Analysts continue to maintain ambitious Dogecoin targets citing historical data and other potential catalysts.

 Analysts continue to maintain ambitious Dogecoin targets.

In just a few weeks, the cryptocurrency market went from euphoria to uncertainty, and then to hope and return to uncertain expectations. The market impact came from the macroeconomic headwinds of the pro Kleit government in the United States.

However, amidst these fluctuations, a constant still exists: the ambitious target of Dogecoin (Doge) for meme coins themed around dogs. Are these predictions actually based on reality?

Make $20?

On Thursday, February 6th, cryptocurrency traders widely followed Javon Marks' suggestion that Doge could surpass the $20 price point in the current market cycle.  

For those interested in mathematics, this is an increase of 7900% compared to the current price of $0.25.

The historical bull market performance of polymyxin comes from Javon Marks

Javon Marks specifically pointed out that Doge surged 90 times from its low point to $0.018 in 2017, while its high point of 306 times reached $0.74 in 2021. It is worth noting that the continuation of this trend has led to the target of $20.

Other factors supporting these astronomical goals include obtaining support assets from Elon Musk, the world's richest person and CEO of Tesla.

This billionaire has recently been appointed as the leader of a non-governmental organization primarily aimed at cutting government spending, which is evenly appointed as the Department of Government Efficiency (D.O.G.E.), seemingly linking Memecoin's wealth to controversial institutions.

Delusions?

However, as emphasized by several cryptocurrency market participants, Doge's $20 target raises a major issue.

Assuming Doge maintains its current supply of 147.3 billion coins, it would require a market value of $3 trillion to reach a price of $20, which exceeds Bitcoin's market value of $1.9 trillion and is more than 80 times Memecoin's current market value.

What else? Assuming the cryptocurrency market maintains a four-year cycle, Doge will need to achieve this feat in just a few months.

Although the cryptocurrency market is not unfamiliar with inexplicable and explosive growth, what I mean is that this is an asset based on memes with a market value of $37 billion; $3 trillion indeed looks like a steep figure.

However, if any cryptocurrency market has proven anything, it is never to say never.