Crypto analyst Glory has revealed what would occur if the Dogecoin price had been to repeat its legendary 68,000% run on this market cycle. Such a run would put the foremost meme coin in double digits and make its market cap value trillions of {dollars}.
What Will Occur If The Dogecoin Price Repeats Its Historic Run
In an X post, Glory acknowledged that the Dogecoin worth can be round $36 and its market cap above $5 trillion if it had been to repeat its historic run from $0.001 to $0.74, resulting in a acquire of 68,000%. She steered that such a large run can’t be dominated out, as no person noticed the Bitcoin price surging to as excessive as $100,000.
Based mostly on DOGE’s present circulating provide, the Dogecoin worth would have a market cap of $5.37 trillion if it had been to achieve $36. In the meantime, the whole crypto market solely has a market cap of slightly below $3 trillion. This makes a repeat of this historic run nearly not possible, contemplating what the meme coin’s market cap can be.
Nonetheless, crypto analysts similar to DOGECAPITAL have predicted that the Dogecoin worth might attain this $36 goal and even rally increased. In one in every of his most up-to-date X posts, DOGECAPITAL’s analysis confirmed that the meme coin might attain $69 by October this yr. He indicated that this is able to mark the cycle high for Dogecoin.
He additionally mentioned the cycle tops within the 2017 and 2021 bull runs. Within the 2017 bull run, there was an early and late cycle high, which occurred in 2017 and 2018, respectively. In the meantime, in 2021, solely an early-cycle high was noticed for the Dogecoin worth.
DOGECAPITAL remarked that no early-cycle high has occurred on this present market cycle, though he added that it might have occurred in late March. The analyst claimed that this leaves the potential of a late-cycle high, which he expects to occur in October.
DOGE Prepared For One other Leg Up
Crypto analyst Trader Tardigrade steered that the Dogecoin worth is prepared for one more leg up. He revealed that DOGE is repeating a bullish falling wedge chart sample, which has similarities to what occurred simply earlier than the final pump on the 4-hour chart. The analyst additionally famous that the stochastic indicator dips into the oversold zone as DOGE approaches the verge of the falling wedge.
In one other X submit, Dealer Tardigrade steered it was time to ship the Dogecoin price to stage 3 of its bull run. His accompanying chart confirmed that the meme coin might attain $6 on this stage of the market cycle.
On the time of writing, the Dogecoin worth is buying and selling at round $0.173, down nearly 2% in keeping with data from CoinMarketCap.
Featured picture from Getty Photos, chart from Tradingview.com
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