According to crypto analyst Mags, Dogecoin (DOGE) might see a 700% price increase, raising its worth past $1. This prediction coincides with a recent comeback in on-chain statistics of Dogecoin, suggesting a positive trend for the coin.
Mags claimed in a post on X (previously Twitter) that DOGE is about to undergo a parabolic climb and projected a 700% growth that would raise the meme coin above $1.
Mags, who precisely predicted Dogecoin’s 170x price rise during the last bull cycle, said he had been saving DOGE for months, expecting a significant return.
Should DOGE climb to a 700% gain from its present value, it would approach $1.17. This forecast aligns with other analysts, including Ali Martinez, who likewise anticipates the coin increasing to $1 in this market cycle.
Potential Dogecoin ETF Momentum
Another analyst, Capt Toblerone, presents an even more positive view, speculating on a 1,300% rise that may bring DOGE as high as $1.5. However, Toblerone also forecasts a 30% price decline to roughly $0.108 before this notable rebound.
With market intelligence tool IntoTheBlock showing a 2.64% rise in significant transactions, indicating whale buildup, on-chain data supports a positive view on Dogecoin. Furthermore, for DOGE, the bid-ask volume imbalance has turned positive.
Notwithstanding this, prospective investors should exercise caution since many present holders are in profit, which could cause sell-offs and transient price declines. Therefore, DOGE offers appealing access for new investors.
Additionally, market conjecture about a possible Dogecoin exchange-traded fund (ETF) is gathering momentum. After Spot Ethereum ETFs were approved, Bloomberg analyst James Seyffart recently discussed the prospect of a Dogecoin ETF.
Reflecting this attitude, crypto venture capitalist Andrew Kang said that the prospects for a DOGE ETF are improving, especially with the possible passage of the Financial Innovation and Technology for the 21st Century (FIT21) legislation, offering regulatory clarity for the US crypto sector.
Like Spot Bitcoin ETFs, which have helped propel Bitcoin to new all-time highs, the launch of a Dogecoin ETF might significantly boost the price of the meme coin.
