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Cryptocurrency experts are confident that positive market sentiment regarding digital assets would also push the price of the popular meme coin to an all-time high. Analysts argue that this depends on the meme Dogecoin It is gaining momentum for a potential bull run that will push the cryptocurrency to $3 per coin.
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Dogecoin: Potential Rise
One well-known analyst believes that it is only a matter of time before Dogecoin reaches the $3 mark.
Crypto Scofield claimed that the meme coin is currently gaining strength for a potential bull run that would push the token to that desired price.
Reports have said that the meme-based currency could benefit from a rise in Bitcoin prices that have already surpassed $97,000, and a cryptocurrency analyst believes that Bitcoin’s rise could be a driver for a rise in Dogecoin prices.
Only a matter of time before👇
$FET To 10 dollars $FTM To 5 dollars $Veterinary medicine To 0.25 dollars $COTI to 1 dollar $eng To $150 $rose To $0.80 $dawg To $3 $XRP To 5 dollars– Scofield (@Crypto_Scofield) November 28, 2024
Despite the meme coin’s recent slump, Crypto Scofield is confident that Dogecoin’s uptrend could resurface anytime soon paving the way for the token to reach $3.
Experts explained that for Dogecoin to reach this unprecedented level, it would need to undertake a massive campaign as its price would have to rise by 624% from its current price.
A 624% rally isn’t too far-fetched considering that in the past 12 months, DOGE has already seen a price increase of over 400%, raising the possibility that the meme could see a rally as high as $3.
The target is hitable in one year
Several cryptocurrency analysts have suggested that Dogecoin could reach the $3 level anywhere from six months to one year, predicting that the meme coin could peak at $3.
Market commentators also said that the ongoing uptrend is expected to end within the same timeline.
However, some cryptocurrency watchers disagree with the $3 forecast, saying that DOGE is expected to reach $11 or even reach more than $20 per coin.
A TradingView analyst examined Dogecoin’s historical performance inside a Gaussian channel resulting in a prediction that the meme’s peak could reach $11.
Another analyst, Ali Martinez, also made a higher forecast of $3 per coin for DOGE. Martinez analyzed DOGE’s past performance and concluded that the peak would be $18 per DOGE.
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A market capitalization of $440 billion?
Analysts said that if Dogecoin reaches $3 per coin, it will also boost the meme coin’s market cap, which they expect to be around $440 billion.
Once DOGE hits it Market value At this level, it would exceed the current market cap of another popular cryptocurrency, Ethereum, at $439 billion.
Market commentators also explained that DOGE’s expected valuation of $440 billion would place it among the most valuable assets and companies worldwide, surpassing industry leaders such as Netflix and Bank of America in the rankings.
As of press time, DOGE is trading at $0.4219 per coin, up 2.1% over the past 24 hours with a total market cap of over $62 billion.
Featured image from DALL-E, chart from TradingView
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