DogeCoin (DOGE) showed some upward mobility in the last day after a somewhat bearish trading week. based on Data from CoinmarketCapPrime Memecoin remains an investor favorite amid the current bull season with nearly 90% of its community confident in future price gains. Notably, prominent crypto analyst Ali Martinez has dropped yet another bullish prediction on DogeCoin suggesting a potential 10,000% registration for the token.
Can DogeCoin Repeat Bullish Finish?
in Last post on xMartinez shared a positive analysis of DogeCoin based on historical price data. According to Crypto Pundit, Doge saw a 10,000% price increase in the last bull cycle in 2021. During this period, the value of Memecoin rose from around $0.007 to $0.700 within 98 days.
Looking at Doge’s current trading chart, the cryptocurrency presents a similar situation for when the price will start to rise in 2021. Martinez’s prediction indicates if DogeCoin is able to reverse this strong upward movement, it may get a market price of $14.78 by May 2025.
As mentioned earlier, the bullish sentiment around DogeCoin is currently increasing creating great potential for this very favorable scenario. Much of this positive market sentiment is centered around the potential for a DogeCoin ETF spot. Amid several developments in the past week, prominent asset manager Bitwise has submitted a proposal for a “Bitwise DogeCoin ETF” to the Division of Enterprise, US Department of State, Delaware.
NewsBTC Reports Bloomberg analyst Eric Balchunas also confirmed the validity of the proposed DOGE Spot ETF that is “likely coming soon.” Interestingly, Ali Martinez previously predicted that the DogeCoin Spot ETF could act as a positive driver in the market pushing Doge prices to around $15 in line with his recent prediction. These forecasts are based on the spot nature of the ETF that is designed to attract institutional demand as seen with Bitcoin.
Dodge price overview
At press time, DogeCoin is valued at $0.354 after gaining 1.72% in the past day. On the other hand, daily trading volume decreased by 30.09% indicating a decrease in investor activity. On larger time frames, the Doge reflects a loss of 11.43% on the 7-day chart, but an impressive gain of 13.96% on its monthly chart indicates an overall positive performance in recent weeks.
For short-term traders, a crypto analyst with the username X kev_capita_ta He believes DogeCoin may enter a bullish consolidation phase that will likely last until early February. During this period, market expert warns market bulls to avoid a price collapse as DOG could fall to $0.26. DogeCoin, with a market cap of $52.43 billion, holds the title of largest memecoin, and is the seventh largest cryptocurrency globally.