000% Run Would Mean
Crypto analyst Glory crunched the numbers. If Dogecoin mirrored its past performance, going from $0.001 to $0.74 again, the price would hit roughly $36! That would give Dogecoin a market cap exceeding $5 trillion – more than the entire crypto market’s current value of almost $3 trillion. Sounds crazy, right?
Different Perspectives on Dogecoin’s Future
While a $5 trillion market cap seems nearly impossible, some analysts remain optimistic. DOGE CAPITAL, for example, predicts Dogecoin could reach $69 by October 2024, marking the peak of this bull run. He based this on comparing past bull runs in 2017 and 2021, noting the timing of previous price peaks. He believes we might see a late-cycle top in October.
Technical Analysis: Is Another Pump Coming?
Analyst Trader Tardigrade sees things differently. He points to a bullish falling wedge pattern on Dogecoin’s chart – a pattern that previously preceded a significant price increase. He also notes that the stochastic indicator suggests Dogecoin is oversold, hinting at a potential bounce. He even suggests a possible move to $6 as part of a three-stage bull run.
The Current Situation
Currently, Dogecoin is trading around $0.173, slightly down. Whether it will reach $6, $36, or $69 remains to be seen. It’s clear that the potential for massive gains exists, but the likelihood is heavily debated among analysts.