Dogecoin’s Rally Sparks Speculation, but $10 Target Remains Elusive

Yesterday, on October 16, Dogecoin (DOGE) attracted attention with a significant price surge.

Its market cap jumped to $18.7 billion after the price went up by around 8% in the past 24 hours and over 17% in the week.

This uptick positions DOGE as a leader among the top 100 cryptocurrencies, prompting speculation about its future. Analyst Ali Martinez has shared optimistic forecasts, but some traders express skepticism.

To anyone who said $10 #Dogecoin $DOGE is impossible—show them this chart!

… And tell them to buy some using my referral link https://t.co/73n8mW9Y5p before it’s too late! pic.twitter.com/tqEqYwHEvx

— Ali (@ali_charts) October 15, 2024

One noted that while a $10 target is appealing, reaching it would require significant market changes.

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Traders like Bluntz Capital have suggested potential developments driving the rally, possibly linked to Elon Musk, especially following Tesla’s recent $740 million Bitcoin transaction.

$doge going mental today while all the other memes have been sliding.

somethings cooking and i cant help but feel its something elon related

👀 pic.twitter.com/2yyNiWnfQA

— Bluntz (@Bluntz_Capital) October 16, 2024

Martinez’s technical analysis reveals a long-term descending triangle pattern for DOGE, often signaling major price increases. He pointed to a recent 65% pullback that resembles past trends where Dogecoin saw sharp rallies.

Despite the excitement, analysts doubt the feasibility of reaching the $10 mark. With its peak at $0.73 in May 2021, achieving $10 would mean a market cap in the trillions, which seems unlikely given the current supply of over 146 billion DOGE. Thus, the $10 goal appears driven more by speculation than solid fundamentals.

Alexander Stefanov