Dogecoin ($DOGE ) is back in the spotlight, trading at $0.1253 on October 16, with a 9.20% increase in 24 hours and a 14.65% rise over the past week. Its market cap jumped from $16.8 billion to $18.8 billion, and trading volume surged 96.85% to $2.03 billion, according to CoinMarketCap data.

DOGE currently leads the top 100 digital assets by market cap, sparking speculation about its future. Analyst Ali Martinez fueled excitement with his prediction, though some traders remain cautious, noting that a $10 DOGE would require trillions in market cap and multiple halvings.

Speculation has also grown around Elon Musk’s potential involvement, as Tesla recently moved $740 million in Bitcoin. Musk's past influence on DOGE’s price adds to the rumors surrounding this latest rally.

From a technical perspective, Martinez highlighted a multi-year descending triangle formation, which often precedes price surges. A recent 65% pullback resembles past patterns where DOGE surged by 200% before correcting. This suggests another major rally may be possible.

However, most analysts doubt DOGE will hit $10. Reaching that price would require a market cap in the trillions, which seems unattainable given DOGE’s inflationary supply. Its all-time high was $0.73 in May 2021, with a market cap of $88.80 billion.

Currently, DOGE is trading above its 200-day simple moving average, showing strong market support. Still, key resistance levels at $0.13 and $0.15 in the coming days will determine whether it can maintain momentum. While bullish indicators suggest more gains are possible, hitting $10 remains unlikely due to market conditions and DOGE’s supply.

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