Dogecoin to $20? Analysts Maintain Ambitious Price Targets Despite Market Uncertainty

Throughout these fluctuations, however, one constant has remained: significantly ambitious price targets for the doggy-themed meme coin Dogecoin (DOGE).

Dogecoin (DOGE) has managed to grab the attention of both retail traders and Wall Street analysts throughout 2023. Despite a 70% rally year-to-date, some analysts believe that DOGE is still massively undervalued.

In fact, some are eyeing a 7,900% rally for the memecoin this year, largely on the back of the memecoin’s 90x and 306x rallies observed in 2017 and 2021, respectively.

Here’s a closer look at the analysis and why it might be flawed.

Dogecoin Price Analysis: Key Points

Some analysts are predicting a 7,900% rally for DOGE in 2023.

This would put Dogecoin at a price of $20.

The analysis is largely based on DOGE’s past price action in previous bull markets.

However, for DOGE to reach $20, it would need a market cap of $3 trillion, which seems unlikely given the asset’s current rank and the time frame.

Dogecoin (DOGE) has surged over 70% year-to-date, largely outpacing Bitcoin’s and Ethereum’s gains and sparking debate over whether the memecoin is still undervalued.

Now, as DOGE trades around $0.25, some Wall Street analysts are predicting that the memecoin could rally as much as 7,900% before the next bear market.

DOGE Price Could Rally 7,900% In 2023, Analyst Says

On Thursday, Javon Marks, a widely followed crypto trader, suggested that DOGE could hit $20 in the current market cycle, Those interested in doing the maths can calculate that this would mark a 7,900% increase from the memecoin’s current price of $0.25.

It’s worth noting that this isn’t the first time Marks has predicted such a move. The analyst has highlighted this ambitious target as a possibility since at least December 28, citing different potential catalysts.

At the time, DOGE had surged over 90% in a matter of days following news of a pro-crypto U.S. administration and the memecoin’s price had hit highs of $0.18. Several technical indicators were also suggesting that DOGE was massively overbought.

Despite these indicators, Marks suggested that DOGE could continue rallying another 100x to reach a price of $20, an analysis that was shared by other highly followed analysts like Ali Martinez and Ðima James Potts.

But Is It Possible?

In all instances, these analysts cite the memecoin’s historical price action in previous bull markets as the reason for their bullish convictions.

Specifically, Javon Marks notes that DOGE surged 90x from its lows to hit highs of $0.018 in 2017 and 306x to reach $0.74 in 2021. Notably, a continuation of this trend would lead to the $20 target.