TL;DR
Analysts predict a major surge for Dogecoin, with targets ranging from $2 to $15, driven by historical performance and the potential approval of a DOGE ETF by Bitwise and other firms.
The newly established Department of Government Efficiency (D.O.G.E.), led by Elon Musk, briefly boosted the meme coin’s price with one of its recent moves, while industry participants expect additional interactions.
Dogecoin witnessed a significant pump a few days before Donald Trump’s inauguration as America’s 47th President, with its price briefly climbing to as high as $0.43. Most recently, though, it has been on a downtrend and currently trades at around $0.35 (per CoinGecko’s data).
Despite the plunge, many analysts believe it has yet to shine during this bull cycle. Some of the optimists include the X users JAVON MARKS and Trader Tardigrade. The former envisioned a rise above $2, citing the asset’s historical performance, while the latter assumed DOGE could reach $4 in the following months.
Ali Martinez also chipped in, making an even more bullish forecast. He believes DOGE could explode to a whopping $15 per coin, assuming the SEC approves Bitwise’s filing to launch a Dogecoin exchange-traded fund (ETF).
The firm submitted its application to the Delaware Department of State’s Division of Corporation on January 22. Prior to that, REX Advisors and Osprey Funds jointly filed to introduce an ETF that includes exposure to the biggest meme coin.
While the potential approval of such an investment vehicle might indeed positively impact the price of DOGE, the depicted target of $15 seems quite unlikely. After all, it would push the asset’s market cap to above $2 trillion. Currently, the capitalization of the entire cryptocurrency industry is approximately $3.6 trillion, with DOGE accounting for a little over $50 billion.
Earlier this week, Martinez revealed that Dogecoin whales bought 590 million tokens (worth over $215 million at the time) in the span of 24 hours. Those actions reduce the circulating supply of the meme coin and could lead to a price rally (in case demand doesn’t head south).
Another element that could positively influence the valuation is the newly established Department of Government Efficiency (D.O.G.E.). Besides having the same abbreviation as Dogecoin, the entity recently featured the meme coin’s logo on its official website, which resulted in a double-digit price spike for the asset.
Moreover, the division is led by Elon Musk, a firm proponent of the OG meme coin. Many crypto community members expect his involvement in politics to be highly beneficial for DOGE, but only time will tell whether the entity will continue endorsing the token.
The post Could Dogecoin (DOGE) Hit $15? Analysts Point to This Key Factor appeared first on CryptoPotato.
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