A well-known cryptocurrency analyst expressed optimism about the possibility of the popular meme coin Dogecoin reaching the long-awaited price of $1 per coin.
Market analyst Trader Tardigrade believes that within four days after the New Year, there is still a possibility for DOGE's price to break the $1 mark, indicating that this meme coin has entered a bullish period.
One dollar per coin is feasible
Tardigrade believes that Dogecoin reaching the much-anticipated $1 milestone is reasonable, as this popular meme coin has now entered what is known as the distribution phase.
The market expert stated that DOGE's price needs to rise by 157% to reach the coveted $1 level, adding that as long as this meme coin follows the "three-force" model, it will soon achieve this price level.
Trader Tardigrade stated in a post, "In this model, $Doge $1 is a reasonable target."
Last year, Dogecoin's price increased by 252%, which is impressive, although by the end of December, it faced a bearish market and dropped 25%.
Three-Force Model
Tardigrade revealed that Dogecoin has entered the distribution phase, which is one of the three phases of the three-force model.
This cryptocurrency analyst defines the "three-force model" as the structure of three phases that DOGE follows throughout the market cycle. These three phases are accumulation, manipulation, and distribution.
Tardigrade stated that after a significant rise in DOGE's price in November 2024, the accumulation phase began, which is related to the optimistic outlook for the cryptocurrency market following Donald Trump's victory in the U.S. presidential election.
The cryptocurrency expert added that the price of meme coins has steadily risen during this period, winning over investor optimism.
The accumulation phase ended on December 17, marking the arrival of the manipulation phase, during which investors saw the price of DOGE drop. DOGE's market cap is currently $56.4 billion. Trader Tardigrade stated that December is a bearish period for DOGE, with its price declining and consolidating, adding that this phase will last until the end of 2024. During this turbulent time, Dogecoin lost about 25% of its value. However, market analysts say the manipulation phase is crucial for meme coins as it prepares Dogecoin for its next phase, the distribution phase. The distribution phase begins in the first four days of 2025, during which the meme coin's price increased by 23.15% amid fluctuations, signaling a recovery.
