Not all of Donald Trump’s campaign promises have been fully factored into the market, and this cryptocurrency has a 60% chance of tripling its value within weeks.
Market experts are shifting their focus toward digital assets poised for meteoric growth in the coming weeks.
A convergence of external factors—ranging from high-profile endorsements by tech and political influencers to surging retail investor enthusiasm—could propel this cryptocurrency to unprecedented heights.
According to WSB Trader, a prominent voice in the sector, there is a 60% probability that this cryptocurrency will achieve a key price milestone shortly. Similar to other breakout digital assets, this trajectory may initially be driven by specific catalysts and subsequently sustained by retail investor excitement. However, the risks of high volatility should not be overlooked, as rapid and unpredictable price fluctuations remain a defining characteristic of this market.
Dogecoin Could Surge 180% by February
Among the most prominent cryptocurrencies today, Dogecoin has gained immense popularity, especially since Elon Musk began publicly promoting it via tweets and statements. These endorsements have ignited widespread interest from retail investors and fueled significant speculation around its growth potential. Analysts at Galaxy Research suggest that Dogecoin (DOGE) could reach $1, representing a potential upside of approximately 180% from current levels.
The abrupt emergence of a previously unknown broker dealer that happened to specifically agree with the totality of S.E.C. Chair Gensler’s views on the securities status of digital assets raised eyebrows in 2023, particularly when the unknown firm was granted the first of a new…
— Galaxy (@galaxyhq)
One basis for this bullish projection is the gradual decline in Tether’s (USDT) market dominance. This shift may prompt a realignment among stablecoins, with greater attention turning to assets like “memecoins,” which are increasingly attracting interest from both retail and institutional investors.
In addition to Musk’s public support, another factor has recently fueled Dogecoin’s appeal. The Dogecoin logo appeared on the official website of the US Department of Government Efficiency (DOGE), a department reportedly led by Musk. This surprising development spurred excitement, contributing to a 7% price surge within minutes.
The Risks of Investing in Dogecoin
While the potential for significant returns is enticing, investing in Dogecoin comes with substantial risks. Known for its volatility, Dogecoin’s price movements are often driven by social sentiment rather than fundamental value. Originally created as a joke in 2013, the cryptocurrency skyrocketed by over 15,000% in 2021, largely due to Musk’s endorsements. However, it subsequently experienced a sharp decline, losing 90% of its value within months—highlighting its speculative nature.
Although Dogecoin has gained 171% over the last three months due to renewed interest, its lack of a concrete use case and limited institutional support make it highly volatile. Absent strong underlying fundamentals, the risk of sudden downturns remains considerable.
Key technical levels to monitor include resistance at $0.48, which, if breached, could enable a climb toward its 2021 peak of $0.73 and potentially the $1 target. Conversely, failure to hold support at $0.31 could trigger a significant sell-off.
| DISCLAIMER
This article is for informational purposes only and should not be considered as financial advice or a solicitation to invest. Readers are encouraged to evaluate their own risk tolerance and investment goals before making decisions. The authors and publishers assume no responsibility for any financial outcomes resulting from reliance on this information.
Original article published on Money.it Italy 2025-01-23 07:50:00. Original title: Questa criptovaluta può salire del 180% entro febbraio. Non è il Bitcoin
