A bold cryptocurrency analyst has recently put forth an audacious price forecast for the meme-inspired cryptocurrency Dogecoin ($DOGE), envisioning the possibility of a staggering 27,000% surge in the near term, driving its value to approximately $16 per token.
Should this remarkable surge indeed occur, it would shatter the cryptocurrency’s previous all-time high. The analyst, who goes by the name AMINSHEYBANI, shared a chart on TradingView titled “Doge to the moon,” suggesting the presence of a potential support level at $0.058. This base could potentially serve as a launchpad for a monumental upswing, ultimately reaching a peak of $16, resulting in a remarkable 27,500% rally.
If this surge materializes, it would propel the market capitalization of Dogecoin to an impressive $2.26 trillion, significantly surpassing the current market capitalization of Bitcoin, the flagship cryptocurrency, which stands at approximately $575 billion. Furthermore, it would also dwarf the market capitalization of Ethereum ($ETH), the second-largest cryptocurrency, currently valued at $193 billion.
The analyst’s price prediction stands in stark contrast to those of other experts. As per a CryptoGlobe report, another analyst recently projected a more modest 170% surge for DOGE, anticipating the cryptocurrency to reach approximately $0.17 by April 2024. This would represent a 170% increase from its current levels, according to the forecast.
Interestingly, it was revealed that Dogecoin is among the cryptocurrencies held by the San Francisco-based financial institution SoFi, with a total cryptocurrency portfolio value of $166 million. Within this portfolio, SoFi has allocated $82 million to Bitcoin, $55 million to Ethereum, around $4.5 million to Cardano, and approximately $4.9 million to the meme-inspired cryptocurrency DOGE.