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At the end of every year, some of the best cryptocurrency analysts and cryptocurrency companies reflect on how the industry is performing, and look ahead to the year ahead. Traditionally, the most important digital assets, such as Dogecoin, are subject to market analysis and price forecasts.
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Galaxy Digital, a leading blockchain company, has joined the talks and is offering its services Dogecoin price predictionthe market-leading meme currency.
According to the Galaxy Digital team, Dogecoin will finally surpass $1 this year and surpass the $100 billion market cap. In their Cryptocurrency Outlook report, the team expects Dogecoin’s potential performance and market capitalization to be affected by the new Department of Government Efficiency (DOGE) operations, which they expect to call for a reduction, impacting Dogecoin’s market capitalization.
Dogecoin on track to reach $1 soon?
As part of the wrap-up of this year, Galaxy Digital published its forecasts for the most important digital assets and the industry in general. In a report published on its official website on December 31, the company presents its team’s opinion on Bitcoin, Ethereum, stablecoins, and memecoins such as Dogecoin.
According to the opinion of Alex Thorn from the Galaxy Digital team, they see the world’s best meme coin finally reaching the $1 mark and its market capitalization finally reaching $100 billion. The goal of reaching $100 billion in market cap is surprising given that no other meme coins have achieved this feat. In 2021, the price of Dogecoin rose, momentarily reaching $98.7 billion, but its price immediately fell.
What to expect from Dogecoin, according to Galaxy Digital
If Dogecoin’s market cap finally reaches a $100 billion valuation, the price of the token will reach $0.678, still below its all-time high of $0.739. If Dogecoin price rises to $0.678 and finally reaches $100 billion, this means the price will jump by 87%.
However, the Galaxy Digital team believes that $0.678 is not the highest price for Dogecoin this year. According to their estimates, Dogecoin will finally surpass its all-time high and $1 high. If this scenario occurred, Dogecoin’s market cap would reach $147.47 billion, an increase of 176% from its current valuation.
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The Galaxy Digital team also provides forecasts for BTC and ETH
In the same report, the Galaxy Digital team also provided its insights and pricing predictions Other digital assets. According to Thorne, Bitcoin will trade above $150,000 during the first half of the year and may test $185,000 by the last quarter. Thorne adds that the best digital assets will be supported by increased institutional adoption.
The team expects Ethereum to trade above $5,500, adding that the second-best blockchain will benefit from favorable regulatory conditions for staking and decentralized finance. Ethereum will also benefit from the growing number of companies that will test their Layer 2 networks using Ethereum technology.
Featured image by Anna Shvets from Pexels, chart from TradingView
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