Dogecoin’s price is on the move again, showing a 6% increase over the week. Crypto analysts are now predicting a rally to $2 soon.
Recent Dogecoin Performance
Since early June, Dogecoin (DOGE) has been on a downtrend, losing over 21% in value. The price dropped to $0.1157 before attempting a recovery in recent days. It has now surged more than 6% over the week, reaching $0.1247. Investors are hopeful for a complete recovery and potentially more, as some analysts predict a surge between $1 and $2.
Predictions from Kaleo
Kaleo, a well-known crypto analyst, predicts Dogecoin will surge beyond $1 due to the ongoing Memecoin Supercycle. He noted that Dogecoin has been seen as boring because of its sideways movement for the past nine and a half years. However, he highlighted that in the year Dogecoin’s price surged, it offered over 6000% gains, followed by another 30,000%.
Dogecoin has been moving sideways since reaching its all-time high of $0.7376 on May 8, 2021. The charts showed two similar sideways movements before this all-time high, each taking at least 8-9 months after Bitcoin halving to boom in value. Since it has been two months since the 2024 halving, a similar rally might be expected around December-February.
Potential Pullback
Kaleo mentioned the possibility of a pullback to 8-9 cents before seeing an uptrend similar to the February one. Overall, he expects Dogecoin to turn bullish like other meme coins. However, he also acknowledged the potential long wait before the DOGE price surges to $2.
Impact of the Prediction
Despite its popularity, Dogecoin has struggled to offer significant value this year, except for a brief surge to $0.2201 in April 2024. If Kaleo’s prediction comes true, Dogecoin’s price could double the current all-time high, pushing it to new extremes. Currently, Dogecoin ranks as the 9th top cryptocurrency with a market capitalization of $18,071,403,749.
If the DOGE price surged to $1, the market cap would reach $144,925,186,384, surpassing Tether in the rankings. A $100 investment in Dogecoin today would yield around $801 if the price hits $1, offering 8X profits. If the price reaches $2, DOGE’s market cap would soar to approximately $579,700,745,536, surpassing Ethereum, the second-largest cryptocurrency. This would turn a $100 investment into $1600, yielding 16X gains.
Final Thoughts
Dogecoin’s price has the potential to rise significantly, as predicted by Kaleo, due to factors like Tesla accepting it as payment and rumors of X doing the same. However, Dogecoin’s huge circulating supply affects price stability, and as a meme coin, its performance is highly volatile. Even if Dogecoin reaches such highs, the surge may be short-lived, similar to its previous all-time high.
