Dogecoin (CRYPTO:DOGE) saw a sharp rally on Wednesday night, after the market-leading Cryptocurrency Bitcoin (CRYPTO:BTC) will reach $100,000.
What happened
The billion-dollar meme cryptocurrency gained more than 9% over the past 24 hours to reach $0.45, accompanied by an 18% increase in its trading volume.
The dog-themed cryptocurrency reacted to Bitcoin, the world’s largest cryptocurrency by market capitalization, surpassing the $100,000 level for the first time.
The cryptocurrency analyst Captain Faibik predicted further rallies for the cryptocurrency, marking $0.60 as its next target.
More Read
$DOGE Another Bullish Rally coming soon, So keep an eye on it.
Next Stop: 0.60$ 🎯#Crypto #DOGE #DOGEUSDT pic.twitter.com/CzMvsER4Rh
— Captain Faibik 🐺 (@CryptoFaibik) December 5, 2024
SlumDOGE Millionairea renowned early adopter of the cryptocurrency, reminded his followers that DOGE has traditionally followed in the footsteps of Bitcoin, hinting at a bullish outlook.
I guess you guys forgot that #DOGE literally follows #BITCOIN
Open source code copy/pasted and made with “Dogecoin” in place of where it said “Bitcoin”
That was the original #DOGECOIN pic.twitter.com/pzsW3mQff9
— SlumDOGE Millionaire (@ProTheDoge) December 5, 2024
Earlier this week, technical analyst Trader Tardigradeciting historical trends from the last two bull cycles of 2017 and 2021, projected a massive rally that could push DOGE to reach $15-16 by 2025.
If DOGE were to reach these levels, it would represent an impressive 3,185-3,404% increase in a single year.
One X user disputed these estimates, stating that DOGE’s market valuation would reach $100 billion, which is an unlikely scenario.
In fact, at $15 per coin and assuming a current supply of $147 billion, Dogecoin’s market valuation would exceed $2 trillion. To put it in context, Ethereum (CRYPTO:ETH) is currently valued at $464 billion.
Come on now, that looks silly. What marketcap would DOGE have if it would reach $15-16?
Probably flip ETH?
—nada6p (@nada6p) December 3, 2024
And, although these exaggerated forecasts were avoidable, analysts had significant movements in their sights for the next day.
“Dogecoin analyst” Kevin predicted that the coin would reach the “macro pocket” of $3.80 to $4.00 before the week was over.
in #Dogecoin previous cycle when it had it’s first major leg up it consolidated for 24 days after that move before legging up again to the macro golden pocket. If #DOGE were to follow a similar path that would mean that the next leg will start by the end of the week and Doge… pic.twitter.com/jIDtfnNXxZ
— Kevin (@Kev_Capital_TA) December 4, 2024
It also signaled the peak of Bitcoin dominance and the start of the Altcoin season.
Major bounce right at 55% which for me is the line in the sand to confirm the top is in on Dominance and #AltcoinSeason is beginning. This is why we wait for all the evidence. https://t.co/czdG8JQQql
— Kevin (@Kev_Capital_TA) December 5, 2024
Dogecoin price movement
At the time of publishing this article, DOGE was trading at $0.4577, up 9.10% in the last 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
You can also read: 5 stocks in focus this Thursday: DG, FIVE, KR, PVH and LULU
For more updates on this topic, activate Benzinga Spain notifications or follow us on our social networks: x and Facebook.
Receive exclusive information on market movements 30 minutes before other traders
Benzinga Pro’s 14-day free trial, available in English, gives you access to exclusive information so you can receive useful trading signals before millions of other traders. CLICK HERE to start your free trial.
Crypto Keynote USA
For the Latest Crypto News, Follow ©KeynoteUSA on Twitter Or Google News.
