Dogecoin price is drawing attention as analysts predict a potential 300% price surge. The cryptocurrency has recently seen increased buying interest, with firms adding DOGE to their holdings.
At press time, Dogecoin price was down 10% trading at $0.2637, with a 24-hour trading volume of over $4.36 billion. Despite recent volatility, market watchers anticipate an upward trend based on historical price patterns and renewed institutional interest.
Will Dogecoin’s Price Rally 300%?
Dogecoin has experienced notable price fluctuations, with a recent 10.94% decline in the last 24 hours. However, analysts remain optimistic, pointing to a potential breakout. In the last week, DOGE price has plummeted by 17% in the last week and 31% in the long term startetgy.
Traders have observed similarities between the current market cycle and the 2020-2021 bull run, where Dogecoin underwent two major corrections before a strong price surge.
Crypto analyst Javon Marks has projected a rise to $0.6533, an increase of over 80% from current levels. He further suggests that a move beyond this threshold could push Dogecoin above $1.25, representing a 333% gain. Another analyst, Kevin, has also identified patterns aligning with the previous bull cycle, reinforcing the outlook for a strong recovery.
Institutional Investors Show Renewed Interest in Dogecoin
Companies are beginning to accumulate Dogecoin, signaling growing confidence in its long-term potential. Neptune Digital Assets, a blockchain company listed on the TSX Venture Exchange, has recently acquired 1,000,000 Dogecoin tokens through a strategic derivative purchase.
The firm acquired DOGE at an average price of $0.37 per token on December 27, 2024.
Neptune has also expanded its crypto portfolio with a recent purchase of 20 Bitcoin at an average price of $99,833 per BTC. This move aligns with the company’s strategy of strengthening its digital asset holdings. Neptune’s CEO, Cale Moodie, stated that the firm remains committed to acquiring more assets while managing leverage risk.
This move follows Grayscale’s launch of a Dogecoin Trust early Friday morning, providing institutional and accredited investors with a regulated way to invest in the cryptocurrency.
DOGE Price Historical Patterns Hint at Breakout
Market analysts have compared Dogecoin’s current cycle to previous trends, noting similarities in price corrections and rebounds.
The previous bull run saw two major corrections before Dogecoin surged to new highs. In the ongoing cycle, the cryptocurrency has followed a similar pattern, with the first correction leading to a 65% decline and the second dropping 58.18%.
If Dogecoin follows past trends, analysts believe it could experience a strong recovery, potentially reaching $1.25. Some market watchers have set even higher price targets, suggesting that DOGE could rally towards $4 if conditions align with previous growth patterns.
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