TL;DR

Analyst Ali Martinez points to past surges, suggesting DOGE could skyrocket above $3 in a matter of 48 hours, though skeptics question feasibility. A potential green light of Bitwises spot DOGE ETF filing could fuel a major rally, but investors should be aware that past ETF approvals have triggered short-term corrections.

DOGEs Next Potential Targets

The biggest meme coin in terms of market capitalization has experienced severe price fluctuations since the beginning of the year. At the start of January, it was trading at around $0.31, but less than three weeks later, it jumped above $0.40. The local top occurred on January 18, just two days before Donald Trumps inauguration, which caused huge excitement across the crypto community.

After the Republican assumed office, though, Dogecoin (DOGE) witnessed a substantial downtrend. It dropped to as low as $0.30 during the crypto market correction at the start of the business week, while currently, it is hovering at around $0.32 (per CoinGeckos data).

DOGE Price, Source: CoinGecko Despite the volatility, many analysts remain optimistic that the meme coin has yet to stun the community with a gigantic surge this cycle.

One of the people sharing that thesis is the popular X user Ali Martinez. He wondered how people could bet against DOGE since at any moment it could skyrocket by a whopping 900% in just 48 hours. The analyst referred to the assets performance at the end of January 2021, when the valuation exploded by triple digits in a few days. 

Several people commenting on the prediction noted that such a rally would require DOGEs market cap to jump to almost $500 billion. As of the moment, the tokens capitalization stands at less than $50 billion, making the forecast quite challenging.

However, Martinez claimed that nothing is impossible, pointing to XRPs resurgence and the fact that its current market cap is bigger than BlackRocks. Recall that the capitalization of Ripples native token was less than $30 billion prior to the US presidential elections at the start of November 2024, while two months later, it surpassed $190 billion. As of this writing, the figure is hovering around $178 billion. 

Other industry participants who recently outlined bullish predictions for DOGE include JAVON MARKS and Trader Tardigrade. The former assumed the price may soon climb above $2, while the latter thinks it could tap $4 in the following months. 

DOGE Enters the ETF Race

One important development that could propel a serious move to the upside for Dogecoin is the potential approval of a spot DOGE ETF in the United States. Most recently, Bitwise filed with the US Securities and Exchange Commission (SEC) to list an exchange-traded fund tracking the price of the meme coin.

The securities regulator approved the first wave of spot BTC ETFs approximately a year ago. The companies introducing the products included well-known corporations such as BlackRock, Fidelity, Grayscale, WisdomTree, and many more.

It is worth noting that BTCs price witnessed a significant decline shortly after the green light before stabilizing and rallying to new peaks.

It will be interesting to see whether the new leadership of the SEC will give the thumbs up on a spot DOGE ETF and whether the decision will have the same sell the news effect. According to Polymarket, there is a 56% chance of approval sometime in 2025.