Owning 10,000 Dogecoin Could Make You a Millionaire, Crypto Analyst Predicts

Owning 10,000 Dogecoin Could Make You a Millionaire, Crypto Analyst Predicts

Owning 10,000 Dogecoin Could Make You a Millionaire, Crypto Analyst Predicts

Since 2021, Dogecoin (DOGE) has consistently been one of the largest cryptocurrencies on the market. The token has attracted tens of billions 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 own and performed well into 2024. Some don't see the growth stopping anytime soon. According to some analysts, DOGE could reach – and even surpass – the $100 mark.

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The analysis, posted on Trading view, is titled “Dogecoin is just getting started” and shows complex chart patterns that could lead to a $100 DOGE. Specifically, the chart uses Bitcoin's halving as a marker for the start of a repeating trend in which DOGE rises in price after the halving, reaches new highs about 12 to 18 months afterward, and then declines exponentially before hitting a creates a gap. next halving to create new highs.

Based on this pattern, and applied to the current cycle and price level, the analysis shows that the price target is $27 for the next all-time high (ATH). The pattern then shows that DOGE could reach $27 in October before falling to $2.60 in 2025.

The next halving is expected to take place in the first half of 2028. This could mark a new period of price increases where DOGE could reach new highs above $100.

Trending: If you had invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here is how much you would have today.

However, according to the analysis, this cycle could be different.

“Possibly more volatility. Markets are moving faster and the four-year cycle could become increasingly shorter as gains come faster, followed by long bear markets again. Possible top in October 2024 for dogecoin and later for other alts,” the TradingView analyst said. .

The analyst also believes that other events must occur for DOGE to reach $100.

“If hyperbitcoinization occurs due to the collapse of the dollar index and the start of a decade-long downtrend, then DOGE will go even higher than $27, possibly to $100 and higher.”

The prediction of a $100 DOGE is based on “hyperbitcoinization,” a scenario in which Bitcoin surpasses traditional money. While this is unlikely to happen in 2028, it could happen well into the future. With this in mind, a $100 DOGE is a possibility, although perhaps not on the analyst's stated timeline.

However, it's still interesting to think about what a $100 DOGE would look like. At that price, 10,000 DOGE would be worth $1 million. Currently, 10,000 DOGE is worth about $1,500. This means that a DOGE of $100 would result in a price increase of over 66,000%. While this is not unheard of in the crypto world, it would also result in a market cap of over $14 trillion – about 25 times the size of the market cap. JPMorgan Chase & Co. (NYSE:JPM). While this is unlikely to happen, it is not impossible.

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This article Owning 10,000 Dogecoin Could Make You a Millionaire, Crypto Analyst Predicts originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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