DOGE Could Suddenly Explode to $15 – Here’s the Shocking Reason

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TL;DR: Analysts are going wild with predictions of a Dogecoin surge, but will it actually happen?

  • Analysts are predicting a major surge for Dogecoin, with targets ranging from $2 to $15, driven by historical performance and the potential approval of a DOGE ETF by Bitwise and other firms.
  • The newly established Department of Government Efficiency (D.O.G.E.), led by Elon Musk, briefly boosted the meme coin’s price with one of its recent moves, while industry participants expect additional interactions.

Major Rally on the Horizon?

Dogecoin witnessed a significant pump a few days before Donald Trump’s inauguration as America’s 47th President, with its price briefly climbing to as high as $0.43. Most recently, though, it has been on a downtrend and currently trades at around $0.35 (per CoinGecko’s data). I mean, who needs a stimulus package when you can just pump up a meme coin? 🤑

Despite the plunge, many analysts believe it has yet to shine during this bull cycle. Some of the optimists include the X users JAVON MARKS and Trader Tardigrade. The former envisioned a rise above $2, citing the asset’s historical performance, while the latter assumed DOGE could reach $4 in the following months. Yeah, because nothing says “sound investment strategy” like a price target that’s roughly equivalent to the cost of a decent meal at a fast-food joint 🍔.

Ali Martinez also chipped in, making an even more bullish forecast. He believes DOGE could explode to a whopping $15 per coin, assuming the SEC approves Bitwise’s filing to launch a Dogecoin exchange-traded fund (ETF). Because, you know, the SEC is just waiting for the perfect moment to greenlight a meme coin ETF 🤣.

The firm submitted its application to the Delaware Department of State’s Division of Corporation on January 22. Prior to that, REX Advisors and Osprey Funds jointly filed to introduce an ETF that includes exposure to the biggest meme coin. I mean, who wouldn’t want to invest in a token that’s essentially a joke with a price tag? 😂

While the potential approval of such an investment vehicle might indeed positively impact the price of DOGE, the depicted target of $15 seems quite unlikely. After all, it would push the asset’s market cap to above $2 trillion. Currently, the capitalization of the entire cryptocurrency industry is approximately $3.6 trillion, with DOGE accounting for a little over $50 billion. Yeah, because that’s exactly how it works – a meme coin just magically becomes a trillion-dollar asset overnight 🤯.

Whales and D.O.G.E.

Earlier this week, Martinez revealed that Dogecoin whales bought 590 million tokens (worth over $215 million at the time) in the span of 24 hours. Those actions reduce the circulating supply of the meme coin and could lead to a price rally (in case demand doesn’t head south). Yeah, because nothing says “price rally” like a bunch of whales hoarding a token 🐳.

Another element that could positively influence the valuation is the newly established Department of Government Efficiency (D.O.G.E.). Besides having the same abbreviation as Dogecoin, the entity recently featured the meme coin’s logo on its official website, which resulted in a double-digit price spike for the asset. I mean, who needs a functioning government when you can just slap a meme coin logo on the website and call it a day? 🤪

Moreover, the division is led by Elon Musk, a firm proponent of the OG meme coin. Many crypto community members expect his involvement in politics to be highly beneficial for DOGE, but only time will tell whether the entity will continue endorsing the token. Yeah, because nothing says “good governance” like a billionaire with a Twitter account 📱.

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2025-01-23 16:09