Key Insights:
Crypto analyst Ali Martinez expects a $23 price for DOGE by the end of the current bull cycle.
Currently DOGE is in an accumulation phase where both whales and retailers are active.
Despite rallying 350% in over 14 days, DOGE is still undervalued as per its MVRV ratio.
The analyst sees DOGE rallying 9470% in the short term and around 30,700% in the medium to long run.
Crypto analyst Ali Martinez has said that DOGE has already entered a super rally with targets at $23.36. The expert has also shown how both whales and retail buyers have been enthusiastically buying the cryptocurrency.
Dogecoin has already made phenomenal gains this month with its superb rally from $0.11 to $0.45, recording a 350% growth in its price. The top memecoin now commands a market cap of $56 billion with a price tag of $0.38 at press time.
DOGE Last 1 Month Price History
CoinMarketCap
The analyst pointed out a few days ago that DOGE whales have started accumulating the cryptocurrency in hopes of greater returns soon.
On 15 November, one such whale was detected buying 140 million DOGE at the price of $0.4. Last month, around 22 October, another set of whales was seen buying $3.14 billion worth of DOGE.
Whale activity is seen as a precursor to market growth because large investors often have multiple sources of data, better insights and more information. Further, they also influence the markets with their high buying and selling volumes.
Retail investors have only joined this accumulation race almost three weeks after whales did. Ali Martinez also shared how some buyers had criticized DOGE for it just being a "memecoin." As per the analyst, DOGE hasn't reached its peak popularity, and has just started.
If its popularity rises higher, it is destined to attract far more users than ever, taking it beyond $23 possibly.
At present, DOGE has just started rallying and if it follows prior bull runs, it could easily scale to $20 levels.
Several analysts, including Ali Martinez, see DOGE rallying to thousands of percent in gains by 2025.
The analyst earlier shared a graph showing DOGE's gains of 9470% in the 2017 bull run and 30,700% in the 2021 bull run. If DOGE achieves any of the above two price targets, it will at least touch $1 shortly, which is another 300% higher than current levels.
If both these growth rates come true for DOGE, we might see $1 in the short term and $3 in the medium term. Further, based on the MVRV ratio (discussed later), DOGE could eventually end up at $23.
Despite gaining more than 350% in 14 days, DOGE hasn't reached overbought levels. Historically, a way to check whether a crypto is overbought depends upon whether its MVRV ratio has reached a critical level, usually around 70%. In the case of DOGE, this overbought zone is identified with an MVRV ratio of 78%.
Currently, DOGE has an MVRV ratio of 45.65%, far lower than what can be considered overbought. In fact, at the current price level, DOGE is under-bought. This means that DOGE has much more potential for future gains than most other cryptocurrencies.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.