Since 2021, Dogecoin (DOGE) has consistently been one of the largest cryptocurrencies on the market. The token has attracted tens of billions of dollars in investments and is up more than 27,000% since its launch.
Although the price has fallen significantly since its highs, the token has held its ground and performed well in 2024. Some predict that growth won’t stop anytime soon. According to some analysts, DOGE could reach – and even surpass – the $100 mark.
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The analysis published on TradingView is titled “Dogecoin is just getting started” and shows complex chart patterns that could lead to a $100 DOGE. Specifically, the chart uses Bitcoin halvings as a marker for the start of a repeating trend, in which the price of DOGE rises after the halving, reaches new highs approximately 12 to 18 months afterward, and then falls exponentially before falling at the start of the trend above goes next halving to create new highs.
Based on this pattern and its application to the current cycle and price levels, the analysis shows that the price target for the next all-time high (ATH) is $27. The pattern then shows that DOGE could reach $27 by October before falling to $2.60 in 2025.
The next halving is expected to occur in the first half of 2028. This could be another period of price increases where DOGE could reach new highs above $100.
Trend: If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, That’s how much you would have today.
However, according to the analysis, this cycle could be different.
“Potentially more volatility. Markets are moving faster and the four-year cycle could become increasingly shorter as gains come faster than long bear markets return. Possible peak in October 2024 for Dogecoin and later for other alternatives,” explained the TradingView analyst.
The analyst also believes that other events would have to occur for DOGE to reach $100.
“If hyperbitcoinization occurs because the dollar index collapses and begins a decade-long downtrend, DOGE will rise even above $27, potentially to $100 and beyond.”
The prediction of a $100 DOGE is based on “Hyperbitcoinization,” a scenario in which Bitcoin outperforms traditional money. Although this probably won’t happen until 2028, it could happen well into the future. With that in mind, $100 DOGE is a possibility, although perhaps not within the timeline given by the analyst.
However, it is still interesting to think about what a $100 DOGE would look like. At this price, 10,000 DOGE would be worth $1 million. Currently, 10,000 DOGE is worth about $1,500. This means that a $100 DOGE would result in a price increase of over 66,000%. While this is not uncommon in the crypto space, it would also result in a market cap of over $14 trillion – about 25 times as much JPMorgan Chase & Co. (NYSE:JPM). Although this is unlikely to happen, it is not impossible.
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This article Holding 10,000 Dogecoin Could Make You a Millionaire, Predicts Crypto Analyst originally appeared on Benzinga.com
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