Over the years, there have been various predictions that have put the Dogecoin price as high as $10. Mostly, the last bull cycle was expected to propel the meme coin through this target. However, Dogecoin was unable to clear its previous $0.74 all-time high, and thus, the $1 level remains elusive. While this is going on, a market analyst has shared multiple reasons that will actually cause the meme coin’s price to reach the coveted $10 level.
The Factors That Will Determine The Surge
In an X post, crypto market analyst, Namtoshi, pointed out four major developments that will need to happen for the Dogecoin price to even think of reaching $10. Given that the current circulating supply of DOGE is sitting above 169 billion, it would mean that the market cap of Dogecoin would have to reach $1.5 trillion for the unit price to be $10.
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To achieve this, the analyst says that the first thing that would need to happen is that the meme coin would have to see massive capital inflows. As Bitcoinist previously reported, Dogecoin is still struggling on the institutional inflow side. The DOGE ETFs’ inflows have slowed down considerably since launch, as it seems investors are focusing on other options.
Another factor listed is that Dogecoin would have to have some real-world utility. For Bitcoin, its use case has been as a store of value. On the other hand, Dogecoin has been pushed as a payment method, appearing on businesses like Tesla. But the meme coin is yet to garner mainstream usage.
Third on the list is institutional adoption; this would mean that Dogecoin would have to gain widespread institutional adoption as Bitcoin has, triggering massive inflows from big players. Adoption by companies through direct investment would propel its value, same as Bitcoin.
Last but not least, the analyst says peak retail mania would have to happen. An example of this is back in 2021, when the Dogecoin price rose by over 30,000%, spurred on by billionaire Elon Musk. The meme coin would need to see a repeat of this trend, but on a much wider scale, to reach $10.
X Money Could Be The Answer For Dogecoin
The launch of X Money is one of the most highly anticipated launch currently in the crypto industry and this is because community members are waiting to see if it will come with a crypto function. So far, the early looks at the feature have shown no sign of Dogecoin, causing many to think that Elon Musk may have no plans to make DOGE a payment method.
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With the X Money feature set to launch next month in April, Namtoshi explains that a Dogecoin integration would be bullish for the meme coin. In fact, if DOGE is listed as a payment method, then the analyst says this could be the catalyst that drives Dogecoin.
Featured image from Dall.E, chart from TradingView.com