TL;DR
- Analysts predict Dogecoin could hit $2.20 to $4, with KALEO calling the current range a prime buying zone.
- Elon Musk’s leadership of the Department of Government Efficiency (D.O.G.E.) has fueled speculation that the meme coin could benefit from certain associations, especially after the agency briefly featured DOGE’s logo on its website.
DOGE to Chart Substantial Gains Soon?
The biggest meme coin in terms of market capitalization has recorded a choppy performance in the last several weeks. Despite charting a 5% increase on a daily scale, the price remains 20% below the levels observed a month ago.
Most recently, DOGE has been hovering around $0.25 – $0.26, which, according to the popular X user KALEO, is a perfect buying zone.
Buy $DOGE at twenty five cents and chill.
— K A L E O (@CryptoKaleo) February 10, 2025
Other well-known analysts who outlined predictions include Ali Martinez and Trader Tardigrade. The former claimed that the meme coin remains on a bullish path that could eventually result in a new all-time high of $4.
Trader Tardigrade observed Dogecoin’s previous cycles to estimate that it is currently “in the middle of the DOGE season.” The market observer believes that the peak of the phase could occur at a price of around $2.20.
“Take it seriously. You can’t chase it once it starts moving,” they added.
Whales and D.O.G.E.
The whales’ activity is a key element that could affect the market performance of the meme coin. Last week, large investors accumulated millions of DOGE, reducing the circulating supply and signaling confidence in the asset. The actions of the whales could also be mimicked by smaller players who might inject fresh capital into the ecosystem.
The establishment of the Department of Government Efficiency (D.O.G.E.) is worth mentioning, too. The agency, spearheaded by Elon Musk, aims to maximize governmental efficiency and eliminate unnecessary spending. However, its abbreviation is the same as that of the meme coin, and DOGE proponents have raised hopes that the connection could benefit their favorite token.
Last month, the price of the asset exploded by double digits shortly after the department featured Dogecoin’s logo on its official website. It was later removed, but future involvements with the asset may have implications for its value again.
Meanwhile, Musk is a keen advocate of the meme coin, often praising its merits and influencing short-term price spikes.
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