Can Dogecoin (DOGE) Hit $15? Analysts point to this key factor

TL; DR

Analysts are predicting a big rally for Dogecoin, with targets ranging from $2 to $15, which may be supported by historical performance and the DOGE ETF by Bitwise and other firms.
In one of its latest moves, the newly formed Department of Government Efficiency (DOGE) led by Elon Musk briefly boosted the price of MemCoin, and industry participants expect more interactions.

Major Rally on the horizon?

Dogecoin saw a significant pump just days before the inauguration of Donald Trump as the 47th President of the United States, with its price briefly rising to $0.43. Most recently, however, on a downward trend and currently It trades around $0.35 (according to CoinGecko).

Despite the fall, many analysts believe that it is yet to turn on in this bull cycle. Some optimistic X users include JAVON MARKS and Trader Tardigrade. The former It is intended An increase of more than $2, citing the asset's historical performance, but the latter It is estimated. DOGE may reach $4 in the coming months.

Ali Martinez as well The chip is insertedmaking a more optimistic prediction. He He believes. DOGE may explode to $15 per coin; Assuming that The SEC has approved Bitwise's filing to launch a Dogecoin exchange-traded fund (ETF).

The organization presented His filing with the Delaware Department of Corporations Division on Jan. 22. in the past That, REX Advisors and Osprey Funds jointly presented To promote that includes exposure to ATAF The biggest Same corner.

While the potential approval of such an investment car can Indeed. In a positive way Influence DOGE's price, $15 target looks very unlikely. It also puts the property's market value at over $2 trillion. Currently, the capitalization of the entire cryptocurrency industry is approximately $3.6 trillion, with DOGE accounting for a little over $50 billion.

WALES AND THE DOGE

Martinez earlier this week revealed That Dogecoin whales bought 590 million tokens (worth over $215 million at the time). width of 24 hours. Those actions Reduce MemCoin's supply and demand may lead to a price rally (if demand doesn't head south).

Another factor that could have a positive impact on the review is the newly established Department of Government Efficiency (DOGE). In addition to having the same acronym as Dogecoin, the company recently revealed its meme coin logo on its official website. caused A double-digit price increase for the property.

What's more, the division is led by Elon Musk, a fan of the OG meme coin. Many members of the crypto community expect his involvement in politics to be of great benefit to DOGE, but only time will tell if the entity will continue to approve the token.