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Ambitious Forecast for DOGE: Are These Levels Possible?
Crypto analyst Javon Marks made an ambitious prediction about Dogecoin (DOGE), suggesting that the meme coin could skyrocket to $20 this cycle. According to Marks' technical analysis, DOGE has set an impressive record of exponential growth in successive bull runs. If this pattern continues, it could lead to an increase of 306x or more this cycle. However, despite historical trends, DOGE reaching such a price point raises questions.
Ambitious prediction for DOGE: Rise to $ 20!
Crypto analyst Javon Marks predicts that Dogecoin could rise 306x this cycle despite recent declines. Javon Marks' prediction is based on Dogecoin's historical performance in previous cycles. While the altcoin experienced a 90-fold increase in 2017, the rally exceeded 306-fold in 2021. In the process, it reached its current all-time high of $0.7316.
Based on this model, Marks suggests that another similar or larger increase could occur and push DOGE above its all-time high of $20. If DOGE reaches this price point, it will increase approximately 85x from its current price of $0.24. This is consistent with 2017 returns. On the other hand, a 306x increase would push the Dogecoin price to $87. So is this realistic?
Market value constraints: Is a price of $20 realistic?
For Dogecoin to reach $20, its market cap will need to increase much more than in previous cycles. At the time of writing, Dogecoin's market value stands at $36 billion. Considering the current total number of tokens in circulation, an 85x increase would increase its total market to approximately $3 trillion. If DOGE follows the 306x trajectory suggested by Marks, its market cap would rise to an astronomical $11 trillion.
The only viable scenario in which Dogecoin could reach $20 is if Bitcoin goes through an extreme bull run and reaches a value between $1 million and $2 million per BTC. In such a situation, the overall crypto market could expand, allowing meme coins like DOGE to continue their parabolic price increases. But for Bitcoin to reach these levels, something dramatic would need to happen, such as a massive injection of capital into the crypto market. One factor that has been speculated is the idea that the US government could devote trillions of dollars to a Bitcoin reserve. While such a move would undoubtedly trigger a historic rally across the broader crypto industry, it remains entirely speculative at this point.