Dogecoin ($DOGE) with a 68,000% surge is set to 'revive'? Who will be struck by wealth this time
If Dogecoin replicates its historical surge from $0.001 to $0.74, a staggering 68,000%, its price would reach about $36, with a market cap exceeding $5 trillion. Although this surge seems astonishing, its possibility cannot be ignored — just as Bitcoin's breakthrough past the $100,000 mark once exceeded market expectations.
Based on Dogecoin's current circulation, if the price skyrockets to $36, its market cap would balloon to $5.37 trillion, far surpassing the current $3 trillion total market cap of the cryptocurrency market, making the likelihood of Dogecoin seeing historical gains again extremely slim.
However, some viewpoints suggest that Dogecoin still has the potential to reach the target price of $36, and may even continue to rise. Predictions indicate that by October this year, the price of this meme coin could climb to $69, forming the price peak for this cycle.
Analysts have also reviewed the peak patterns during the bull markets of 2017 and 2021. In the 2017 bull market, Dogecoin's price saw two peaks, one in early 2017 and another in 2018; while in 2021, only one early peak was evident.
Regarding the current market cycle, the early top may have formed at the end of March, but there remains a possibility of a late top emerging. Some forecasts suggest this late top may arrive in October.
Currently, its K-line pattern is replicating a bullish descending wedge, mirroring the trajectory prior to the previous surge on the 4-hour chart. As the price approaches the lower edge of the wedge, the stochastic indicator has entered the oversold zone.
Market analysis indicates that Dogecoin has entered the third phase of the bull market.
