Will Dogecoin Price Reach $1 Following Recent Market Gains?

Dogecoin (DOGE) meme coin has seen a significant surge in value, leading to speculation about whether it will hit the $1 mark. Cryptocurrency trader DonAlt has predicted that the Dogecoin price could reach this milestone if the broader market maintains its bullish momentum. The cryptocurrency has drawn renewed interest from investors, raising questions about its future price trajectory.

Dogecoin Price Rallies, Outperforming Top Altcoins as Traders Speculate on $1 Target

Recently, Dogecoin price surged by 15%, reaching $0.13 and outperforming several top altcoins. Consequently, analysts believe this upward movement signals a possible push toward the highly anticipated $1 mark. For instance, crypto trader DonAlt forecasts that if the cryptocurrency market remains strong, DOGE price could break the $1 threshold. 

Another prominent trader, Bluntz, supports this view, suggesting that the meme coin historically performs well toward the end of market cycles.

Bluntz highlights that the meme coin sees explosive growth once Bitcoin reaches new all-time highs. This pattern, he argues, could repeat, especially as BTC price continues to gain momentum. 

Courtesy: Bluntz Capital

Bluntz emphasized,

“The thing with DOGE is, basically since inception, it always runs the hardest and most vertically, right towards the end of the cycle after BTC is usually already trading at ATH”

Another bullish analyst, Kevin, highlighted Dogecoin’s promising outlook in an X post, stating, “Weekly golden cross on Dogecoin is imminent folks. First time in 4 years.” The Golden Cross technical chart pattern usually suggests an upcoming rally.

Weekly golden cross on #Dogecoin is imminent folks. First time in 4 years

— Kevin (@Kev_Capital_TA) October 18, 2024

Elon Musk’s Influence and DOGE Market Standing

In addition, Elon Musk, a known Dogecoin fan, has played a significant role in driving the coin’s price. Most recently, Elon Musk addressed the proposed US Department of Government Efficiency (DOGE) at a Donald Trump rally, garnering cheers with a simple “Yeah, DOGE” response. 

The Tesla CEO criticized the current administration for its excessive spending, which he views as a misuse of taxpayer funds. More so, Musk has intensified his involvement in politics, recently the Dogecoin fan donated $75 million to his pro-Trump America PAC.

Following these bullish sentiments and endorsements, some analysts predict even more significant growth. A recent analysis by CoinGape suggests that Dogecoin price could climb to $4 by May 2025, driven by historical price trends.

At the time of writing, DOGE price stands at $0.1386, showcasing a notable 7-day increase of 24.80%. The crypto’s market capitalization has also risen by 13% to $20 billion, reflecting growing investor interest. Additionally, the trading volume over the past 24 hours has surged by 84% to $2.50 billion. 

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.