As a seasoned analyst with a decade of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. However, the current surge of Dogecoin (DOGE) is truly something to behold. Having closely followed the meme coin since its inception, I must admit that I never expected to see it cross the $0.25 mark again, let alone reach $0.28 and a market cap nearing $42 billion.
On November 10, 2024, Dogecoin (DOGE) achieved a significant milestone after three years, as it surpassed the $0.25 mark for the first time. Not stopping there, it increased by another 25% in the past 24 hours, reaching $0.28. Concurrently, its market capitalization reached a three-year peak and is now close to $42 billion.
Consequently, Dogecoin surpassed both XRP and USDC in terms of market capitalization, moving up to the sixth position among all cryptocurrencies.
Bold Predictions For Dogecoin
According to experts and crypto analyst ‘Mikybull Crypto’, the token could potentially see faster growth as it recently displayed a “golden cross” on its weekly chart – a positive technical indicator that preceded a significant price surge in Q4 2020, such as in Dogecoin’s case.
Using the present golden cross, the analyst indicates that the asset could potentially resume a substantial upward movement. According to Fibonacci projections, prices ranging from $2 to $4 seem attainable during this phase, fueling hope for another run along its past growth pattern.
Based on historical pricing trends, well-known crypto analyst Ali Martinez predicts that Dogecoin’s potential maximum could fall within the Fibonacci retracement ranges of 1.618 and 2.272. If this forecast proves accurate, it suggests a potential peak for the meme currency between $3.95 to $23.26 – which represents a significant jump from its current prices.
#Dogecoin’s price in DOGE is set to skyrocket! According to past trends, a possible peak could be found between the Fibonacci retracement levels of 1.618 and 2.272, implying a potential price range of $3.95 to $23.26.
— Ali (@ali_charts) November 10, 2024
Meanwhile, another bold prediction suggests that Dogecoin could hit $30 by March 2025.
What’s Behind The Hype?
This increase can be linked to Elon Musk, the CEO of both Tesla and SpaceX, who has publicly expressed his backing for Donald Trump, now the President-elect, and even accompanied him during his campaign. Musk has hinted at a potential position in a proposed Department of Government Efficiency (D.O.G.E.), leading to amusing rumors that Musk might introduce Dogecoin into the national finance system.
After Trump’s win and his promises to back the crypto sector, several dog-themed assets have seen a surge in value over the past week. Among these are Shiba Inu (SHIB), which climbed up the market cap rankings to become one of the biggest cryptocurrencies, outranking Tron (TRX) and Toncoin (TON) during its ascent.
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2024-11-11 13:14