30.01.2025 17:43
Analyst Ali Martinez pointed out Dogecoin's (DOGE) past sharp increases, suggesting that the price could rise above $3 within 48 hours. However, some experts are questioning the likelihood of this prediction coming true. Martinez provided arguments to support his forecast. So, will Dogecoin rise?
The largest meme coin by market capitalization, DOGE, has been experiencing quite a volatile trend since the beginning of the year. At the start of January, the asset was trading at around $0.31, and within three weeks, it rose above $0.40. The peak date for DOGE was January 18; this date was just two days before Donald Trump took office.
However, after Trump assumed the presidency, Dogecoin experienced a sharp decline. According to CoinGecko data, with the general correction in the crypto market on the first business day of the week, DOGE fell to $0.30 and is currently trading around $0.32. Despite the price fluctuations, many analysts believe that Dogecoin could surprise the market with a significant rise in the current cycle.
A bold prediction from an analyst
One of those sharing this view is the famous X (formerly Twitter) user Ali Martinez. Martinez stated that DOGE could experience an increase of up to 900% "at any moment" within just 48 hours. The analyst supported this claim by recalling that at the end of January 2021, the price of DOGE had a three-digit increase within just a few days.
However, some users point out that for such an increase to occur, Dogecoin's market capitalization would need to reach nearly $500 billion. Currently, DOGE's market capitalization is below $50 billion, making this estimate quite ambitious.
Martinez argues that this is not impossible, citing the example of XRP. As a reminder, the market capitalization of XRP, Ripple's native token, was around $30 billion before the U.S. presidential elections in November 2024. However, within two months, it surged past $190 billion. Currently, it is hovering around $178 billion.
Other names making bullish predictions for DOGE include JAVON MARKS and Trader Tardigrade. MARKS believes the price could soon rise above $2, while Trader Tardigrade suggests that DOGE could reach $4 within the next few months.
Could DOGE get ETF approval?
One of the most significant developments that could support Dogecoin's rise is the approval of a spot DOGE ETF in the U.S. Recently, Bitwise applied to the U.S. Securities and Exchange Commission (SEC) to list an exchange-traded fund (ETF) that tracks the price of DOGE.
The SEC approved the first spot Bitcoin ETFs about a year ago. Major financial institutions like BlackRock, Fidelity, Grayscale, and WisdomTree launched these products. However, shortly after the approval, there was a significant drop in Bitcoin's price, which then recovered and reached new peaks.
It remains to be seen whether the new SEC administration will greenlight a spot DOGE ETF and whether this will create a "news sell-off" effect in the market. According to Polymarket data, the likelihood of such an approval within 2025 is estimated at 56%.
Note: None of the statements in this news article constitute investment advice. Responsibility for trading transactions lies entirely with the investor.