Dogecoin (DOGE) to $15? Prominent Crypto Analyst Ali Martinez Asserts That a Dogecoin ETF Will Send DOGE Price to Double-Digit Price Levels.

Amid a joint filing from REX Advisers and Osprey Funds and moves from Bitwise, the crypto space is rife with speculation of a potential Dogecoin (DOGE) exchange-traded fund launch and the possible implications for the meme coin's price.

A prominent crypto analyst, Ali Martinez, has opined that a Dogecoin ETF will send the meme coin to double-digit price levels.

The analyst stated this in a recent post on Medium, where he shared a price analysis chart of DOGE. The chart, which spans several years, shows DOGE trading within an ascending channel from at least 2017. According to Martinez, the price action suggests that DOGE is moving from the lows of this channel again, with a price target of $15.

“This is where I think an ETF will put doge,” Martinez said.

However, for DOGE to reach the price target mentioned by the analyst, it will need to attain a market capitalization of $2.2 trillion. This is about 41 times its current market cap of $53.2 billion. For context, Bitcoin’s market capitalization currently stands at $593 billion.

Despite this, Martinez has maintained that market cap does not matter in crypto, citing the fact that XRP has a larger market cap than $12 trillion asset manager BlackRock.

“People keep talking about doge market cap and how it doesn’t make sense, but XRP has a market cap of $183 billion and BlackRock has a market cap of $158 billion,” the analyst said in a recent Medium post.

Meanwhile, a recent analysis by JPMorgan suggests that a DOGE ETF may only rake in between $1.6 billion and $3.2 billion in its first year. This is based on the uptake of Bitcoin and Ethereum ETFs, which suggests a 3% to 6% market cap penetration.