Crypto analyst Glory has disclosed what may occur if the Dogecoin value were to replicate its remarkable 68,000% surge in this market cycle. Such a surge would elevate the leading meme coin into double digits and elevate its market capitalization to trillions of dollars.
What Will Occur If The Dogecoin Value Mirrors Its Historic Surge
In an X post, Glory indicated that the Dogecoin value could reach approximately $36 and its market capitalization exceed $5 trillion if it were to duplicate its previous ascent from $0.001 to $0.74, resulting in a gain of 68,000%. She suggested that such a monumental surge shouldn’t be dismissed, as no one anticipated the Bitcoin value soaring to as much as $100,000.
Considering DOGE’s current circulating supply, the Dogecoin value would have a market cap of $5.37 trillion if it reached $36. Meanwhile, the entire crypto market has a total market cap of just under $3 trillion. This renders a repeat of this historical surge nearly unattainable, given the meme coin’s projected market cap.
Nonetheless, crypto analysts like DOGECAPITAL have forecasted that the Dogecoin value might achieve this $36 target and possibly climb higher. In one of his latest X posts, DOGECAPITAL’s assessment indicated that the meme coin could hit $69 by October this year. He suggested that this would signify the cycle’s peak for Dogecoin.
He also analyzed the cycle peaks during the 2017 and 2021 bull markets. In the 2017 bull market, there were early and late cycle peaks, occurring in 2017 and 2018, respectively. Meanwhile, in 2021, only an early-cycle peak was noted for the Dogecoin value.
DOGECAPITAL noted that no early-cycle peak has transpired in the current market cycle, although he mentioned it may have happened in late March. The analyst asserted that this leaves the door open for a late-cycle peak, which he anticipates will occur in October.
DOGE Prepared For Another Upswing
Crypto analyst Trader Tardigrade indicated that the Dogecoin value is set for another upswing. He revealed that DOGE is displaying a bullish falling wedge chart pattern, akin to what occurred just before the last surge on the 4-hour chart. The analyst also remarked that the stochastic indicator is dipping into the oversold zone as DOGE approaches the edge of the falling wedge.
In another X post, Trader Tardigrade suggested it was time to advance the Dogecoin value into stage 3 of its bull market. His accompanying chart indicated that the meme coin could reach $6 in this phase of the market cycle.
At the moment of writing, the Dogecoin value is trading at approximately $0.173, down nearly 2% according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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