Cryptocurrency experts believe that positive market sentiment towards digital assets will also drive the price of a popular meme coin to an all-time high. Analysts see that meme-based Dogecoin is gaining momentum for a potential price rally pushing the cryptocurrency to $3 per coin.
Dogecoin: A Potential Price Rally
A prominent analyst believes it is only a matter of time before Dogecoin reaches $3. Crypto Scofield claims that the meme coin is currently attracting attention for a potential price rally that could push the price of this token to the desired level.
Reports indicate that this meme-based currency could leverage the price rally of Bitcoin, which has surpassed $97,000, and cryptocurrency analysts see the price rally of BTC as a driving force behind the price increase of Dogecoin.
Despite the recent decline of this meme coin, Crypto Scofield still believes that the price rally of Dogecoin could soon reoccur at any time, paving the way for this coin to reach $3.
Experts explain that for Dogecoin to achieve this unprecedented level, the coin will need to create a strong price rally, where its price will have to increase by 624% from its current price.
A 624% increase is not too far-fetched considering that in the past 12 months, the price of DOGE has risen more than 400%, further reinforcing the potential for this meme coin to rise to $3.
Achievable Target Within a Year
Some cryptocurrency analysts believe that Dogecoin could reach $3 within six months to a year, predicting that the peak of this meme coin could be $3.
Market commentators also noted that the ongoing price rally is expected to end within the same timeframe.
However, some cryptocurrency observers disagree with the $3 forecast, arguing that DOGE is expected to reach $11 or even above $20 per coin.
A TradingView analyst has reviewed the historical performance of Dogecoin within the Gaussian channel, predicting that the peak of this meme coin could be $11.
Another analyst, Ali Martinez, also predicts the expected price for DOGE to be over $3 per coin. Martinez analyzed the previous performance of DOGE and concluded that the peak would be $18 per DOGE.
Market capitalization reaching $440 billion?
Analysts say that if Dogecoin reaches the price of $3 per coin, this would also boost the market capitalization of this meme coin which they predict will reach around $440 billion.
When DOGE reaches that market capitalization, it will surpass the current market capitalization of another popular cryptocurrency, Ethereum, at $439 billion.
Market commentators also explain that the projected valuation of $440 billion for DOGE would make it one of the most valuable assets and companies in the world, surpassing industry-leading companies like Netflix and Bank of America in the global ranking.
As of the time of the press report, DOGE is trading at $0.4219 per coin, up 2.1% in the past 24 hours with a total market capitalization of over $62 billion.