Crypto experts are confident that positive market sentiment on digital assets would also drive the price of a popular meme coin to an all-time high. Analysts see that the meme-based Dogecoin is gaining momentum for a potential bull run that propels the crypto to $3 per coin.
Dogecoin: A Potential Bull Run
A well-known analyst believes that it was only a matter of time before Dogecoin attained the $3 mark.
Crypto Scofield claimed that the meme coin right now is gathering steam for a potential bull run that would push the token to that desired price.
Reports said that the meme-based currency can capitalize on the price surge of Bitcoin which already surpassed $97,000, and the crypto analyst sees the BTC surge could be a driver in Dogecoin’s own price rally.
Just a matter of time before
$FET to $10 $FTM to $5 $VET to $0,25 $COTI to $1 $INJ to $150 $ROSE to $0,80 $DOGE to $3 $XRP to $5
— Scofield (@Crypto_Scofield) November 28, 2024
Despite the recent slump experienced by the meme coin, Crypto Scofield is confident that Dogecoin’s bull run could reemerge any time soon which will pave the way for the token to reach $3.
Experts explained that for Dogecoin to hit this unprecedented level, it would need to stage a massive run wherein its price would have to increase by 624% from its current price.
The 624% surge is not far-fetched considering that in the last 12 months, DOGE has already experienced over 400% in price increase, further strengthening the possibility that meme coins could have a bull run to reach $3.
Target Hittable In A Year
Several crypto analysts suggested that Dogecoin could reach the $3 level anywhere from six months to one year, projecting that the meme coin’s peak could be the $3 mark.
The market commentators also said that the ongoing bull run is predicted to end within the same timeline.
However, some crypto observers do not concur with the $3 projection, saying that DOGE is forecasted to hit $11 or even reach above $20 per coin.
A TradingView analyst examined the historical performance of Dogecoin within a Gaussian channel which resulted in a projection that the meme coin’s peak could be at $11.
Another analyst, Ali Martinez, also predicted a higher than $3 per coin forecast for DOGE. Martinez analyzed the DOGE’s previous performance and concluded that the peak would be $18 per DOGE.
A Market Cap Of $440 Billion?
Analysts said that if Dogecoin would attain $3 per coin, it would also propel the meme coin’s market capitalization which they project to be around $440 billion.
Once DOGE hits that market cap level, it will surpass the current market capitalization of another popular crypto, Ethereum, with $439 billion.
Market commentators also explained that the projected $440 billion valuation of DOGE would put it among the most valuable assets and companies worldwide, surpassing industry leaders such as Netflix and Bank of America in the global ranking.
As of press time, DOGE is being traded at $0.4219 per coin, up by 2.1% in the last 24 hours with a total market cap of over $62 billion.
Featured image from DALL-E, chart from TradingView
Source: NewsBTC