- DOGE could rally 23x if the historical pattern repeats, per analysts.
- Whales were buying DOGE again despite the November run-up.
As a seasoned analyst with over two decades of experience in the financial markets, I have seen my fair share of market cycles and trends, from the dot-com bubble to the cryptocurrency boom. While I am always cautious about making bold predictions, I must admit that the potential for Dogecoin [DOGE] to rally 23x to $10 next year is intriguing.
In simpler terms, the group of cryptocurrencies known as meme coins, with Dogecoin being the leader, has been stabilizing following its dramatic rise in November. Certain financial experts predict that this dog-themed meme coin might see an additional surge of up to 23 times its current value, potentially reaching $10 by the end of next year.
According to one financial expert, known as Trader Tardigrade, it’s possible that the value of Dogecoin (DOGE) might surge beyond $10 if past trends continue.
DOGE 2025 price targets
It’s not just the Tardigrade that has predicted a daring $10 price point for Dogecoin. Back in October, a well-known cryptocurrency analyst, Ali Martinez, also proposed a similar forecast, basing it on a long-term uptrend channel.
As I’ve observed in my research, Dogecoin (DOGE) has previously peaked at the upper boundary of its trading channel in the last two market cycles. Should this trend persist, we might see Dogecoin reaching a price point of around $10 in this current cycle.
Whale insights
Despite the skepticism surrounding their predictions, the whales were hopeful for a surge in DOGE prices. Notably, a specific group, those who hold between 100 million and 1 billion DOGE (designated as red on charts), resumed buying after a selling streak since mid-November.
It’s worth noting that large Dogecoin holders, possessing between 10 million and 100 million DOGE (represented in blue), have continued their accumulation trend since November. Following the dramatic surge in November, the persistent buying by these leading whale wallets implies that Dogecoin may still have room for growth.
Another key data point to consider was the supply held by miners. DOGE, like Litecoin [LTC] and Bitcoin [BTC], is mined, and the earned rewards make miners supply a huge supply and price factor.
During the initial stage of the 2021-2024 bull market cycle, miners sold a substantial quantity of Dogecoin (representing steep red slopes). This mining activity created a selling pressure that highlighted the peak points for Dogecoin’s value.
Read Dogecoin [DOGE] Price Prediction 2024-2025
Currently, miners are in possession of approximately 1.22 billion Dogecoin, which equates to more than $5.4 billion in value. However, they’ve been gradually selling it during the fourth quarter, albeit at a leisurely rate.
If past trends persist, a significant wave of miners selling Dogecoin could serve as a red flag for investors holding DOGE, indicating it might be wise to cash in on their profits.
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2024-12-04 20:07