If Dogecoin's continued rise allows the meme coin to reach a target price above $1, investors could see profits of up to $1 million.
The market is facing a slowdown in the current upward trend, with various assets facing significant pullbacks. Dogecoin (DOGE) has failed to shake off bearish pressure, currently falling from a high of $0.47 on November 23 to $0.39.
Despite the current pullback, Dogecoin still shows potential.
Despite the pullback, as of the time of writing, Dogecoin's trading price remains above $0.39, marking the highest level in 18 months. This meme coin has shown resilience against bears, firmly holding the $0.40 support level as it hopes to use this level as a springboard for the next rebound.
Market analysts like Ali Martinez have warned that the current market trends will also see significant adjustments on the road to substantial increases. Earlier this month, after identifying sell signals across multiple timeframes, Martinez warned of an impending correction.
However, shortly after, as DOGE first pulled back significantly to the current uptrend, Martinez emphasized that the upward trend still exists. This analyst cited historical data highlighting that such pullbacks in previous cycles resulted in increases of 9,470% and 30,700%.
Dogecoin is expected to reach $5 and $10
It is worth noting that some market observers expect Dogecoin to break the $1 level during this bull market, a milestone already reached by XRP and Cardano (ADA). In January of this year, before the latest surge, analyst Crypto Patel asserted that Dogecoin could not only exceed $1 but could also rise to $5.
Meanwhile, Martinez also believes that Dogecoin has the potential to break $1, recently predicting it will rise to $2.4 or $18. However, in a report last month, this analyst expressed confidence that Dogecoin is on track to reach the $10 price.
The ambitious price targets of $5 and $10 have attracted the attention of Dogecoin holders, and the number of Dogecoin holders has increased over the past month as prices continue to rise. As a background, IntoTheBlock data confirms that investors holding Dogecoin for less than a month have surged by 109.96% in the past 30 days, reaching 224,950.
Dogecoin holders categorized by holding time | IntoTheBlock
If DOGE reaches $5 or $10, how much money is needed to earn $1 million?
These investors have different investment targets for Dogecoin, with some hoping for a return of $1 million. This investment goal may be realized when Dogecoin prices reach $5 or $10, depending on the initial investment capital.
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At a price of $5, investors need to hold 200,000 DOGE tokens to achieve $1 million. At current prices, investors would need $84,760 to purchase these 200,000 tokens.
Those who are more optimistic about the potential of Dogecoin may ride the wave and push the price to the initial target of $10 predicted by Martinez. If Dogecoin reaches the $10 level, those who only hold 100,000 Dogecoins will have a $1 million investment. At current prices, these 100,000 Dogecoins are worth $42,380.
Although such returns may be tempting, it must be noted that Dogecoin may not necessarily reach these price targets. While Dogecoin shows potential, the extent of its growth will depend on several market factors, primarily demand.
