Analyst Predicts an 8,032% Surge in Dogecoin Price to $10

Seasoned market analyst Ali Martinez has asserted that Dogecoin will surge substantially, predicting the leading meme coin would trade at a two-digit price.

In today’s Dogecoin news, crypto expert Ali Martinez maintains that the $18 billion market-capped meme coin will surge extensively. This time, Martinez asserted that DOGE would trade at $10.

In a tweet on Tuesday, Martinez implied that a Dogecoin price uptick to double figures was possible, attaching an accompanying chart to back his assertions. Notably, a surge to $10 from the current market price would mean DOGE would grow 8,032%.

A Realistic Price Call?

Per the accompanying chart, Martinez based his $10 price speculation on Dogecoin’s price uptick from the base of its rising wedge on the 1-week timeframe. The analyst speculated that a move from the lower range to the tip of the wedge would translate to an exponential growth above $10.

However, the price call was met with pessimism, especially from commenters. Several users questioned the practicality of the price speculation, citing different theories to their argument.

A user drew Martinez’s attention to Dogecoin’s potential market cap if it trades at $10. From calculations, Dogecoin would have a cap of $1.48 trillion, surpassing Bitcoin’s. Notably, Bitcoin has a market cap of $1.33 trillion.

While a few others believed it could be possible, they believed it would take multiple bull cycles and huge fund injections to achieve the $10 and $1.48 trillion price and market cap.

It bears mentioning that the $10 speculation was one of Martinez’s lofty Dogecoin price calls. Besides this, the analyst argued in February that the memecoin market leader would surge by 28,770% to $24.

Holders Dump Dogecoin Amidst Price Underperformance

Meanwhile, the number of wallets holding DOGE has reduced considerably as the meme coin’s price has failed to meet expectations. Data from Santiment shows that non-empty DOGE wallet addresses dropped to 6.62 million, the lowest since April 25.

The chart shows that the number of Dogecoin holders was on the rise from April to October 2024, reaching 6.74 million earlier this month. Notably, an earlier report where 19,630 new addresses were created on the Dogecoin ecosystem in one day backed this surge.

However, Santiment’s data on Tuesday shows a sharp decline by 106,600 addresses after the peak earlier in the month. The crypto data intelligence platform cited frustration over DOGE’s recent performance as the reason behind the dip, asserting that traders moved to other assets with quicker price pumps.

Nevertheless, DOGE has increased over 8% in the past 24 hours amidst a broader market uptrend. The meme coin trades at $0.1252 at the time of writing.