Galaxy Digital Predicts Dogecoin Will Reach $1 and $100 Billion Market Cap
At year-end, crypto analysts and firms evaluate the industry's performance and predict future trends. Notably, leading blockchain company Galaxy Digital has provided its price prediction for Dogecoin, a prominent meme coin.
Galaxy Digital anticipates that Dogecoin will surpass $1 this year, achieving a market cap of over $100 billion. The report highlights potential influences on Dogecoin’s performance from new Department of Government Efficiency (D.O.G.E.) operations, which may lead to budget cuts affecting market capitalization.
Dogecoin On Track To Hit $1 Soon?
In its year-end report published December 31st, Galaxy Digital shared insights on major digital assets, including Dogecoin. Alex Thorn from Galaxy Digital predicts that Dogecoin will reach $1, with a market cap of $100 billion—an unprecedented level for meme coins. In 2021, Dogecoin's price peaked at $98.7 billion but quickly retreated.
A $100 billion market cap would correspond to a Dogecoin price of $0.678, still below its all-time high of $0.739, requiring an 87% price increase. However, Galaxy Digital believes Dogecoin will exceed this figure, potentially reaching $1, resulting in a market cap of $147.47 billion, a 176% increase from current valuations.
Galaxy Digital Team Also Offers Predictions For BTC, ETH
Alongside Dogecoin predictions, Galaxy Digital provided insights on other digital assets. Thorn projects Bitcoin will exceed $150k in the first half of the year and may test $185k by the last quarter, supported by increased institutional adoption.
The team expects Ethereum to trade above $5,500, benefiting from favorable regulations for staking and DeFi, as well as a growing number of companies testing Layer 2 networks using Ethereum technology.
Featured image by Anna Shvets from Pexels, chart from TradingView