Could Dogecoin (DOGE) reach $15? Analysts highlight this key factor

TL;DR

• Analysts are predicting strong upside for Dogecoin, with targets ranging from $2 to $15, driven by historical performance and the potential approval of a DOGE ETF by Bitwise and other companies.
• The new Department of Government Effectiveness (DOGE), led by Elon Musk, briefly increased the price of the meme coin with one of its recent moves, while industry players expect additional interactions .

A big gathering on the horizon?

Dogecoin saw a sharp rise days before Donald Trump’s inauguration as the 47th US president, with its price briefly climbing to $0.43. However, more recently the trend is downward and Currently is trading at around $0.35 (according to CoinGecko data).

Despite this drop, many analysts believe that it has yet to shine during this bull cycle. Some of the optimists include X users JAVON MARKS and Trader Tardigrade. The old considered a rise above $2, citing the historical performance of the asset, while the latter assumed DOGE could reach $4 in the following months.

Ali Martinez too chippedmaking an even more bullish forecast. He believes DOGE Could Explode to $15 Per Coin, assuming SEC approves Bitwise’s filing to launch a Dogecoin exchange-traded fund (ETF).

The company submitted its application to the Delaware Department of State’s Division of Corporation on January 22. Before that REX Advisors and Osprey Funds jointly filed to introduce an ETF including exposure to the biggest coin.

Even if the potential approval of such an investment vehicle could Indeed positively impact Compared to the price of DOGE, the depicted target of $15 seems quite unlikely. After all, this would push the asset’s market cap to over $2 trillion. Currently, the capitalization of the entire cryptocurrency sector stands at around $3.6 trillion, with DOGE accounting for just over $50 billion.

Whales and DOGE

Earlier this week, Martinez revealed that Dogecoin whales purchased 590 million tokens (worth over $215 million at the time) in the duration of 24 hours. These actions reduce the circulating supply of the coin itself and could lead to higher prices (in case demand does not head south).

Another element that could positively influence valuation is the new Department of Government Effectiveness (DOGE). In addition to having the same abbreviation as Dogecoin, the entity recently featured the meme coin logo on its official website, which successful in a double-digit increase in the price of the asset.

Additionally, the division is led by Elon Musk, a strong supporter of the OG coin. Many in the crypto community expect its involvement in politics to be very beneficial for DOGE, but only time will tell if the entity will continue to endorse the token.