Despite Dogecoin’s ardent community holding on to dreams of seeing their favored meme coin hit the coveted $1 mark, it remains just that—a dream. However, there’s renewed fervor within the community as hopes soar for Dogecoin to eventually surpass $10. This optimism stems from the analysis provided by a crypto analyst who suggests that Dogecoin, the largest meme coin by market cap, is poised for a substantial surge of over 7,200%.
Crypto analyst Javon Marks recently shared a significant observation on X (formerly known as Twitter) regarding Dogecoin’s price movements. Marks highlights the potential for a Log Breakout on Dogecoin’s chart, which could lead to a dramatic rise in its price. He draws on historical data to back his analysis, citing previous instances of Log Breakouts that resulted in substantial gains for the cryptocurrency.
The first notable Log Breakout for Dogecoin occurred during the 2017-2018 bull market. During this period, Dogecoin saw an astonishing 9,472% increase in price, catapulting from a low of $0.0002 to a high of $0.01858. Another Log Breakout was witnessed during the 2020-2021 bull market, which led to the legendary 28,882% rally of 2021. This surge saw Dogecoin’s price skyrocket from $0.0012 to nearly $0.74.
Against this backdrop of historical performance, Marks suggests that another major rally could be on the horizon for Dogecoin. Should the Log Breakout complete as anticipated, Marks predicts a minimum 7,200% increase from its current trading levels. This surge would, for the first time, push Dogecoin’s price above the $10 mark.
Marks explains that each prior Log Breakout has led to increasingly significant price rallies. Given this pattern, he projects a similarly massive rally for Dogecoin. Nonetheless, considering Dogecoin’s already substantial market cap, achieving such immense gains might prove challenging.
In addition to his analysis of Dogecoin, Marks has also expressed bullish sentiments toward another popular meme coin, Shiba Inu. He notes that Shiba Inu has exhibited a macro Hidden Bullish Divergence. Based on this observation, Marks predicts a potential 354% rise in Shiba Inu’s price from its current level, possibly revisiting its all-time high around $0.000081.
Dogecoin’s price movements remain a topic of intense speculation and interest. While past performance offers intriguing insights, the crypto market’s inherent volatility ensures that nothing is set in stone. Investors and enthusiasts alike keenly watch for any signs that Dogecoin might once again embark on a meteoric rise.
