Will Dogecoin Soar to $15? Analysts Uncover a Crucial Element Driving Its Potential r

Experts anticipate a significant rise for Dogecoin, with projections varying between $2 and $15, influenced by past performance and the possible endorsement of a DOGE ETF by Bitwise and other companies.
The recently formed Department of Government Efficiency (D.O.G.E.), directed by Elon Musk, temporarily increased the meme coin’s value with one of its latest actions, while industry stakeholders expect further engagements.

Major Upsurge on the Horizon?

Dogecoin experienced a notable increase shortly before Donald Trump’s swearing-in as America’s 47th President, with its price briefly reaching $0.43. However, it has recently been on a downward trend and is currently trading at approximately $0.35 (according to CoinGecko’s statistics).

Despite the decline, numerous analysts are confident that it has yet to capitalize on this bull cycle. Among the optimists are X users JAVON MARKS and Trader Tardigrade. The former envisaged a jump beyond $2, referencing the asset’s historical performance, while the latter speculated DOGE could hit $4 in the coming months.

Ali Martinez also contributed, presenting an even more fervent prediction. He asserts DOGE could soar to an impressive $15 per coin, given that the SEC approves Bitwise’s request to launch a Dogecoin exchange-traded fund (ETF). 

The company submitted its proposal to the Delaware Department of State’s Division of Corporation on January 22. Before that, REX Advisors and Osprey Funds collectively applied to launch an ETF that includes exposure to the largest meme currency. 

While the anticipated approval of such an investment instrument could indeed have a favorable effect on the price of DOGE, the mentioned target of $15 appears quite improbable. Ultimately, it would elevate the asset’s market cap to over $2 trillion. As of now, the total valuation of the cryptocurrency market is around $3.6 trillion, with DOGE representing slightly more than $50 billion. 

Whales and D.O.G.E.

Earlier this week, Martinez disclosed that Dogecoin whales acquired 590 million tokens (valued over $215 million at the time) within just 24 hours. These actions diminish the circulating supply of the meme coin and could potentially spark a price increase (assuming demand remains stable).

Another factor that could positively affect the valuation is the freshly initiated Department of Government Efficiency (D.O.G.E.). Apart from sharing the same abbreviation as Dogecoin, the organization recently showcased the meme coin’s emblem on its official website, which led to a notable price increase for the asset. 

Furthermore, the division is chaired by Elon Musk, a staunch advocate of the OG meme coin. Numerous members of the crypto community anticipate that his participation in politics will be greatly advantageous for DOGE, yet only time will reveal if the division will maintain its support for the token.