Famous crypto analyst Cephii suggests that Dogecoin price could be gearing up for a massive 1,100% surge.
The crypto analyst made this suggestion in an job today, drawing parallels between Dogecoin’s price movements during the previous and current cycles. According to Cephii, the top meme coin surged 1,100% in the week following the 2021 U.S. president’s inauguration.
Dogecoin reflects its 2021 performance
The attached chart shows that the price of Dogecoin increased by 1,107% at the time, from $0.006583 to $0.07291 in January 2021, following the inauguration of President Joe Biden. Interestingly, Cephii reported that Dogecoin’s post-election price trend in 2024 is almost similar to the 2021 cycle.
This suggests that similar conditions, particularly the inauguration of a new administration in the United States, could lead to another breathtaking 1,107% rally for Dogecoin.
At press time, Dogecoin was trading at $0.3441 per token. If Dogecoin replicates its post-inauguration performance from January 2021 and climbs 1,107% during the current cycle, its price could rise as high as $4.1532 after Trump is inaugurated as the 47th President of the United States. This will bring its market capitalization to $613.02 billion, up from the current $50.79 billion.
Dogecoin to $4 Predictions
Several market observers have predicted that Dogecoin will climb to around $4 this cycle. For example, last month, Elemento Cripto founder Javier Santini projected that Dogecoin would reach this price target in a week or less. However, this prediction did not come to fruition.
Additionally, Dogecoin analyst Kevin foreseen that Dogecoin could reach an all-time high (ATH) of around $4 before this cycle ends.
Impact of the Trump Presidency on Crypto
As a reminder, Trump’s inauguration will take place on January 20, 2025. Unlike previous administrations, his victory has already had a positive impact on the broader crypto market. The prices of various crypto assets like Dogecoin increased significantly immediately after Trump’s victory became evident.
More specifically, Dogecoin outperformed Bitcoin at the start of the Trump-led rally, with the dog-themed token soaring nearly 250% in a matter of weeks.
However, the asset has fallen sharply since then, falling 28.83% to $0.3441 from its multi-year high of $0.4835. Nonetheless, investors remain confident that Dogecoin price will rebound immediately after Trump delivers on his crypto industry promises.
So far, the US president-elect has kept his word, appointing several cryptocurrency supporters to high-level positions under his administration, including Treasury Secretary and the SEC. Crypto players are also pressuring Trump to establish a strategic Bitcoin reserve within his first 100 days in office.
If implemented, it could boost Bitcoin adoption and create ripple effects in the broader crypto market. Assets like Dogecoin stand to benefit from their high correlation with BTC, which stands at 97% over the last 30 days, according to IntoTheBlock. data.
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