Dogecoin (DOGE) Primed for 1200%–7300% Gains in 2024, Maintains Prominent Market Commentator

Over the past month, several analysts have maintained extremely bullish sentiments on the leading doggy-themed meme coin Dogecoin (DOGE) and have not backed down despite recent crypto market struggles.

A prominent market commentator maintains his ambitious two-digit Dogecoin target despite the consolidation, but pessimism abounds.

Over the past month, several analysts have maintained extremely bullish sentiments on the leading doggy-themed meme coin Dogecoin (DOGE) and have not backed down despite recent crypto market struggles.

Amid the sea of optimistic takes, however, many market observers have begun to question whether the highly ambitious price targets eyed by analysts are grounded in reality.

Dogecoin (DOGE) to $18?

At the time of writing, Dogecoin looks set to close 2024 with an over 245% gain, having surged from a January 2024 opening price of $0.08956 to trade at $0.30930 currently. While an over 200% annual return is impressive by any measure, analysts like Ali Martinez have maintained that there is a chance that this is just the beginning of DOGE’s parabolic run.

Over the past few weeks, the analyst has repeatedly reiterated the view that a DOGE rally to anywhere between $4, $18, and $23, representing 1,200%, 5,700%, and 7,300% gains from current prices, respectively, is possible based on the asset’s historical price action in previous bull markets in 2017 and 2021.

To be sure, as has been highlighted by Martinez, DOGE rallied 5,000% to a peak of $0.01857 from a similar position in 2017 and 12,000% in 2021 to its current all-time high of $0.74.

On Monday, December 30, Martinez again shared his bullish outlook on DOGE, reiterating the $18 price target based on an ascending channel on the asset’s weekly candle chart formed by the aforementioned historical price action.

An Unrealistic Target?

“Unrealistic,” “far-fetched,” and “nonsense” are some of the reactions that have trailed Ali Martinez’s ambitious $18 price projection for Dogecoin.

I’m optimistic about Dogecoin, but the idea seems a bit far-fetched to me, even if Doge were added to X. That said, I hope you’re right!

— Elliptic Research 📊🚀 (@EllipticRes) December 30, 2024

These reactions come as many believe that such a price projection sets an unattainable market cap target for the meme coin. Specifically, DOGE will need to attain a market cap of $2.65 trillion to hit the $18 price point, assuming it maintains its circulating supply of 147.3 billion coins. For context, the market capitalization of Bitcoin, the largest crypto by market cap, is about $1.8 trillion.

Understandably, many find it difficult to imagine a future where DOGE, a meme coin with a current market capitalization of only $45.8 billion, can surpass the current market capitalization of Bitcoin.

While the $18 target seems impractical to most, many remain optimistic about Martinez’s $4 calls. However, even this $4 projection represents an ambitious undertaking as it will require the asset to hit a market capitalization of nearly $600 billion, about 50% more than the market capitalization of Ethereum.

Still, it may also not be wise to bet against DOGE as not many traditional finance experts would have ever anticipated a future where such an asset would have a market capitalization of over $45 billion.