The Dogecoin weighted sentiment metric has collapsed in the past few weeks as its sluggish price action triggers impatience among investors.

Donald Trump’s election victory in November 2024 sparked a wave of excitement that sent the broad crypto market soaring as the president-elect had shown extreme support for the industry during his campaign.

However, as the rally now stalls for some assets, investor sentiment may now be changing. This appears particularly true for meme coin market leader Dogecoin (DOGE).

Dogecoin (DOGE) Investors Grow Impatient 

Following Trump’s election victory and the announcement of plans to launch a department of government efficiency playfully nicknamed D.O.G.E. by Tesla CEO Elon Musk, Dogecoin (DOGE) soared about 220% from $0.15139 to highs of $0.48434.

But as the rally has stalled over the past few weeks, with DOGE shedding some of its gains to trade at the $0.38429 price point at the time of writing, traders may now be losing patience and faith that the asset’s price still has more room for growth in the short term.

According to Santiment Feed data shared by prominent crypto analyst Ali Martinez on Tuesday, December 17, weighted DOGE sentiment has turned negative, dropping from highs of nearly five on Santiment’s scale in mid-November to a negative 0.6. Along with this decline in sentiment has also come a massive dip in mentions on social media from over 3,200 to below 300.

Still, negative sentiment may not be a reason for investors to panic, as it can often be a contrarian indicator when it is overwhelming. Indeed, analysts continue to sound bullish on the asset despite the recent correction.

More Room for Growth Still?

Most recently, market analyst Javon Marks has asserted that DOGE has nearly perfectly replicated its historical performance, indicating higher prices. 

“History says Dogecoin is about to record a near +75% gain and more, to and above its current ATH’s ($0.73905) before much, much higher,” the analyst wrote.

Specifically, the analyst set a conservative final target of $3 and over $15 in the best-case scenario. 

On a more ambitious note, crypto analyst “Cantonese Cat” has set a target of $24, citing historical price action.

Dogecoin would have to skyrocket by astronomical margins to transform modest investments into million-dollar fortunes.

The crypto market has presented some of the biggest opportunities for investors to turn their modest investments into fortunes. Notably, the meme coin market is one particular sector that holds the most promise in this regard.

Dogecoin, which kick-started the meme coin movement back in 2013, laid the foundation four years back when it skyrocketed by more than 36,000% from January 2020 to May 2021. This historic event has sustained optimism of a possible repetition under the appropriate market conditions.

As a result, investors have persistently entered the market, with whales increasingly augmenting their balances. Notably, data from Santiment confirms that addresses holding between 10,000 and 100,000 DOGE worth $4,000 to $40,000 have increased in number since mid-November amid Dogecoin’s recent uptrend. 

Price for DOGE to Turn $1K, $5K and $10K to $1M

Most of these new entrants anticipate a scenario where their Dogecoin investments yield substantial returns, with some ambitious ones eyeing the $1 million mark. However, for DOGE to present a yield of $1 million from modest investments, it must rally at a massive rate.

For instance, investors who commit $1,000 to Dogecoin now will procure about 2,500 tokens at the current price of $0.40. For these tokens to reach a worth of $1 million, DOGE would need to rally to a price of $400 per token, a rather unfeasible dream at current market conditions. Such an uptick would mark a 99,900% rally.

Meanwhile, those holding $5,000 worth of DOGE are currently sitting on 12,500 tokens. Dogecoin must rally to $80 for these 12,500 tokens to rise to $1 million. This appreciation, which would represent a 19,899% upsurge, could also pose difficulties for Dogecoin.

Further, an investor that splashes $10,000 on Dogecoin today would amass about 25,000 coins. Should Dogecoin’s price increase 9,900% from the current value to $40, these 25,000 tokens would hit a worth of $1 million. 

Can Dogecoin Hit $40, $80 or $400?

As noted earlier, confidence in Dogecoin’s potential stems from historical data. For context, DOGE began 2020 with a price of $0.002010 in January. This price position was the result of a correction that impacted the meme coin from Q3 2019.

However, the crypto asset recovered its losses from November 2020 as the COVID-19 pandemic persisted. Amid the rebound process, DOGE soared to an all-time high price of $0.7399 by May 2021, marking an impressive 36,710% from the January 2020 price.

If Dogecoin reaches the above prices, its estimated market capitalization would be $56.82 trillion at $400, $11.36 trillion at $80, and $5.68 trillion if Doge reaches $40. All these market caps are not feasible.

While such an upsurge demonstrates its potential, Dogecoin could find it challenging to even surpass $4 in the near future due to supply constraints.

Nonetheless, analysts at exchange platform Changelly are extremely optimistic. They expect DOGE to reach $40 in June 2040 and then claim $80 in December 2040. However, they don’t believe the meme coin is capable of reaching the $400 mark before 2050.