Altcoin
Crypto Analyst Says Dogecoin Price Could Reach $20 This Cycle With Over 306x Surge
Crypto analyst Javon Marks has made an interesting prediction regarding Dogecoin, suggesting that the meme coin could skyrocket to $20 in this cycle. According to his technical analysis, DOGE has shown an impressive record of exponential growth in successive bull runs, and if this pattern continues, it could achieve a 306x increase or more this cycle.
However, despite the historical trends, reaching such a price point comes with significant market cap implications that raise questions about the feasibility of this prediction.
Bullish Case For Dogecoin To $20
Dogecoin’s price action in the past 24 hours has been highlighted by a decline, which has been extending over the past seven days. Particularly, Dogecoin has retraced by about 6.5% and 24.8% in the past 24 hours and seven days, respectively.
On the other hand, crypto analyst Javon Marks predicted that Dogecoin could, notwithstanding, still see its price increase by 306X this cycle. Javon Marks’ prediction is based on Dogecoin’s historical performance in previous cycles. In 2017, the altcoin experienced a 90x surge, while in 2021, the rally exceeded 306x. In 2017, DOGE experienced a 90x surge, while in 2021, the rally exceeded 306x and peaked at its current all-time high of $0.7316.
Using this pattern as a basis, Marks suggests that another similar or greater increase could occur, pushing DOGE to new all-time highs of over $20. If Dogecoin were to reach this price point, it would mark an increase of about 85x from its current price of $0.24, which is in line with the 2017 returns. A 306x run, on the other hand, would put the Dogecoin price at $87.
Market Cap Constraints: Is A $20 DOGE Realistic?
For Dogecoin to reach $20, its market capitalization would need to increase significantly more than it did in the previous cycles. At the time of writing, Dogecoin’s market cap is sitting at $36 billion. An 85x surge would bring its total market to around $3 trillion, given the current total number of circulating tokens. If the asset were to follow the full 306x trajectory Marks suggests, its market cap would balloon to an astronomical $11 trillion.
One of the only feasible scenarios where Dogecoin could reach $20 is if Bitcoin itself undergoes an extreme bull run and reaches a valuation between $1 million and $2 million per BTC. In such a case, the overall crypto market could expand, allowing meme coins like DOGE to go on parabolic price gains.
However, for Bitcoin to reach these levels, something dramatic would need to happen, like a massive capital injection into the crypto market. One of the speculated drivers is the idea that the US government could allocate trillions of dollars into a Bitcoin reserve. While such a move would undoubtedly trigger a historic rally across the broader crypto industry, this remains purely speculative at this point.
Featured image from Unsplash, chart from Tradingview.com
Frog-themed meme crypto Pepe Coin’s price is facing alarming pressure amid the current volatile trend brewing in the broader cryptocurrency sector. It is now further intensified due to a massive whale selloff. On-chain data on Saturday revealed that an institution offloaded a whopping 175 billion tokens to Binance, bringing further selling pressure to the asset amid market turmoil. PEPE is currently down 35% weekly, and chances are that further loss of value may be witnessed ahead due to broader market trends.
Institution Dumps 175B Tokens Ringing Alarms For Pepe Coin’s Price
According to data by Lookonchain, as of February 8, Nanscent sold a staggering 175 billion PEPE worth $1.5 million by dumping it into Binance. Notably, this selloff marks the institution’s last dump for the token, as it has offloaded all its holdings for the same.
Intriguingly, Nanscent sacked a staggering 608.85 billion tokens between June 6 and July 15, 2024, for $7.73 million. Thereafter, the institution began selling on November 13 of last year, when Pepe Coin’s price rocketed.
However, it’s worth mentioning that the top meme coin sector’s dynamic nature caused the institution to miss the optimal selling point, resulting only in a profit of $348K. Nevertheless, as the renowned entity dumped all holdings for this token, market watchers remain cautious about future movements amid declining market interest.
Macroeconomic Developments Bring Further Uncertainty
Meanwhile, it’s worth considering that the broader crypto market struggles primarily due to macroeconomic events. The market witnessed turmoil this week as Donald Trump announced new tariffs on Canada, Mexico, and China. However, despite Trump pausing the tariffs on Canada and Mexico for 30 days, the market has yet to recover.
Some traders and investors continue to eye a bearish run for the market in the next couple of months, given prices haven’t recovered and tariffs are to resume in 30 days. As a result, even Pepe Coin price is poised to tackle volatility, raising concerns among market participants further fueled by the massive dump mentioned above.
Can PEPE Price Withstand Pressure?
Usual market sentiments convey immense bearishness in light of such massive selloffs, given the rise in supply pressure and flagging a loss of confidence in the asset. Moreover, the broader market volatility has injected further negative sentiments among investors as prices trade sluggishly.
As of press time, Pepe Coin’s price lost nearly 1.5% and is resting at $0.000009046. The meme coin’s 24-hour low and high were $0.000008482 and $0.000009809, respectively. Further, the weekly chart for the asset illustrated a 35% crash. As mentioned above, this slumping action aligns with the broader trend and the massive selloff.
Coinglass data indicated the meme coin’s futures OI slipped 2.5% to $246.59 million, underlining the reducing market interest in the asset. Liquidation for the same totaled $3.72 million in the past 24 hours.
A recent PEPE price analysis by CoinGape further revealed that the key support is at $0.000006730. The token currently trades substantially above this level. Crypto market watchers continue to monitor the price action for further shifts, taking an uncertain stand on future movements amid riveting market dynamics due to broader trends.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto prices on Saturday have again encountered severe volatility, keeping traders and investors cautious. Bitcoin (BTC) price briefly slumped to a $95K low, whereas Ethereum (ETH) and Solana (SOL) traded in the red territory. However, XRP managed to pump roughly 1%, preventing further downside momentum. Besides, even the meme coins sector mirrored a slumping movement.
Let’s take a closer look at some of the most trending coins for the day and the latest market updates that have impacted prices.
Crypto Prices Today: ‘Market Blues’ This Week As BTC & Alts Mainly Down
Despite Donald Trump announcing a pause on new tariffs for Mexico and Canada, the crypto market is yet to recover from its slump. Some traders and investors are even bearish over future movements, as the tariffs pause is only for 30 days. Given that the market fails to recover by March’s beginning, another wave of volatility could kick in as the new tariffs are to resume. Meanwhile, this week has been alarming for the broader cryptocurrency sector as a whole.
BTC Price Hits $95K Low
BTC price dipped nearly 1% in the past 24 hours and is currently trading at $96,663. However, it’s noteworthy that the flagship coin’s intraday low and high levels were $95K and $100K, respectively. Nevertheless, Bitcoin’s dominance stayed up by 0.09%, reaching 60.94%.
Meanwhile, in the latest developments surrounding this crypto, the U.S. state of Maryland has recently unveiled a legislative proposal to establish a Bitcoin reserve fund for the state.
Bitcoin saw liquidations worth $73.02 million in the past 24 hours, per Coinglass data.
Ethereum Price Slips
ETH price dropped nearly 3% in the past 24 hours and is currently trading at $2,643. The coin’s intraday low and high were $2,564.97 and $2,798.03, respectively. Notably, the current waning movement falls in line with the broader market trend.
In the latest developments surrounding the crypto, the U.S. SEC has delayed its decision on BlackRock’s Ethereum ETF options trading proposal. ETH recorded liquidations worth $64.83 million in the past 24 hours.
XRP Price Jumps
However, XRP price jumped slightly over 1% intraday and is currently trading at $2.38. The coin’s 24-hour bottom and high were $2.28 and $2.53, respectively.
Ripple’s coin soars alongside positive news for the community as a new XRP DR (Depository Receipt) product is set to go live in the U.S.
Solana Price Fluxes
SOL price witnessed a rollercoaster ride in the past 24 hours, trading at $193 as of press time, down marginally by 0.1%. The coin’s 24-hour bottom and peak were $188.48 and $203.15, respectively. Notably, Solana recorded liquidations worth $11.26 million in the past 24 hours.
Meme Crypto Prices Today
Dogecoin (DOGE) saw a 2% drop in value and is currently trading at $0.247. Simultaneously, even PEPE and TRUMP prices tanked 3-5%, reaching $0.000009089 and $16.46, respectively. However, Shiba Inu (SHIB) price witnessed a nearly 1% jump in value to $0.00001517.
Top Crypto Gainers Prices Today
Flare (FLR)
Price: $0.02196
24-hour Gains: +9%
Onyxcoin (XCN)
Price: $0.0279
24-hour Gains: +6.5%
Maker (MKR)
Price: $948.28
24-hour Gains: +5%
Top Crypto Loser Prices Today
Berachain (BERA)
Price: $6.86
24-Hour Loss: -15%
Movement (MOVE)
Price: $0.5412
24-Hour Loss: -12%
LidoDAO (LDO)
Price: $1.54
24-Hour Loss: -10%
The broader market trends remain poised to significantly impact prices ahead. Apart from Donald Trump’s tariffs resuming in 30 days, another aspect has caused volatility. Renowned crypto analyst Ali Martinez revealed that over $15 billion in tokens were unlocked last month. Moreover, another $3 billion is set for this month, whereas the following month will see $9 billion between March & April. This phenomenon could further present altcoins’ prices with volatility.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Ripple vs. SEC lawsuit has taken an interesting turn. A recent development suggests that this long-running legal battle might end soon. Surprisingly, the XRP price has failed to react positively to this development and has, instead, crashed significantly.
XRP Price Fails To Respond Positively To Recent Ripple Vs. SEC Development
CoinMarketCap data shows that the XRP price crashed over 6% and 24% in the last 24 hours and seven days, respectively. This price crash occurred despite positive developments in the Ripple vs. SEC lawsuit, including the US SEC’s decision to reassign its Chief Litigation Council, Jorge Tenreiro, to the agency’s IT department.
This development is positive for the Ripple vs. SEC lawsuit as Tenreiro led the agency’s crypto unit and oversaw the lawsuits against Ripple and other crypto lawsuits. Following this move and the reassignment of over 50 SEC lawyers, crypto experts like Del Crypto have speculated that the Commission could soon make an announcement, which would mark the end of the lawsuit.
As Bitcoinist reported, the US SEC is also scaling back its crypto enforcement efforts by downsizing the special unit designated for this purpose. Indeed, this suggests that the Commission is ready to drop the Ripple lawsuit and other crypto-related actions that the new administration feels were wrongly pursued by Gary Gensler’s administration.
These developments are bullish for the XRP price, considering how it has been greatly impacted by the long-running Ripple vs. SEC lawsuit. Still, the crypto has failed to rally in response to these positive developments, which is undoubtedly concerning.
However, a plausible explanation for the XRP price crash amid these positive Ripple vs. SEC lawsuit developments is the bearish sentiment in the broader crypto market. The Bitcoin price is currently failing to hold critical support levels, which explains why XRP and other altcoins have crashed.
Meanwhile, the XRP price may have priced into a potential end to the Ripple vs. SEC lawsuit since Donald Trump won the election. Since Trump’s victory, there have been speculations that the Commission would drop its appeal against Ripple, especially given the president’s pro-crypto stance and his nomination of Paul Atkins for the SEC Chair role.
XRP Still Has Room To Run In This Bull Run
Despite the XRP price crash and its failure to react positively to the developments in the Ripple vs. SEC lawsuit, crypto analysts have suggested that XRP still has more room to run to the upside in this bull run. One of these analysts is Dark Defender, who predicted that the crypto could rally to $8 soon enough.
Crypto analyst Egrag Crypto also recently revealed that the XRP price is mirroring a 2017 pattern. Based on the similarities, the analyst stated that XRP could surge by 1,500% and rally to as high as $27 in the coming weeks.
At the time of writing, the XRP price is trading at around $2.29, down almost 7% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Medium, chart from Tradingview.com
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