Dogecoin (DOGE) is on a tear. The OG meme coin crossed the $0.25 mark on November 10, 2024, for the first time in three years, then surged another 25% over the past 24 hours to $0.28. Meanwhile, its market cap has surged to a three-year high and is currently hovering around $42 billion. As a result, Dogecoin has surpassed XRP and stablecoin USDC to become the sixth-largest crypto asset by market capitalization.
Bold Predictions for Dogecoin
Experts say the token could be primed for a faster rally. Pseudonymous crypto analyst 'Mikybull Crypto' said Dogecoin has just experienced a "golden cross" on its weekly chart, a bullish technical signal that last appeared in Q4 2020 before a sharp price increase.
With the current golden cross, the analyst believes that the asset could once again be preparing for a significant uptrend. Based on Fibonacci extension levels, a price target of $2 to $4 seems feasible in this cycle, fueling optimism about a repeat of its historical growth trajectory.
Based on historical price patterns, another prominent cryptocurrency analyst, Ali Martinez, said that Dogecoin's potential top could lie between the Fibonacci retracement levels of 1.618 and 2.272. If this analysis holds true, it would put the meme coin's potential top between $3.95 and $23.26 — a huge jump from its current price.
Meanwhile, another bold prediction suggests that Dogecoin could hit $30 by March 2025.
What's behind the hype?
The surge can be attributed to Elon Musk, CEO of Tesla and SpaceX, who has been a vocal supporter of Donald Trump, now President-elect, and even joined him on the campaign trail. Musk has hinted at a possible role as head of the proposed Department of Government Efficiency (DOGE), which is enough to spark humorous speculation that Musk might bring Dogecoin to the Treasury Department.
Following Trump’s victory and his pledge to support the crypto industry, the prices of several dog-themed assets have surged over the past week. Including Shiba Inu (SHIB), which has risen in market capitalization rankings to become one of the largest cryptocurrencies, surpassing Tron (TRX) and Toncoin (TON) along the way.