At the end of each year, some cryptocurrency analysts and leading crypto companies will reflect on the industry's performance and look toward the next year. Traditionally, the leading digital assets of cryptocurrency, like Dogecoin, will undergo market analysis and price predictions for the following year.
Galaxy Digital, a leading blockchain company, has participated in discussions and made price predictions for Dogecoin, the top meme coin in the market.
According to the Galaxy Digital team, Dogecoin will ultimately break the $1 threshold this year and reach a market capitalization of $100 billion. In their Cryptocurrency Prediction Report, the team anticipates that the potential performance and market capitalization of Dogecoin could be affected by new activities from the Department of Government Efficiency (DOGE), which they expect will call for cuts, impacting the market capitalization of Dogecoin.
Is Dogecoin about to reach $1?
As part of this year's summary, Galaxy Digital has announced its predictions for the leading digital assets and the industry as a whole. In a report published on its official website on December 31, the company provided the team's perspective on Bitcoin, Ethereum, stablecoins, and meme coins like Dogecoin.
According to Alex Thorn from the Galaxy Digital team, they see the world's leading meme coin eventually reaching the $1 mark and its market capitalization ultimately reaching $100 billion. The $100 billion market capitalization target is astonishing as no other meme coin has achieved this feat. In 2021, Dogecoin surged in price and for a time reached $98.7 billion, but its price immediately dropped.
Expectations for Dogecoin, according to Galaxy Digital
If Dogecoin's market capitalization eventually reaches a valuation of $100 billion, the price of this token will reach $0.678, still lower than the all-time high of $0.739. If the price of Dogecoin skyrockets to $0.678 to ultimately reach the $100 billion milestone, that means the price will increase by 87%.
However, the Galaxy Digital team believes that $0.678 is not the peak price of Dogecoin this year. According to their estimates, Dogecoin will eventually surpass its current all-time high and reach a peak of $1. If this scenario occurs, the market capitalization of Dogecoin will be $147.47 billion, an increase of 176% from its current valuation.
The Galaxy Digital team also made predictions for BTC, ETH
In the same report, the Galaxy Digital team also provided insights and their price predictions for other digital assets. According to Thorn, Bitcoin will trade above $150,000 in the first half of the year and may test $185,000 in the final quarter. Thorn added that the leading digital asset will receive support from the increasing adoption by institutions.
The research team expects Ethereum to trade above $5,500, adding that the second-best blockchain will benefit from favorable regulatory conditions for staking and DeFi. Ethereum will also benefit from the increasing number of companies that will test their Layer 2 network using Ethereum's technology.
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