DOGE Surges 30%, But Will It Hit $0.177 or $10?
Dogecoin (DOGE) has seen a significant price increase over the past week, climbing to a nearly three-month high. The OG meme coin's market capitalization now stands at around $14 billion, making it the largest meme coin and widening its gap with Shiba Inu.
According to analyst Ali Martinez, DOGE currently trades just south of $0.09, representing a 30% pump from a week ago. He believes that if the price can sustain a close above $0.0813, it could result in further upside, setting the next target at around $0.177.
However, Martinez's prediction is relatively modest compared to other analysts. MikybullCrypto predicts an 'explosive move on the horizon' that could result in a pump to $3, while Vuori Trading believes DOGE is 'most likely going to $10'. However, such an ascent would require the meme coin's market capitalization to surpass $1.5 trillion, which seems unlikely.
Some analysts also point out that the recent price increase may be followed by a correction. DOGE inflows into exchanges have surpassed outflows over the past several days, suggesting that some investors have abandoned self-custody and flocked to centralized platforms. This could increase immediate selling pressure and negatively impact the price in the short term.