Dogecoin has long been viewed as the sentiment index of the Meme Coin market, closely related to the price of Bitcoin. According to ARK Invest's estimates, Bitcoin could reach $2.4 million by 2030, which may drive Dogecoin's price to $4. Although Dogecoin has a history of high volatility, market analysts believe that if it remains stable at support levels, it has the potential to achieve this goal in the coming years. However, the price performance still carries uncertainty. Overall, Dogecoin's future is closely tied to Bitcoin's movements.
Dogecoin has been performing alongside Bitcoin, just as the latter serves as the benchmark for the entire cryptocurrency industry; Doge is the sentiment index for the Meme Coin sector. Moreover, if ARK Invest's estimates are to be considered, Bitcoin could reach $2.4 million by 2030, and Dogecoin is likely to peak at $4.
After all, Dogecoin has come a long way since its inception in 2013, which is a nod to the 'Wild West' era of crypto, becoming a prominent meme coin. Currently, Doge is a steadfast fixture among the top 10 cryptocurrencies by market cap. If Bitcoin continues to receive buy-ins from institutions and nation-states, Dogecoin could gain serious momentum. Assuming ARK Invest's estimates are correct, could Dogecoin sell for $4 by 2030? Let's find out the answer.
Analysts' predictions point to a dramatic surge
Ark Invest, a Wall Street asset management company, predicts that Bitcoin could reach a historic peak of $2.4 million by 2030, and such an increase typically trickles down into the rest of the cryptocurrency market. Large altcoins and meme coins like Dogecoin (whose price movements) are closely related to Bitcoin and can capture significant liquidity as a major meme coin in terms of market cap.
Data from Intotheblock indicates that Dogecoin's correlation over the past month was 94%, with some notable cryptocurrency analysts predicting a bullish outlook for Dogecoin within the same timeframe.
The road to $4
Senior cryptocurrency analyst Ali Martinez believes that the price fluctuations of Dogecoin are moving along price levels, which in the long run depends on the ability of meme coins to hold within certain price ranges.
Currently, the price of Dogecoin is just between solid support levels ranging from $0.16 to $0.19, which according to Martinez, would pave the way for an open road to $4. This would represent a 19-fold increase from the current price. If this prediction comes true, it would mean Dogecoin would reach a market cap of $575 billion. This is twice the market cap of Ethereum, which is second only to Bitcoin.
Of course, if Dogecoin took six years to reach its historical high of $0.74 in 2021, then all of this is within the realm of speculation; it still lies within the realm of possibility for Doge to capture enough runoff from anticipated capital inflows into Bitcoin to see its historical all-time high mint to $4. Can the support for most of the year extend its bargaining end? Only time will tell.
Is it actually possible for Dogecoin to reach $4?
An increasing number of Wall Street analysts believe that Dogecoin may reflect price movements reminiscent of its epic sustained highs from 2020 to 2021. What we are seeing now could be the ideal time to rise on Doge, ultimately stating the territory of $4.
Ultimately, theoretically, as long as it remains comparable to Bitcoin's truck, Dogecoin could reach $4. Given its history of outperforming Bitcoin during bull runs, Dogecoin's performance could exceed $4 as it is the most significant meme coin in the business and originally held a status of migration.
