Here’s how much you need to make $1 million with Dogecoin if DOGE hits $5 or $10

Investors could witness returns of up to $1 million if the ongoing Dogecoin rally allows the meme coin to achieve price targets above the dollar mark.

The market is facing a slowdown in the current uptrend, with several assets facing major withdrawals. Dogecoin (DOGE) has not escaped the bearish pressure, currently down to $0.39 from the November 23 high of $0.47.

Dogecoin shows potential despite current pullback

Despite this retracement, Dogecoin is still trading above $0.39 at press time, an 18-month high. The meme coin has shown resilience against the bears, firmly holding $0.40 support as it aims to leverage this level as a springboard for the next rally.

Market analysts such as Ali Martinez had warned that the current market trajectory would also include major corrections on the path to substantial price growth. Earlier in the month, Martinez warned of an imminent correction after identifying sell signals over multiple time frames.

However, shortly after, as DOGE witnessed its first major retracement to current rally, Martinez underlines that the uptrend was still in place. Citing historical data, the analyst pointed out that such pullbacks in previous cycles resulted in increases of 9,470% and 30,700%.

Dogecoin expected to hit $5 and $10

Notably, Several market observers expect Dogecoin to break through the $1 level during this bull run, a milestone that XRP and Cardano (ADA) have already reached. In January, before the latest surge, Crypto analyst Patel affirmed that DOGE could not only exceed $1 but Also go up to $5.

Meanwhile, Martinez also believes in Dogecoin has the potential to $1 violation, recently forecast a rally to $2.4 or $18. Nevertheless, in a previous report Last month, the analyst expressed confidence that DOGE was on track to claim a price of $10.

The ambitious price targets of $5 and $10 have caught the attention of Dogecoin holders, which have surged over the past month amid the ongoing rally. For context, IntoTheBlock data confirmed that investors holding DOGE for less than a month soared 109.96% over the past 30 days to 224,950.

How much does it take to make $1 million if DOGE hits $5 or $10

These investors all have different goals for their Dogecoin investments, with some predicting returns of $1 million. This investment goal could come to fruition at a Dogecoin price of $5 or $10, in function on the initial capital invested.

At a price of $5, an investor it would be necessary hold 200,000 DOGE tokens for $1 million. Such an investor could acquire these 200,000 tokens for $84,760 at the current price.

Additionally, those who are more optimistic about Dogecoin’s potential could benefit from the wave to the $10 price target originally planned by Martinez. If DOGE reaches the $10 level, those holding just 100,000 DOGE will have a million dollar investment. The 100,000 tokens are currently worth $42,380 at the current price.

However, while such returns may be attractive, it is important It should be noted that there is no guarantee that Dogecoin will achieve any of these price targets. Although the coin itself shows potential, the extent of its growth will depend on several market factors, primarily demand.