thecryptobasic.com
Dogecoin would have to rally by an ambitious margin from its current price to transform a modest investment to a million-dollar fortune.
The Dogecoin (DOGE) market has not been as attractive as it was immediately after the Donald Trump election victory early last month. Notably, following this significant event, Dogecoin rallied from a price of $0.1582 on Nov. 5 to a three-year peak of $0.48 on Nov. 23.
Optimism Amid Consolidation
The bullish momentum slowed following this top, but Dogecoin managed to reach a new high of $0.4843 when the bulls resumed control of the market for a brief period. However, this preceded a turbulent phase, which has persisted over the past three weeks.
Amid this turbulence, Dogecoin now changes hands at $0.3165. Despite the consolidation, market analysts believe Dogecoin’s recovery could lead to a massive upsurge. This has contributed to sustained optimism, as wallets, especially those holding between $100 to $1,000 in DOGE, continue to increase their holdings, per IntoTheBlock data.
Most of these investors expect their investments to skyrocket to attractive levels, such as $10,000, $100,000 or even $1 million should Dogecoin claim some of the ambitious targets set by market watchers. However, the extent of the meme coin’s recovery rally remains uncertain amid the anticipation.
We recently evaluated how much Dogecoin must rise to reach some of these investment goals. For context, an investor holding $1,000 worth of Dogecoin at the current price possesses about 3,160 DOGE tokens.
How High Dogecoin Must Rise to Turn $1K to $10K, $100K and $1M
For these 3,160 tokens to reach a value of $10,000, Dogecoin would need to skyrocket to $3.165 per token, representing a 900% increase from the current price. Moreover, the worth of these tokens will only reach the $100,000 mark if DOGE claims a price of $31.65. This would mark a spike of 9,900%.
Meanwhile, investors looking to realize up to $1 million from their current $1,000 investment would need to await higher price levels. For this investment goal to materialize, Dogecoin must surge by an astonishing 99,900% to a price of $316.5.
While the $31.65 and $316.5 price targets appear overly ambitious, analysts have projected that Dogecoin could even transcend the $3.165 level. For instance, late last month, market commentator Crypto Scofield boldly asserted that it was only a matter of time before DOGE claimed $3.
Earlier this month, veteran analyst Ali Martinez maintained his Dogecoin price targets of $3 and $18 despite the pullback. Interestingly, some believe even the $31 mark is not out of reach. In a recent analysis, Trader Tardigrade predicted a Dogecoin rally to $30 if DOGE repeats its 2017 uptrend.