Analyst Javon Marks states that Dogecoin has the potential to rise to $20. Emphasizing that the large price increases in the past are in line with current market trends, Marks points out that the increase in whale transactions has increased the interest in Dogecoin.$DOGE
In the evaluations made on Dogecoin's price of $0.316274 (DOGE), Marks expects a significant increase in the current bull cycle and predicts that this increase could carry Dogecoin to $20. Marks makes this prediction based on Dogecoin's past major price movements. In particular, he states that the 90% and 306% price increases experienced in 2017 and 2021 could be experienced again under similar market conditions. According to Marks, the 306-fold increase seen in the 2021 bull cycle could be repeated in the current cycle, and in this case, the DOGE price could exceed $20.
Marks stated that Dogecoin’s historical price movements provide strong signals for potential future increases. Stating that the major increases in 2017 and 2021 could be repeated in line with current market dynamics, Marks argues that this goal is achievable if market conditions are supportive.
Whale Movements and High Liquidity Support
Whale activity in the Dogecoin ecosystem is also drawing attention. Data provided by IntoTheBlock revealed that large-scale transactions on the Dogecoin network increased by 41% in the last 24 hours. The total volume of these transactions reached $ 23 billion, indicating that it could have a positive impact on the market. Galaxy Research experts emphasize that these large transactions could be a significant catalyst for Dogecoin. In addition, Elon Musk’s support and developments for Dogecoin positively affect investor sentiment.
The increase in whale accumulation could help keep market liquidity high and drive price fluctuations upward. Dogecoin’s market cap currently stands at $47.52 billion, with a 24-hour trading volume of $1.43 billion. The weekly increase in Dogecoin’s price also suggests that support levels are strengthening. All of these factors reinforce predictions that Dogecoin could reach its $20 target.