At the close of each year, prominent crypto analysts and firms take stock of the industry’s performance and look ahead to the coming year. Typically, popular digital assets such as Dogecoin undergo market analysis and price forecasts.
Joining the discussion, Galaxy Digital, a leading blockchain company, has released its prediction for Dogecoin’s price, the foremost meme coin in the market.
According to Galaxy Digital’s experts, Dogecoin is projected to finally surpass the $1 mark this year and achieve a market cap exceeding $100 billion. Their Crypto Predictions Report suggests that Dogecoin’s performance and market cap could be influenced by forthcoming Department of Government Efficiency (D.O.G.E.) initiatives, which are expected to include budget cuts impacting the coin’s market value.
Impending $1 Milestone for Dogecoin?
As part of their annual wrap-up, Galaxy Digital has published predictions for key digital assets and the overall industry landscape. In a report unveiled on December 31st, the company presented their team’s insights on Bitcoin, Ethereum, stablecoins, and meme coins like Dogecoin.
According to Alex Thorn of Galaxy Digital, the team anticipates the leading meme coin to finally breach the $1 threshold and reach a market cap of $100 billion. The $100 billion target for market capitalization is noteworthy as no other meme coin has achieved this milestone. While Dogecoin experienced a surge in 2021, momentarily reaching $98.7 billion, its price quickly retraced.
Insights Into Dogecoin’s Future from Galaxy Digital
If Dogecoin’s market cap indeed reaches $100 billion, the coin’s price would be at $0.678, still below its previous peak of $0.739. A surge to $0.678 would represent an 87% increase in value towards the $100 billion milestone.
Galaxy Digital’s analysts believe that $0.678 may not be the peak price for Dogecoin in the current year. They predict that Dogecoin will surpass its all-time high and exceed $1. Should this scenario unfold, Dogecoin’s market cap would rise to $147.47 billion, marking a 176% increase from its present valuation.
The Galaxy Digital Team’s Projections for BTC and ETH
Within the same report, Galaxy Digital also shared insights and price forecasts for various digital assets. Thorn predicts that Bitcoin could surpass $150k in the first half of the year and potentially reach $185k by year-end, with growing institutional acceptance bolstering its performance.
The team anticipates Ethereum trading above $5,500, citing beneficial regulatory conditions for staking and DeFi as key drivers. Additionally, Ethereum is expected to benefit from the increasing number of firms exploring Layer 2 networks leveraging Ethereum’s technology.
Featured image by Anna Shvets from Pexels, chart from TradingView
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