Dogecoin could rise ‘well beyond’ current all-time high price: analyst

Just a few months ago, this would have seemed like a meme-induced fever dream. Crypto emerges as the biggest winner of the 2024 election; Elon Musk, Dogecointhis is the most important lawyerreaching unprecedented levels of influence and power; The new US presidential administration plans to create a new federal agency – literally – called DOGE

But this is all real and it’s all happening. And following the remarkable events of the past week, Dogecoin has skyrocketed. On Election Day, DOGE was hovering around $0.15. Since then, the token has almost triple in value, almost touching $0.43 Wednesday and hitting a three-year high this week.

However, the world’s first meme coin has already arrived here and is trending lose speed after large gatherings. So how long will the Dogecoin moment last this time?

The experts who spoke with Decrypt expressed his belief that Dogecoin emerged from this week’s events as a modified token, which therefore appears poised for its best days yet.

Thomas Bautista, research analyst at GSR, explained that while Dogecoin’s value was previously tied to one-off news cycles, like Musk shilling the meme coin on “Saturday evening live“In 2021, the token is now so remarkably integrated into American politics and culture that it has reached a new level of enduring relevance.

“I’m very hesitant to put a cap on it, because now you have this continuous attention cycle,” Bautista said. Decrypt of Dogecoin’s potential price ceiling in the coming months.

For this reason, Bautista believes, the coin appears poised to break from its previous habit of rising happily due to an unexpected catch (usually Musk-related) and then deflating.

“DOGE is no longer a prisoner of the moment that will just go up 20% and then die next week,” the analyst said.

He also highlighted the increased likelihood, given the sudden and rabid onset pro-crypto the content of the new American government and that of Musk centrality to this, that Dogecoin could finally become a means of payment for Twitter Or Tesla in a short time.

“You now have more and more of a dynamic narrative around Dogecoin, the asset, that never really existed,” Bautista said.

What does this actually mean for DOGE’s potential performance in the coming months? Ryan Rasmussen, head of research at Bitwise, said Decrypt he “would not be surprised” to see Dogecoin move “well beyond” its previous all-time high price of $0.73 in the coming months, especially as President-elect Donald Trump’s inauguration approaches on the 20th. January.

Except for crypto mainstays like Bitcoin, EthereumAnd Solana” Rasmussen said, he expects that if the digital asset market continues its extraordinary tear next year – as many are to expect– then Dogecoin will maintain its position near the front of the pack.

“If we are higher in January than we are today, I would expect Dogecoin to outperform most other crypto assets,” Rasmussen said.

This does not mean, to be clear, that analysts expect Dogecoin to remain around forever.

“All of this creates a higher ceiling,” GSR’s Bautista said. “But sustainability is always in question.”

Edited by Andrew Hayward