The crypto analyst Javon Marks has made an interesting prediction with respect to Dogecoin, suggesting that the memes currency could be shot at $ 20 in this cycle. According to his technical analysis, Dog has demonstrated An impressive album Of exponential growth in successive bull, and if this pattern continues, it could achieve an increase of 306x or more in this cycle.
However, despite historical trends, reaching such a price comes with important market capitalization implications that ask questions about the viability of this prediction.
Alcista Case for Dogecoin at $ 20
Dogecoin’s price action in the last 24 hours has been highlighted by a decline, which has spread in the last seven days. Particularly, Dogecoin has turned over approximately 6.5% and 24.8% in the last 24 hours and seven days, respectively.
On the other hand, the cryptographic analyst Javon Marca predicted that Dogecoin However, you could see your price increase in 306 times this cycle. Javon Marks’s prediction is based on Dogecoin’s historic performance in previous cycles. In 2017, Altcoin experienced a 90x increase, while in 2021, the rally exceeded 306x. In 2017, Dege experienced a 90x increase, while in 2021, the Rally exceeded 306x and reached its maximum point at its current maximum of $ 0.7316.
Using this pattern as a base, Marks suggests that another similar or greater increase could occur, taking Dog to the new historical maximums of more than $ 20. If Dogecoin reached this price, it would mark an increase of approximately 85 times since its current price of $ 0.24, what is in line with the yields of 2017. A 306X race, on the other hand, would put the price of Dogecoin at $ 87.
Market capitalization restrictions: Is a $ 20 dogfone realistic?
For Dogecoin to reach $ 20, its market capitalization would need to significantly increase more of what he did in The previous cycles. At the time of writing, Dogecoin market capitalization is at $ 36 billion. An 85x increase would bring its total market to around $ 3 billion, given the current total number of circulating tokens. If the asset follows the trajectory marks of a complete 306x that suggests, its global market capitalization at $ 11 astronomical billion.
One of the only feasible scenarios in which Dogecoin could reach $ 20 is if Bitcoin suffers An extreme bull and reaches an assessment between $ 1 million and $ 2 million per BTC. In this case, the general cryptographic market could expand, allowing meme coins such as dogs to obtain parabolic price profits.
However, for Bitcoin to reach these levels, something dramatic would need to happen, as a massive capital injection into the cryptography market. One of the speculated drivers is the idea that the United States government could assign billions of dollars In a Bitcoin reserve. While such a movement would undoubtedly trigger a historical rally in the broader cryptographic industry, this remains purely speculative at this time.
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