Since 2021, Dogecoin (DOGE) has consistently been one of the largest cryptocurrencies in the market. The token has attracted tens of billions in investment and is up more than 27,000% since its launch.
While the price has fallen considerably since highs, the token has held its own and performed well in 2024. Some do not 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 TradingView, is titled “Dogecoin is just getting started” and shows complex charting patterns that could lead to a $100 DOGE. Specifically, the chart uses the Bitcoin halvings as a marker for the beginning of a repeating trend in which DOGE runs up in price after the halving, reaches new highs around 12 to 18 months after and then falls exponentially before gapping up at the start of the next halving to create new highs.
Based on this pattern and applying it to the current cycle and price level, the analysis shows that the target price is $27 for the next all-time high (ATH). The pattern then shows that DOGE could reach $27 by October, before falling as low as $2.60 in 2025.
The next halving is expected to occur in the first half of 2028. This could mark another period of price increases in which DOGE could reach new highs of over $100.
Trending: If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here’s how much you’d have today.
According to the analysis, however, this cycle could be different.
“Possibly more volatility. Markets are moving faster and the four-year cycle might get shorter and shorter as the gains come faster then long bear markets ensue again. Possible top this October 2024 for dogecoin and later for other alts,” the TradingView analyst stated.
The analyst also believes that other events would have to occur for DOGE to reach $100.
“If hyperbitcoinization happens due to dollar index breaking down and starting a decade-long downward trend then DOGE will go even higher than $27, possibly to $100 and beyond.”
The prediction of a $100 DOGE relies on “hyperbitcoinization,” a scenario in which Bitcoin surpasses traditional money. While that is unlikely to happen by 2028, it could happen well into the future. With this in mind, a $100 DOGE is a possibility, though perhaps not on the timeline indicated by the analyst.
However, it is 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 around $1,500. This means that a $100 DOGE would result in a price increase of over 66,000%. While this is not unheard of in the crypto space, it would also result in a market cap of over $14 trillion — roughly 25 times the size of JPMorgan Chase & Co. (NYSE:JPM). While it is unlikely that this will 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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