The renowned market commentator maintains his ambitious double-digit target for Dogecoin despite the consolidation, but pessimism abounds.
Over the past month, several analysts remained extremely optimistic on the leading dog-themed meme coin Dogecoin (DOGE) and did not retreat, despite recent struggles in the cryptocurrency market.
However, amid a plethora of optimistic estimates, many market observers have begun to question whether the ambitious price targets dreamed of by analysts are realistic.
Dogecoin (DOGE) to $18?
At the time of writing, Dogecoin looks set to end 2024 with an increase of over 245%, rising from its January 2024 opening price of $0.08956 to $0.30930 currently. While annual returns of over 200% are impressive by any standard, analysts like Ali Martinez saved that there is a possibility that this is just the beginning of DOGE’s parabolic path.
Over the past few weeks, the analyst has repeatedly reiterated the view that DOGE growth will be somewhere between 4 dollars, US$18, and 23 dollarsrepresenting 1200%, 5700% and 7300% returns on current prices respectively, possible based on the asset’s historical price movement in previous bull markets in 2017 and 2021.
Of course, how was highlighted by MartinezDOGE is up 5,000% to peak at $0.01857 from the same position in 2017 and 12,000% in 2021 to the current all-time high of $0.74.
On Monday, December 30, Martinez again shared his optimistic view of DOGEreaffirming the $18 price target based on the rising channel on the asset’s weekly candlestick chart formed by the aforementioned historical price action.
Unrealistic goal?
“Unrealistic,” “far-fetched,” and “bullshit” were some of the reactions that followed Dogecoin’s ambitious $18 price prediction from Ali Martinez.
I’m optimistic about Dogecoin, but the idea seems a bit far-fetched to me, even if Doge were added to X. However, I hope you’re right!
— Elliptic Research 📊🚀 (@EllipticRes) December 30, 2024
This reaction comes as many believe that this price forecast sets an unattainable target for the meme coin’s market capitalization. Specifically, DOGE would need to reach a market capitalization of $2.65 trillion to reach the $18 price level, assuming 147.3 billion coins remain in circulation. For context: market capitalization BitcoinThe largest cryptocurrency by market capitalization, is about $1.8 trillion.
It is understandably difficult for many to imagine a future in which DOGE, a meme coin with a current market capitalization of just $45.8 billion, can surpass Bitcoin’s current market capitalization.
While the $18 target seems impractical to most, many remain optimistic about Martinez’s $4 calls. However, even this $4 forecast is an ambitious target, since it would require the asset to reach a market cap of almost $600 billion, which is about 50% larger than the market cap Ethereum.
However, it might be unwise to bet against DOGE, as few traditional financial experts could ever foresee a future in which such an asset would have a market capitalization of more than $45 billion.
