[Is everyone optimistic about Dogecoin? Any chance of reaching $10 next year? 】
Dogecoin (DOGE) recently traded at around $0.4, and despite the stagnation, the market remains optimistic about its potential. Some analysts believe that DOGE is on track to break through the $10 target, which would require an increase of 2,233% from current prices.
Prominent analyst Dima James Potts predicts that DOGE will break through $10 during this bull run and could reach $24 by 2025. He speculates on a gradual upward trend in price based on historical patterns on the DOGE weekly chart. Another analyst, Gladiator, believes that DOGE's current trend is similar to the last bull market, and it is expected that it may rise to the range of $5 to $10 in the first quarter of next year.
Analysts at Changelly predict that DOGE has the potential to reach $10 in the long term. The lowest price in 2040 is likely to be $9.35, with an average price of $9.84 and a high of $11.19. AI tool ChatGPT also predicts that if DOGE continues to be widely used and driven by Bitcoin and Ethereum, it may exceed $10 before 2030.
Analyst Ali Martinez said a break above the top of the weekly rising wedge for DOGE would provide further support for the $10 target. However, its inflation pattern is a challenge. With 5 billion new tokens added every year, achieving the $10 target requires a high market capitalization. The current circulating supply is 147 billion, which requires a market capitalization of $1.47 trillion; if the supply increases to 152 billion, a market capitalization of $1.52 trillion is required.
Despite the challenges, DOGE is seen as having the potential to reach $10, driven by growing retail and institutional demand and the support of Elon Musk. As of now, the price of DOGE is $0.4285, an increase of 148.85% in the past 30 days, and a single-day increase of 6.41%.