A cryptocurrency analyst has predicted a massive price surge for Dogecoin (DOGE), predicting that the king of meme coins will hit a whopping $24 in the near term. While this price target may seem ambitious given that Dogecoin is currently trading below $1, the analyst remains confident, saying that a rally to this target would shock skeptics.
Dogecoin Eyes Price Target of $24
The price of Dogecoin has traded below $1 for many years, experiencing significant price volatility as it attempts to break through major resistance levels and overcome current bearish positions. In contrast to Shiba Inu (SHIB), the leading competitor of this meme coin has recently witnessed impressive gains, while Dogecoin has endured significant declines that left some investors with no choice but to liquidate their holdings.
Amid this bearish trend, a cryptocurrency analyst identified as 'CEO' on X (formerly Twitter) has sparked optimism in the Dogecoin community with new bullish predictions for this cryptocurrency. The analyst shared what he describes as the 'final Dogecoin chart,' in which he predicts that this meme coin could soon reach $24.
In the Dogecoin chart, the analyst revealed the historical price movements of this cryptocurrency, highlighting two instances where this meme coin experienced prolonged bearish trends before exploding into a significant price increase. Based on the current price movements of Dogecoin, it seems that this meme coin is exhibiting similar historical conditions indicating a potential price surge may be imminent. According to the CEO, this potential surge could see DOGE reach $24.
Can the price of Dogecoin rise to $24?
With a price of $24 for Dogecoin seeming exorbitant, the CEO acknowledged that many would be skeptical of such an optimistic outcome. However, he expressed strong confidence in this prediction, asserting that Dogecoin skeptics would be proven wrong when this meme coin achieves this milestone.
With the price of Dogecoin currently trading at $0.13, it's understandable why many investors are skeptical that this meme coin will reach the price target of $24. To achieve this ambitious milestone, the king of meme coins would have to increase by approximately 18,362% from its current price—a remarkable leap that could happen in periods of strong demand and the optimism typically seen in bullish markets.
Additionally, a price increase to $24 for Dogecoin would also require its market capitalization to reach trillions of dollars. As of the time of writing, the market capitalization of Dogecoin is $19.6 billion, meaning it would need to surpass the current market capitalization of Bitcoin, which is $1.3 trillion, to achieve this price.
Data from CoinMarketCap shows that the price of Dogecoin has decreased by 6.41% over the past seven days and has fallen by another 4.37% in the last 24 hours. The cryptocurrency is currently trading at $0.134, with derivatives data from Coinglass indicating that the open interest of this meme coin has decreased by 9.65% but also increased by 24.2% in trading volume.