Benzinga - A pseudonymous cryptocurrency analyst, known as southofearth, believes Dogecoin (CRYPTO: DOGE) has the potential to reach $100.
What Happened: According to their post on TradingView, the analyst predicts a surge in the top meme coin’s value, potentially reaching $27 and even soaring as high as $100, which would represent over a 66,000% increase.
“The target price [is] $27 for the next all-time high. There is a similar pattern now as in previous years. Markets are moving faster, and we may see shorter cycles in the coming years with swift gains followed by extended downturns,” southofearth wrote.
Moreover, the analyst suggests that Dogecoin could potentially peak around October 2024, with other cryptocurrencies following suit. If the value of the U.S. dollar plummets, this could fuel even greater growth for Dogecoin, potentially driving its price above $100.
The analyst said that if ‘hyperbitcoinization’—a scenario where Bitcoin (CRYPTO: BTC) becomes the dominant form of global finance—occurs due to a sustained decline in the value of the US dollar, then the price of Dogecoin could rise, possibly reaching $100 or more.
"If hyperbitcoinization happens due to dollar index breaking down and starting a decade-long downward trend then doge will go even higher than $27, possibly to $100 and beyond,” the analyst said.
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Why It Matters: This comes as Dogecoin experienced an 18% rise over the past week, reaching $0.20 before settling back to $0.15. The meme cryptocurrency currently holds a market capitalization of $21 billion.
Another pseudonymous analyst, Bluntz, also weighed in on Dogecoin’s trajectory, anticipating a near-term climb to approximately $0.18.
“Yes, DOGE is like the BTC of meme coins, but there's no way it lets [other meme coins] have all the fun. Next leg up soon,” Bluntz stated.
On Wednesday, yet another pseudonymous crypto analyst named Kaleo hinted at further growth for Dogecoin. In a tweet, Kaleo stated, “Just a reminder anon – $DOGE has plenty more left in the tank.” At the time this news was reported, Dogecoin was trading at $0.19, with a market cap of $25.9 billion.
Kaleo’s chart analysis suggests that Dogecoin’s current trajectory hints at a potential rise to $0.67.
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