Despite Dogecoin's recent sluggish performance, top experts still believe the asset will surge 2,233% to $10.
Following a significant surge in early November, Dogecoin (DOGE) has hovered around the $0.4 price point over the past week. Since the rebound, Dogecoin has not shown any significant upward trend, as it has remained around 40 cents.
Nevertheless, market observers remain confident in the potential of DOGE, with some predicting that its incredible surge will exceed $10. To reach the $10 target, the price of Dogecoin would need to increase by 2,233% from its current price of $0.4285.
The latest prediction for DOGE is that it will reach $10.
Notably, renowned cryptocurrency analyst Dima James Potts recently predicted that Dogecoin will break through $10 in this bull market cycle. In a recent tweet, James highlighted the historical patterns observed in Dogecoin's weekly candlestick chart.
James pointed out the red line on the attached chart, indicating that this metric usually aligns with the peak price of Dogecoin in each market cycle. According to experts, the current cycle's red line reflects a target of $24 for Dogecoin by 2025, with prices expected to rise over time.
Experts predict that if this pattern repeats, the price of Dogecoin may break through $10 before the end of this cycle.
Additionally, the pseudonymous cryptocurrency analyst Gladiator suggested that Dogecoin's current price action reflects that of the previous bull market cycle.
Based on these similarities, analysts predict that Dogecoin will begin a parabolic run starting next year. They noted that the trading price of DOGE could range between $5 and $10 in the first quarter of next year.
Change Forecast
Besides James and Gladiator, other prominent cryptocurrency experts still believe Dogecoin will soar to $10 during its lifecycle.
For example, analysts from the cryptocurrency trading platform Changelly echoed this sentiment in their recent analysis of Dogecoin. However, they anticipate that by 2040, approximately 16 years from now, the trading price of DOGE will approach $10.
By 2040, Changelly experts predict the trading price of Dogecoin will be at least $9.35, with an average price of $9.84 and a maximum price of $11.19.
ChatGPT Prediction
Additionally, we consulted popular AI chatbot ChatGPT to determine whether Dogecoin could reach the $10 milestone during its lifecycle.
Interestingly, ChatGPT believes Dogecoin can achieve this feat and predicts it may take 5-10 years. This suggests that Dogecoin is expected to reach the $10 target between 2029 and 2034.
The chatbot emphasized certain factors that could drive DOGE to $10, such as Dogecoin's continued use as a payment method and a strong bull market led by Bitcoin and Ethereum.
Other predictions regarding DOGE's rise to $10.
In October, renowned cryptocurrency expert Ali Martinez asserted that $10 is a realistic target for Dogecoin. Although he did not specify a timeline for Dogecoin to surge to the $10 mark, he highlighted a candlestick chart showing Dogecoin's rise from the bottom of a weekly ascending wedge.
According to analysis, if Dogecoin moves to the tip of the wedge in the candlestick chart, it will reach the $10 target.
The main threat for Dogecoin to rise to $10.
Meanwhile, Dogecoin's inflation model poses significant challenges for the asset. Each new year, the supply of Dogecoin increases by 5 billion tokens, indicating that if it takes longer to achieve this milestone, the asset will require a higher valuation to reach the $10 target.
From this perspective, given Dogecoin's circulating supply of 147 billion tokens, DOGE would need a market cap of $1.47 trillion to achieve the $10 target. However, if the circulating supply increases by another 5 billion tokens next year, reaching 152 billion, then DOGE's market cap would reach $1.52 trillion.
Nevertheless, due to the growing demand from retail and institutional investors, along with Elon Musk's continued endorsement of the token, Dogecoin could still achieve the $10 target. This article should not be considered financial advice; therefore, caution is advised.
As of the time of writing, DOGE is trading at $0.4285, down 6.88% over the past 7 days. Conversely, the token's value has surged by 148.85% over the past 30 days and increased by 6.41% in the last day.
