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- DOGE is expected to leverage its close correlation with Bitcoin to hit $3 once Bitcoin reaches the $17 trillion valuation of gold.
- Meanwhile, analysts expect DOGE to hit between $10 and $23 after outperforming the third year of its previous cycles in 2024.
Bitcoin (BTC) is expected to match the $17.73 trillion market cap of gold. Fascinatingly, several other leading altcoins, including Dogecoin (DOGE), could leverage their close correlation with the leading asset to react extensively with a significant leap. In this article, we will analyze how high the dog-themed meme coin could go if Bitcoin ascends to this historic position in the future.
Bitcoin and Dogecoin Correlation
According to IntoTheBlock’s data, the correlation between Bitcoin and Dogecoin has reached 97% in the last 30 days. Comparatively, Ethereum (ETH) has a 75% correlation with Bitcoin, according to our research.
Further analyzing this point, we discovered that the recent ascension of Bitcoin to $100k was matched by an incredible surge of DOGE to $0.45.
Bitcoin Price at $17.7 Trillion Market Cap
Our research also shows that BTC would need to surge by 809.23% from the current $1.95 trillion valuation to reach $17.7 trillion. Mathematically, this would position the asset at $897,200. A similar move by Dogecoin could send the asset to a new all-time-high price of $3.09, outpacing the existing all-time-high price of $0.73 by 323.28%. This will also send the market cap of DOGE from $50 billion to $456.35 billion.
Analysts Project DOGE to Hit $10 by Next Year
Contrary to the BTC-Gold analysis that positions DOGE at $3 in the far future, an analyst identified as Dima James Potts believes that the asset could hit $10 by next year. His estimation was based on the market’s cyclical paradigm, where assets breach their previous all-time high in the fourth year of each bull cycle.
Further analyzing his thesis, we observed that DOGE had surpassed expectations by outperforming its third-year performance in the last two cycles. Specifically, DOGE surged by 72.37% in 2016 and recorded an uptick of 114.86% in 2020. Meanwhile, the asset has surged by a whopping 282.67% this year. In an accompanying chart, DOGE was highlighted as having the capacity to hit $80. According to Potts, DOGE could hit its $10 mark between February 11 and May 7, 2025.
Lebicahlz, Kevin Capital, and Ali Martinez Join the Discussion
Alluding to a similar position, renowned analyst Lebicahlz has also maintained that DOGE could hit $10 and proceed to touch the $20 level in 2025. This implies that the asset would surge by 4,900% from the current level. Based on an accompanying chart, this prediction could materialize between January 2025 and July.
Commenting on the current bearish trend, analyst Kevin Capital highlighted that the dovish outlook of the Federal Reserve in 2025 and the decision of the Bank of Japan not to increase rates would mitigate the ongoing trend. According to Kevin Capital, the current market situation calls for more attention to macroeconomic indicators rather than overanalyzing charts. Meanwhile, Ali Martinez also expects DOGE to hit $23 by the end of the cycle.
#Dogecoin $DOGE is about to go parabolic! Based on historical patterns, a potential top might lie between the 1.618 and 2.272 levels, translating to a price range of $3.95 to $23.26. pic.twitter.com/FqvC3AEF7o— Ali (@ali_charts) November 10, 2024
At press time, DOGE was trading at $0.31 after declining by 23% in the last seven days.
