Galaxy Research Provides Dogecoin Outlook
Alex Thorn, the head of research at Galaxy Digital, has asserted that Dogecoin, the largest meme coin by market cap, will finally reach a $100 billion market cap. Notably, this valuation is unprecedented for the meme coin, whose market cap peaked at $98.47 billion in 2021.
For context, the $100 billion valuation will bring Dogecoin’s price to $0.678, 8% below its current all-time high of $0.739. Also, Dogecoin would surge an impressive 87% from the present market price to hit $0.678.
Meanwhile, Galaxy Research does not expect Dogecoin to peak there. Per its analysis, the meme coin will surpass its current ATH this year and finally attain a one-dollar valuation.
A surge to $1 will ensure Dogecoin’s market cap trades at $147.47 billion, an impressive 176% from the current valuation. Its price would also see a similar uptick to reach $1.
Notably, Galaxy Research also provided price expectations for other cryptocurrencies. The firm asserted that Bitcoin will hit $185,000 and Ethereum $5,550 by the end of the year.
Conservative or Ambitious?
Galaxy Digital’s Dogecoin prediction followed speculations from other analysts. Notably, the firm’s call seems conservative compared to existing predictions of the meme coin leader’s upsurge potential this year.
For context, Ali Martinez has insisted that Dogecoin will target ranges between $4 and $23, citing multiple price catalysts. Some of them include an upsurge to the tip of its ascending channel and a possible repeat of its 2021 bull cycle feat.
Furthermore, an analysis from Tradigrade has shown that Dogecoin will hit $11. The market speculator based his assertion on a possible breakout from the Gaussian channel.
In the meantime, Dogecoin trades at $0.361, up over 6% in the past 24 hours.
thecryptobasic.com
