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Dogecoin (DOGE) is on a roll. The OG meme coin crossed the $0.25 mark on November 10, 2024, for the first time in three years, then added another 25% in the last 24 hours to reach $0.28. Meanwhile, its market cap surged to a three-year high and is currently hovering near $42 billion.
As a result, Dogecoin flipped XRP and the USDC stablecoin to become the sixth-largest crypto asset by market cap.
Bold Predictions For Dogecoin
Experts suggest that the token may be primed for more accelerated gains. Crypto analyst under the pseudonym ‘Mikybull Crypto’ said that Dogecoin has just experienced a “golden cross” on its weekly chart, a bullish technical signal that last appeared in Q4 2020 before a massive price rally.
With the current golden cross, the analyst suggests that the asset may once again be poised for a significant upward trend. Based on Fibonacci extension levels, price targets between $2 and $4 appear achievable in this cycle, sparking optimism for a repeat of its historic growth trajectory.
Drawing from historical price patterns, another popular crypto analyst, Ali Martinez, said that Dogecoin’s potential peak may align between the Fibonacci retracement levels of 1.618 and 2.272. If this analysis holds, it places the meme coin’s possible top in the range of $3.95 to $23.26 – a massive leap from its current price levels.
#Dogecoin $DOGE is about to go parabolic! Based on historical patterns, a potential top might lie between the 1.618 and 2.272 levels, translating to a price range of $3.95 to $23.26. pic.twitter.com/FqvC3AEF7o
— Ali (@ali_charts) November 10, 2024
Meanwhile, another bold prediction suggests that Dogecoin could hit $30 by March 2025.
What’s Behind The Hype?
This surge can be attributed to Elon Musk, CEO of Tesla and SpaceX, who has been vocal in his support of Donald Trump, now President-elect, and even joined him on the campaign trail. Musk hinted at a possible role as the head of a proposed Department of Government Efficiency (D.O.G.E.). This was enough to stir humorous speculation that Musk might bring Dogecoin into the Treasury.
Following Trump’s victory and his pledges to support the crypto industry, the prices of several dog-themed assets have rallied over the past week. This includes Shiba Inu (SHIB), which moved up in market cap rankings to become one of the largest cryptocurrencies, surpassing Tron (TRX) and Toncoin (TON) along the way.
This article first appeared at CryptoPotato
