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Every year-end, some of the top crypto analysts and crypto firms reflect on the industry’s performance, and look forward to the next year. Traditionally, the top digital assets, like Dogecoin, are subject to market analysis and price predictions. Related Reading Bitcoin Dominates 2024, Outperforms Gold And Major Indices – Details 1 day ago
Galaxy Digital, a leading blockchain company, has joined the conversations and offers its price prediction for Dogecoin, the market’s leading meme coin.
According to the Galaxy Digital team, Dogecoin will finally breach $1 this year and top a $100 billion market cap. In its Crypto Predictions Report, the team expects that Dogecoin’s potential performance and market cap may be affected by the new Department of Government Efficiency (D.O.G.E.) operations, which they expect to call for cuts, impacting Dogecoin’s market capitalization. Dogecoin On Track To Hit $1 Soon?
As part of this year’s wrap-up, Galaxy Digital has published its predictions for top digital assets and the industry in general. In a report published on its official website on December 31st, the company offers its team’s take on Bitcoin, Ethereum, stablecoins, and meme coins like Dogecoin.
According to an opinion by Alex Thorn of the Galaxy Digital team, they see the world’s top meme coin finally hitting the $1 mark and its market cap finally reaching $100 billion. The target of $100 billion as a market cap is surprising since no other meme coins have achieved this feat. In 2021, Dogecoin surged in price and, for a moment, hit $98.7 billion, but its price immediately retreated. DOGE market cap currently at $57.6 billion. Chart: TradingView.com What To Expect From Dogecoin, According To Galaxy Digital
If Dogecoin’s market cap finally reaches the $100 billion valuation, the token’s price will have hit $0.678, still below its all-time high of $0.739. If Dogecoin’s price surges to $0.678 to finally hit the $100 billion mark, it means that the price will have jumped by 87%.
However, the Galaxy Digital team believes that $0.678 isn’t the price peak for Dogecoin this year. According to their estimates, Dogecoin will finally surpass its current all-time high and top $1. If this scenario happens, Dogecoin’s market cap will be $147.47 billion, an increase of 176% from its current valuation.
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In the same report, the Galaxy Digital team also offered their insights and price predictions for other digital assets. According to Thorn, Bitcoin will trade past $150k during the year’s first half and may test $185k by the last quarter. Thorn adds that the top digital asset will get support from increasing institutional adoption.
The team expects Ethereum to trade over $5,500, adding that the second-best blockchain will benefit from favorable regulatory conditions for staking and DeFi. Ethereum will also benefit from the growing number of companies that will test their Layer 2 networks using Ethereum’s technology.
Featured image by Anna Shvets from Pexels, chart from TradingView