Crypto analyst Javon Marks has made some interesting predictions about Dogecoin, suggesting that Meme Coin could surge to $20 in this cycle. His technical analysis shows Doge An impressive record As a result of exponential growth of continuous bull driving, if this pattern continues, this cycle can increase by more than 306 times.
However, despite historic trends, reaching such a price range is the implications of large market capitalization that raise questions about the feasibility of this forecast.
$20 from Dogecoin's bullish case
DogeCoin's price action over the last 24 hours Emphasised by decline, It has been extended over the past 7 days. In particular, Dogecoin has reached approximately 6.5% and 24.8% over the past 24 hours and 7 days, respectively.
Meanwhile, Crypto analyst Javon Marks Predicted that dogecoin Nevertheless, the price for this cycle can rise by 306 times. Javon Marks' predictions are based on Dogecoin's history Performance in previous cycles. In 2017, Altcoin experienced a 90-fold increase, but in 2021 it exceeded 306-fold. In 2017, Doge experienced a 90-fold spike, but in 2021 the rally peaked at over 306 times, peaking at its current peak of $0.7316.
Using this pattern as a foundation, Marks suggests that another similar or larger increase could occur, pushing Doge to an all-time high of over $20. If Dogecoin reaches this price range, it will mark an increase of approximately 85 times from its current price along its 2017 return. Meanwhile, 306x driving has cost Dogecoin $87.
Market Cap Constraints: Is Doge at $20 realistic?
For Dogecoin to reach $20, its market capitalization needs to increase significantly More than that Previous cycle. At the time of writing, Dogecoin's market capitalization is $36 billion. Given the current total number of circular tokens, an 85x surge would increase the total market to around $3 trillion. If it is suggested that the asset follows the full 306x trajectory mark, its market capitalization will swell to astronomical $11 trillion.
One of the only viable scenarios where Dogecoin can reach $20 is Bitcoin itself receives it Extremeble runs and reaches a valuation of between $1 million and $2 million per BTC. In such cases, the entire crypto market will expand and meme coins like Doge can rise in parabolic prices.
But for Bitcoin to reach these levels, something dramatic must happen, like a massive capital injection into the crypto market. One of the drivers being speculated is the idea that the US government can allocate trillions of dollars To the Bitcoin Reserve. Such a move will undoubtedly trigger historic gatherings across the wider crypto industry, but this remains purely speculative at this point.
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