Although most of the year was relatively sluggish, 2024 is set to close as a positive year on the whole for the cryptocurrency market. After three-quarters of sideways trading, digital assets saw a significant surge beginning in early November.
While leading cryptos like Bitcoin (BTC) and Ethereum (ETH) benefitted, numerous altcoins and meme coins saw returns just as good — if not better, than their largest counterparts. That was certainly the case for the O.G. meme coin — Dogecoin (DOGE).
At the beginning of the year, DOGE was trading at approximately $0.092. By early November, the price of Dogecoin had risen to $0.15, marking an impressive 63.04% rise. Following that, DOGE experienced an even more pronounced upswing — all thanks to Tesla (NASDAQ: TSLA) CEO Elon Musk.
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A longtime proponent of Dogecoin, Musk’s close alliance with President-elect Donald Trump, as well as the announcement of the Department of Government Efficiency (DOGE) served to buoy investor trust in the humorous asset. By December 8, DOGE had reached prices close to $0.47 — a mark equating to a 414% gain on a year-to-date (YTD) basis.
Since then, the meme coin has seen prices decrease by a little more than 32%, and was trading at $0.32 at press time — but one technical analyst thinks that a massive 6,770% surge might be in the cards for DOGE in the months ahead.
Can DOGE hit $22.11?
Renowned cryptocurrency analyst Ali Martinez shared a chart detailing an ascending parallel channel pattern that DOGE has been in for more than a decade, as detailed in a December 30 post on social media platform X.
While the channel is rather ambitiously plotted and steep, DOGE’s past price action has shown a pattern of rejection when racing either channel line. Martinez stated that if Dogecoin continues to follow the pattern, it could see prices surge by as much as 6,770% — a figure that equates to a price of roughly $22.11.
At a price of $22.11, with a total supply of 147.41 billion DOGE, the meme coin’s market capitalization would be somewhere in the ballpark of $3.26 trillion — making it the 7th largest asset in the world, ahead of Bitcoin and silver.
As enticing as this thesis is, it is based solely on technical analysis. The issuance of 5 billion DOGE per year provides steady inflationary pressure which serves as a headwind for positive price action.
On top of that, just a couple of days ago, Martinez set a much more attainable price target of $4, along with a more detailed analysis. Other experts, like Trader Tardigrade, who forecast an upswing to $2, also see a large degree of upside for DOGE — Martinez’s 6,770% upside, unfortunately, appears to be a rather fringe opinion.
Featured image via Shutterstock
