2024-12-19 12:30 |
The meme coin has nearly tripled since election day on the back of optimism that Donald Trump will deliver on his promise of pro-crypto policies as he takes office in January.
Dogecoin has close to tripled since early November, Source: Brave New Coin
Still, analysts as well as technical indicators suggest DOGE is not done pleasing its investors just yet. Crypto influencers like “Coochie Fiend”, for example, expect Dogecoin to “hit $4.20 easily this cycle” – which would effectively 10x your investment if you chose to build a position in it today. Coochie Fiend is known for sharing insights, analyses, and predictions about Dogecoin on Twitter.
“Doge will easily hit $4.20” Source: X
MVRV suggests a significant rally in Dogecoin aheadCrypto analysts use the MVRV ratio or “Market Value to Realized Value” to determine whether a cryptocurrency is undervalued or overvalued. A negative reading suggests unrealized losses, while a positive one indicates that investors are in profit.
For Dogecoin, that key metric currently sits at “zero”.
Historically, a crypto coin is said to have bottomed when its MVRV ratio turns neutral – and price recovery or a significant push to the upside is dubbed much more likely in the succeeding weeks.
That’s part of the reason why there’s been growing optimism about Dogecoin hitting the closely watched $1.00 level in the near term, perhaps even before the end of 2024.
DOGE’s relative strength index is not in overbought territoryDOGE is currently up more than 150% versus its price on November 5th.
Still, technical indicators like the Relative Strength Index (RSI) suggest the potential for further upside in this meme coin. The momentum oscillator is not in the overbought territory. Nonetheless, a reading of 65 indicates a solid buying interest in Dogecoin at writing.
Additionally, DOGE has recently formed a golden cross pattern as well as a rounding bottom pattern – both of which are time-tested indicators that signal a lasting bull run ahead.
Source: TradingView
So, the MVRV ratio as well as technicals suggest Dogecoin is warming up for a massive rally that could see its price hit $4.00 as Coochie Fiend anticipates in 2025.
Dogecoin and Bitcoin: still a better love story than TwilightNote that DOGE is renowned for its ability to move in tandem with the space leader Bitcoin.
It has mirrored its father’s (BTC) price action in the previous bull cycles. If it does so again next year, the $4.00 price target may even prove to be a bit conservative for Dogecoin.
Why? Experts are increasingly bullish about what the future holds for Bitcoin. Analyst Tom Dunleavy, for example, sees it extending its ongoing rally and hitting $250,000 under the Trump administration in 2025.
“If we look at the 1970s in the US, then President Nixon’s ending of the Gold Standard in 1971 could be seen as a similar pivot point as the shift we see with the Trump admins embrace of crypto,” he wrote in a recent tweet on X (formerly Twitter).
And as Dogecoin continues to move in harmony with a potentially soaring BTC, its price could continue to hit new milestones and may 10x your investment next year.
DOGE is being accepted as a mode of paymentDogecoin may have one of the highest potentials among meme coins to offer exponential returns over the long term due to its real-life utility.
You can, for example, use DOGE to pay for a movie ticket at AMC Theaters or buy gaming merchandise with it at GameStop. Giants like Tesla allow you to buy a handful of items like Cyberwhistle or the Giga Texas Belt Buckle with Dogecoin as well.
Earlier this year, billionaire Elon Musk even hinted at the possibility of buying a Tesla vehicle with Dogecoin in the future. Other notable names who have spoken positively about DOGE include Mark Cuban and Snoop Dogg.
Here’s a list of companies that currently accept Dogecoin.
Source: ChatGPT
Investing in Dogecoin may 10x your money in 2025Dogecoin is uniquely positioned among meme coins and its increasing acceptance in mainstream commerce and endorsement from notable figures suggest significant growth potential.
Throw in the more accommodative regulatory environment for cryptocurrencies under Donald Trump in the White House – and you may have the potential recipe for 10x returns out of Dogecoin in 2025. Woof! Can Dogecoin reach $10 before 2025? Maybe!
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