Dogecoin under the spotlight: the memecoin now has a value of $60 billion

Launched in December 2013 as a joke, Dogecoin is now one of the major assets in the crypto world with a value of 60 billion dollars.

Following the recent heated price action, the currency has surpassed several multinationals such as Mercedes Benz and Ford in terms of market capitalization.

The forecasts on the future price of the crypto suggest a strong bull market coming, with the target of 1 dollar that will be reached shortly.

Let’s see all the details below.

Dogecoin surpasses $0.40 and leads the memecoin sector

Dogecoin has returned to lead the memecoin sector after its value increased by approximately 150% in a week.

In the last 5 days, it has recorded 5 consecutive green candles that have brought it back to being traded around $0.40 per token.

The most popular cryptocurrency in the sector has exploded upwards after a long period of price distribution, following the enthusiasm introduced with the elezioni USA.

In 2 weeks of pump, it recovered what was lost in 3 years of bear trading, reminding everyone of its highly volatile power.

It had been since June 2021 that Dogecoin (DOGE) had not reached a value like this, since just before the bear market began.

Weekly chart of the price of Dogecoin (DOGE/USDT), Binance market

Even this time, much of the credit for the graphic results marked by Dogecoin is attributable to Elon Musk.

The billionaire, known as a supporter of the cryptocurrency, has been one of the protagonists of the latest US political events alongside Donald Trump.

During the electoral campaign of the Republican, he financed propaganda activities for 100 million dollars, taking a key position in that context

Thanks to his political support, he has earned a possible role in the Cabinet as head of the “Department of Government Efficiency” (DOGE). 

Although Musk has not explicitly spoken about Dogecoin, it is evident how the value of the meme has increased precisely thanks to his latest political exploits

As soon as the CEO of Tesla stepped onto the scene alongside Trump to celebrate the elections, the crypto began its bull phase.

It’s no longer a game: Dogecoin (DOGE) has a value of 60 billion dollars

Thanks to the latest crazy pump, the total value of all holdings in Dogecoin has exceeded 60 billion dollars.

The crypto project was born as a game in 2013, under the brilliant invention of Billy Markus and Jackson Palmer, inspired by the Shiba Inu Kabosu meme dog.

Setting aside some small isolated increases, the crypto never managed to establish itself in the digital asset market until 2021.

In 8 years it was considered solely as a joke, from which investors should have distanced themselves given the clear speculative risks.

Despite this, today the same “internet joke” has a value greater than some listed companies like Mercedes Benz and Ford.

Now even the media are talking about Dogecoin, treating it as a true gem.

Think that the crypto represents today the 385th most capitalized asset in the world, according to the 8marketcap ranking.

In the last week, it climbed 155 positions in the bull direction, surpassing multinationals of the caliber of Jingdong Mall, Energy Transfer Partners, Volvo Group, ING, and others.

Unlike all these companies, whose value depends on multiple financial factors, in the case of Dogecoin the market follows other speculative rules.

There is no headquarters for DOGE, there is no CEO, and there are no expectations on earnings (in fact, there are no earnings at all!).

For Dogecoin, there are only the factors of the digital scarcity community, in addition to the indirect support of Elon Musk.

Source: https://8marketcap.com/?page=5

Dogecoin Price Forecast: Will It Reach 1 Dollar?

At this rate, there are those who expect the price of each individual Dogecoin to soon exceed the historic value of 1 dollar.

This is a milestone that would bring the memecoin to a valuation of about 150 billion dollars, within the ranking of the top 150 assets in the world by market cap.

Consider that, with a positive movement of 148%, Dogecoin would reach the target by matching the market capitalization of the giant Deutsche Telekom.

To reach the top 100 assets in the world, it should exceed 1.2 dollars per token, with a pump of 180% from the current value.

Source: https://marketcapof.com/dogecoin/0QZZ.L/

Despite it may seem difficult to push Dogecoin so high, especially after a similar rally, there are forecasts that state the opposite.

According to what was reported by Coincodex, in January 2025 the coin will first reach the threshold of 0.50 dollars, before truly taking off.

The maximum price in the first month of the next year will be 0.80 dollars, with a potential ROI of 85% compared to current prices

In February 2025, it will first mark a pullback in the 0.60 dollar area, and then be sent “to the moon” beyond the value of 1 dollar. At that point, it will be history for Dogecoin.

The rest of the year, according to forecasts, will be characterized by lateralization and distribution, without subsequent price increases.

It will take another 4 years of trading, until 2029, to bring Dogecoin to a new ATH.

Source: https://coincodex.com/crypto/dogecoin/price-prediction/