Dogecoin surges 8% in one day
As Bitcoin ($BTC) ushered in a rebound, Dogecoin ($DOGE), the king of meme coins, also benefited from this, with an increase even greater than that of Bitcoin.
According to data from CoinGecko, as of the time of writing, the price of Dogecoin ($DOGE) was reported at $0.1242, with a maximum increase of more than 8% in the past 24 hours and a rise of 15.3% in the past 7 days, outperforming Bitcoin ($ BTC)’s single-week gain of 11%.
Image Source: CoinGecko Dogecoin Weekly Price Chart
At the critical moment of the rebound of Dogecoin ($DOGE), well-known market analyst Ali Martinez also boldly predicted on the social platform At least there is an increase of more than 80 times!
Is the rise predicted by Ali Martinez really possible? What basis is there? Let's keep looking.
Will Dogecoin price explode to $10?
In a tweet on Wednesday (October 16), Ali Martinez showed a chart depicting Dogecoin’s rising wedge pattern on the weekly chart. He pointed out that Dogecoin is in the critical stage of a breakthrough of the channel. If A successful breakout of the tip of the wedge could lead to exponential growth in the future: “For those who think $10#Dogecoin$DOGE is impossible, show them this chart!
Image Source: Dogecoin Price Analysis Chart by X Ali Martinez
If $DOGE does reach $10, the expected increase will be as high as 8,032%. However, is such a bold prediction "too optimistic"? Many people also have doubts.
$10 is basically "impossible" in the short term
In terms of market value, if the price of Dogecoin ($DOGE) reaches $10, the total market value will exceed $1.48 trillion, even exceeding the current market value of Bitcoin ($BTC), which currently has a market value of approximately $1.33 trillion. .
Experts point out that to reach such a high market cap, Dogecoin ($DOGE) would have to go through multiple bull market cycles and remain attractive throughout these cycles, which it will indeed reach one day in the future as the overall cryptocurrency market demand continues to grow. $10 possibility.
However, experts also jokingly said that if the price of Dogecoin ($DOGE) reaches $10, the price of Bitcoin ($BTC) will probably reach $1 million apiece. For this reason, although Ali Martinez's prediction can bring confidence to long-term investors, in the short term, the price of $10 is obviously unrealistic.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
