Crypto analyst Glory has revealed what would happen if the Dogecoin price were to repeat its legendary 68,000% run in this market cycle. Such a run would put the foremost meme coin in double digits and make its market cap worth trillions of dollars.
What Will Happen If The Dogecoin Price Repeats Its Historic Run
In an X post, Glory stated that the Dogecoin price would be around $36 and its market cap above $5 trillion if it were to repeat its historical run from $0.001 to $0.74, leading to a gain of 68,000%. She suggested that such a massive run cannot be ruled out, as nobody saw the Bitcoin price surging to as high as $100,000.
Based on DOGE’s current circulating supply, the Dogecoin price would have a market cap of $5.37 trillion if it were to reach $36. Meanwhile, the total crypto market only has a market cap of just under $3 trillion. This makes a repeat of this historic run almost impossible, considering what the meme coin’s market cap would be.
However, crypto analysts such as DOGECAPITAL have predicted that the Dogecoin price could reach this $36 target and even rally higher. In one of his most recent X posts, DOGECAPITAL’s analysis showed that the meme coin could reach $69 by October this year. He indicated that this would mark the cycle top for Dogecoin.
He also discussed the cycle tops in the 2017 and 2021 bull runs. In the 2017 bull run, there was an early and late cycle top, which occurred in 2017 and 2018, respectively. Meanwhile, in 2021, only an early-cycle top was observed for the Dogecoin price.
DOGECAPITAL remarked that no early-cycle top has occurred in this current market cycle, although he added that it could have happened in late March. The analyst claimed that this leaves the possibility of a late-cycle top, which he expects to happen in October.
DOGE Ready For Another Leg Up
Crypto analyst Trader Tardigrade suggested that the Dogecoin price is ready for another leg up. He revealed that DOGE is repeating a bullish falling wedge chart pattern, which is similar to what happened just before the last pump on the 4-hour chart. The analyst also noted that the stochastic indicator dips into the oversold zone as DOGE approaches the verge of the falling wedge.
In another X post, Trader Tardigrade suggested it was time to send the Dogecoin price to stage 3 of its bull run. His accompanying chart showed that the meme coin could reach $6 in this stage of the market cycle.
At the time of writing, the Dogecoin price is trading at around $0.173, down almost 2% according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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