Yesterday, on October 16, Dogecoin (DOGE) attracted attention with a significant price surge.
Its market cap jumped to $18.7 billion after the price went up by around 8% in the past 24 hours and over 17% in the week.
This uptick positions
DOGE
as a leader among the top 100 cryptocurrencies, prompting speculation about its future. Analyst Ali Martinez has shared optimistic forecasts, but some traders express skepticism.
To anyone who said $10
#Dogecoin
$DOGE
is impossible—show them this chart!
… And tell them to buy some using my referral link
https://t.co/73n8mW9Y5p
before it’s too late!
pic.twitter.com/tqEqYwHEvx
— Ali (@ali_charts)
October 15, 2024
One noted that while a $10 target is appealing, reaching it would require significant market changes.
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Traders like Bluntz Capital have suggested potential developments driving the rally, possibly linked to Elon Musk, especially following Tesla’s recent $740 million Bitcoin transaction.
$doge
going mental today while all the other memes have been sliding.
somethings cooking and i cant help but feel its something elon related
pic.twitter.com/2yyNiWnfQA
— Bluntz (@Bluntz_Capital)
October 16, 2024
Martinez’s technical analysis reveals a long-term descending triangle pattern for DOGE, often signaling major price increases. He pointed to a recent 65% pullback that resembles past trends where Dogecoin saw sharp rallies.
Despite the excitement, analysts doubt the feasibility of reaching the $10 mark. With its peak at $0.73 in May 2021, achieving $10 would mean a market cap in the trillions, which seems unlikely given the current supply of over 146 billion DOGE. Thus, the $10 goal appears driven more by speculation than solid fundamentals.
