Dogecoin (CRYPTO: DOGE) rallied sharply Wednesday night following cryptocurrency market bellwether Bitcoin's (CRYPTO: BTC) climb to $100,000.
What happened: The multi-billion dollar-valued meme coin spiked over 9% in the last 24 hours to hit 45 cents, accompanied by an 18% uptick in its trading volume.
The dog-themed coin reacted to Bitcoin, the world's largest cryptocurrency by market capitalization, breaching the $100,000 level for the first time.
Widely-followed cryptocurrency analyst Captain Faibik foresaw more upsides for the coin, setting $0.60 as the next target.
SlumDOGE Millionaire, a renowned early adopter of the cryptocurrency, reminded his followers that DOGE has traditionally followed in the footsteps of Bitcoin, implying a bullish outlook.
Earlier this week, technical analyst Trader Tardigrade, citing historical trends of the last two bull cycles of 2017 and 2021, projected a massive rally that could power DOGE to as much as $15-$16 in 2025.
If DOGE reaches these levels, it would represent a staggering 3185-3404% increase in a single year.
An X user disputed these estimates, claiming that DOGE’s market valuation would reach Ethereum (CRYPTO: ETH) at the forecasted levels, which is an unlikely situation.
Indeed, at $15 per coin and assuming a current supply of 147 billion, Dogecoin’s market valuation would exceed $2 trillion. For context, Ethereum is presently valued at $464 billion.
But while such lofty forecasts were avoidable, analysts were setting sights on sharp moves in the day ahead.
“Dogecoin analyst” Kevin predicted that the coin would reach the “macro golden pocket” of $3.80-$4.00 before the end of the week.
He also signaled the peak of Bitcoin dominance and the start of the altcoin season.
Price Action: As of this writing, DOGE was trading at $0.4577, up 9.10% in the last 24 hours, according to data from Benzinga Pro.
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