Dogecoin (DOGE) Price Prediction: Analyst Predicts a Potential 600% Rally, Targeting $2.28

Analyst Javon Marks has predicted a potential 600% rally for Dogecoin (DOGE), estimating the token could surge to $2.28 based on historical price patterns.

CoinChapter analysis predicts a potential 600% rally for Dogecoin (DOGE), estimating a surge to $2.28 based on historical price patterns. Marks identifies three phases in DOGE's market cycles: accumulation, breakout, and correction, projecting a 600% rally aligns with the 1.618 Fibonacci extension, supporting a $2.28 price target.

Another analyst, Balo, highlights the 20-week EMA as a critical support level during prior bull runs, noting that once DOGE surpasses the 0.618 Fibonacci retracement level, it tends to remain above it. Currently, DOGE is positioned above these key metrics, which could fuel further upside.

Recent data shows increased activity among large Dogecoin holders ("wholes"). Over 90 days, whale inflows into Dogecoin wallets surged by an incredible 3,722.46%. This trend indicates high interest from large investors despite the token's volatile price movements.

In the past seven days alone, inflows rose by 5.33%, signaling a moderate weekly uptick. Analysts often view whale accumulation as a bullish signal, as reduced circulating supply can create upward pressure on price.

Bullish sentiment also surrounds speculation of a Dogecoin ETF filing. Bitwise, Rex, and Osprey applied to the SEC to launch DOGE-focused ETFs. Approval could introduce broader institutional interest, driving demand and potentially pushing the token's price toward $1 in the near term.

Moreover, Dogecoin's connection to Tesla CEO Elon Musk continues to drive bullish sentiment, with Musk's role in the Department of Government Efficiency (D.O.G.E.) fueling expectations that Dogecoin could gain more utility, especially through integration into platforms like X Payments. This development has heightened market anticipation, with some projections suggesting a $1.05 price by March 2025.