Dogecoin ( DOGE ), the meme-inspired cryptocurrency has long been a favorite in the cryptocurrency space, known for its explosive price movements during bull cycles . In this context, trading expert Javon Marks , in a recent analysis , observed that Dogecoin could potentially surge as high as $20, marking a remarkable 60-fold increase from its current levels. This ambitious projection is based on Dogecoin’s cyclical price behavior, which has historically demonstrated the cryptocurrency’s ability to deliver exponential gains during bullish market cycles. DOGE’s path to double-digit target Dogecoin’s historical price movements indicate the token’s tendency to experience exponential rallies during bull runs. For instance, in 2017, DOGE recorded a 90-fold increase, while the 2021 bull market saw an even more impressive 306-fold surge. DOGE cyclical performance. Source: Javon Marks/X Analysts now speculate that the cryptocurrency could follow a similar trajectory, with the current market setup suggesting the possibility of another major bull cycle, with $20 in sight. “Another similar performance happening again, as history shows to be possible, would equate to a >60X from here to $20+”-the analyst noted However, achieving a 60-fold increase from current levels would be highly ambitious, given the present market conditions and Dogecoin’s fundamentals. A more realistic short-term projection comes from Dogecoin enthusiast KrissPax , who observes that DOGE is bouncing off an ascending support line, a pattern similar to its price action in early 2024. The Dogecoin price looks to bounce off of an ascending support line, similar to early 2024. If $DOGE now follows the same pattern, there could be an acceleration up to $0.60 before profit-taking leads to the next pullback. pic.twitter.com/4kRQoLPnHo — KrissPax (@krisspax) January 14, 2025 If this trend persists, Dogecoin could gain momentum and accelerate toward $0.60, representing a significant short-term rally. However, profit-taking at that level could likely trigger the next pullback, tempering further upward momentum. Is $20 an unrealistic target? At its current price of $0.3482 and a circulating supply of 147.61 billion DOGE, Dogecoin’s market capitalization stands at $51.4 billion. For Dogecoin to hit the ambitious $20 price target, its market cap would need to soar to $2.95 trillion, requiring an influx of over $2.89 trillion in additional capital. To put this into perspective, this valuation would amount to nearly 85% of the current total cryptocurrency market cap, which currently sits at $3.47 trillion. By comparison, Bitcoin ( BTC ), the world’s largest cryptocurrency, boasts a market cap of approximately $1.9 trillion, while Ethereum ( ETH ), the second-largest, holds a market valuation of $387 billion. Even when combined, their market caps fall significantly short of the hypothetical $2.95 trillion valuation at $20 per token. While Dogecoin has demonstrated remarkable growth in the past, the scale of market inflows required to hit $20 seems far beyond reach, especially considering Dogecoin’s inflationary supply model, speculative nature, and limited utility compared to Bitcoin and Ethereum. Realistic targets for Dogecoin While a $20 price target is far-fetched, Dogecoin could achieve more attainable milestones in a strong bull market. A return to its all-time high of $0.73 or even crossing the $1 mark is more plausible. For instance, reaching $1, a three-fold increase from its current price, would push Dogecoin’s market cap to $147.61 billion, which is still a significant leap from its current level. To realize such growth, Dogecoin would need widespread adoption as a payment method, increased utility, and a macroeconomic environment that strongly favors speculative assets. Dogecoin price analysis At press time, Dogecoin was trading at $0.3464, recording a 9% gain over the past 24 hours, signaling a rebound following a period of significant market losses. DOGE one-day price analysis. Source: Finbold However, the cryptocurrency remains down by over 10% on the weekly chart, reflecting lingering bearish sentiment despite the recent recovery. This mixed performance highlights Dogecoin’s struggle to regain sustained upward momentum, with traders closely watching key resistance levels near $0.40. On the downside, a failure to hold the $0.30 support could trigger further selling pressure, potentially dragging Dogecoin back into a prolonged consolidation phase. For now, DOGE’s trajectory hinges on the broader market sentiment, renewed retail interest, and its ability to maintain positive momentum in the current digital asset space. Featured image via Shutterstock The post Dogecoin on track for a ’60x surge to $20′ this cycle, says analyst appeared first on Finbold .
