Yes! Dogecoin will reach the $10 mark. Having experienced a surge of around $0.73 in May this year, all indications are biased for the coin.
Dogecoin’s current revolving supply is about 131.56 billion achieving top ten positions according to its capitalization on the coingecko. Bitcoin has over $1 trillion in market capitalization, while Ethereum, the second-largest cryptocurrency, is $400 billion.
The beautiful thing is that Dogecoin’s revolving supply has been growing by 5 billion every year. It then means that the coin is steadily raising its consistent supply despite the many challenges facing it.
Dogecoin Price Analysis
By now, everybody in the world knows Doge, whether through Elon Musk’s endless endorsements or by its community’s strong backing. At the time of writing, Doge is ranking the8th largest cryptocurrency, with a market cap of $33,613,112,287.
Judging from its first consolidation in 2013 until today, the price of DOGE has moved up about 1,000 times.
DOGE has maintained a strong support level at around $0.20, having experienced a drop from its all-time high of $0.73. The coin recently aroused from its slumber thanks to a series of Elon Musk’s tweets on Dogecoin endorsing the coin for its payment and use in Space X.
However, looking back, DOGE’s focus is around a bullish, bearish, and accumulation pattern set in three years, bringing us to the new accumulation that ended at the beginning of 2021.
Basing on this observation, we can predict that another rise in the price of DOGE will move it almost 1000 times in the next three years, making the coin reach the $1 level.
$10 Mark Forcast for Dogecoin
Dogecoin is currently at $0.257858, down from its all-time high of $0.731578 in May this year. However, its first main challenge is to pass the $1 mark, and the next target will be $10. However, the coin has a long way to reach $10.
According to Joel Edgerton, Any coin can reach a price mark when people are ready to pay for it. Many buyers may be only acquiring DOGE for fun. Different analysts agree that the cryptocurrency market, including Dogecoin, will suffer another bear moment. After this drop, the market will be ready for another bull run from 2024 through to 2025.
Dogecoin is again on a bull run following upcoming events and boosts from prominent investors like Elon Musk. Furthermore, the coin has a high chance of regaining its all-time high of $0.73 by the end of the year. The cryptocurrency industry, including Dogecoin, is picking up well from its recent crash, with all predictions indicating a sustained surge in the market.
However, we are forecasting Dogecoin’s price at $10 in the next years following a prediction of a bull run in the crypto market by enthusiasts in 2025.
Credit: Source link