Dogecoin now has a $60B market cap that surpasses some major, established companies—even though it’s still 48% below its all-time high! Dogecoin has shown considerable demand over the past two weeks, rising in value by 98%. However, analysts suggest that this momentum could continue, with a long-term price target of up to $2.4.
Is it possible, let’s dive into know!
Elon Musk and D.O.G.E. Spark Excitement
The bullish sentiment of DOGE hitting a whopping target of $2.4 came with Elon Musk’s plans to revamp the Department of Government Efficiency (D.O.G.E.), following his appointment by Donald Trump. If true it will be bigger than expected for DOGE. Musk and his co-leader, Vivek Ramaswamy, aim to cut government spending by ending remote work at federal offices as per a WSJ report. The department’s short form matching Dogecoin’s ticker symbol has fueled speculation and boosted market sentiment.
Musk’s past support for Dogecoin has also kept traders excited. His comments on social media have historically triggered DOGE rallies, and this development is no exception, with the market responding positively.
Raoul Pal’s Bullish Take on DOGE
Crypto expert and Real Vision founder, Raoul Pal predicts that Dogecoin is gearing up for a significant rally, labeling it part of the “Great Banana Rotation,” a term he uses for trending assets like SUI and DOGE. Pal advises investors to focus primarily on strong assets like Bitcoin and Ethereum while reserving smaller allocations for riskier plays, such as meme coins. Pal’s balanced outlook has resonated with many investors, who are increasingly optimistic about Dogecoin’s upward potential.
Whale Activity Signals Confidence
Interestingly, Whale activity around Dogecoin has also gained momentum. According to crypto analyst Ali Martinez, whales have accumulated over 550 million DOGE, worth approximately $214.5 million. Such activity is typically a sign of growing confidence, and data from CoinGlass shows Dogecoin Futures Open Interest is up by 9%, reinforcing the bullish sentiment.
Moreover, at present, Dogecoin’s MVRV at 45.65% indicates room for growth, as market tops historically occur when it surpasses 78%.
Is Santa Rally on Horizon for DOGE?
On the technical side, Dogecoin has already demonstrated significant growth, jumping from $0.1 to over $0.35 in recent weeks and testing the critical $0.4 resistance level. Crypto analyst Ali Martinez highlights increased whale activity, with over 550 million DOGE, valued at $214.5 million, accumulated in just one week. This accumulation signals that the market is confident about DOGE’s rise.
He further projected that DOGE could soon hit $2.4, a milestone that could set the stage for even greater gains. With rising trading volume and a bullish outlook from both technical analysts and prominent figures like Musk and Pal, Dogecoin appears primed for a significant rally, reflecting growing confidence in the meme coin’s future potential.
