Leading digital asset manager VanEck backs U.S. President-Elect Donald Trump’s proposal for a national Bitcoin reserve.
Matthew Sigel, head of digital asset research at VanEck, revealed the company’s endorsement for a strategic Bitcoin reserve in a press-style statement.
The endorsement comes after FOX Business journalist Eleanor Terrett reported that she learned from sources that BlackRock does not support Trump’s proposal for a strategic Bitcoin reserve.
She pointed out that the position contradicts rumors that suggested support from BlackRock. Reacting to Terrett’s report, Sigel emphasized that VanEck directly endorses the proposed strategic Bitcoin reserve, adding that the company does not need any sources to convey its position.
Nation Bitcoin Stockpile Discussions
For context, discussions about creating a Bitcoin stockpile in the U.S. gained momentum in July after Trump proposed the initiative at the Bitcoin Conference in Nashville.
Following Trump’s proposal, Senator Cynthia Lummis (R-WY) introduced the Bitcoin Act of 2024, proposing that the country create a strategic Bitcoin Reserve.
The bill mandates the U.S. to acquire up to 1 million Bitcoin to strengthen its financial stability. Specifically, it requires the country to acquire not more than 250,000 BTC annually over a five-year period and retaining the assets for a minimum of 20 years. The bill has gained significant attention since Trump’s victory in the Nov. 5 election.
Trump to Use Executive Order to Establish US Bitcoin Reserve
In a series of X posts, Dennis Porter, the co-founder and CEO of a Bitcoin advocacy group Satoshi Action Fund, claimed that Trump might establish a strategic Bitcoin Reserve using an executive order. He suggested the move would enable the U.S. President to beat other states seeking to pass the Bitcoin Reserve legislation into law.
He made the claim after sharing an open-source model to help states draft legislation for a strategic Bitcoin reserve. He said several lawmakers endorsed the model and vowed to pass the legislation across their respective states.
Meanwhile, several analysts project that other countries might also create a national Bitcoin reserve if the United States implements the initiative. Recall that Pennsylvania introduced a bill to use 10% of its $7 billion cash reserve to set up a state-managed Bitcoin reserve.
A blockchain analytics platform has uncovered the activity of an early Shiba Inu whale whose investment has grown exponentially but continues to hold.
Bubblemaps, a surveillance resource that uses visual representations to analyze blockchain data, recently revealed the details of this whale’s activity, dating back since the launch of Shiba Inu.
The investor, initially purchasing SHIB during its launch phase in 2020, has managed to turn $10,000 worth of Ethereum (ETH) into a staggering $2.5 billion. However, in an interesting development, the whale has held onto his holdings despite the astronomical gains.
The Shiba Inu Whale’s Entry Point
Bubblemaps confirmed that Shiba Inu launched as a fair-market cryptocurrency on July 31, 2020. During its early phase, the deployer’s wallet held roughly 50% of the token’s supply.
1/ We found a Shiba Inu whale holding $2.5 billion in $SHIB 🤯
Shortly after, a wallet address with the initials “0x1406” began accumulating SHIB tokens, according to on-chain data. Notably, between August and October 2020, the whale purchased 103 trillion SHIB tokens for just 38 ETH, worth $10,000 at the time.
Remarkably, today, that initial $10,000 investment is worth over $2.5 billion, marking a jaw-dropping 250,000x return. Bubblemaps argued that this was one of the best investments in the crypto space.
At one point during Shiba Inu’s price surge, the value of these holdings peaked at $5 billion. However, instead of cashing out, the whale diversified his holdings across multiple wallets. This was likely a precautionary measure to enhance security and maintain privacy.
Wallet Splits and HODL Culture
Meanwhile, in November 2021, the whale began distributing his holdings across 14 separate addresses. This move occurred shortly after Shiba Inu dropped from the $0.00008845 peak in late October 2021.
Bubblemaps first spotlighted the address in January 2023. However, shortly after the spotlight, the whale further dispersed the assets into 150 wallets. In September 2023, the surveillance platform claimed to have received an anonymous message from the supposed owner, citing security risks.
Notably, Bubblemaps stressed that this individual remains one of the most significant investors in the SHIB ecosystem, currently controlling around 10% of the token’s total supply.
Despite the volatility of the crypto market and numerous opportunities to sell at a profit, the whale has opted to hold onto his massive stake. Such commitment has triggered debates about who the investor is and his motivations.
Shiba Inu Lead Responds
Shiba Inu lead developer Shytoshi Kusama responded to the revelation with caution. Kusama emphasized that no one knows the identity of this whale.
No one knows this mysterious person and should be weary of anyone who can't PROVE through wallet movement they're the person. Don't believe the hype. @bubblemaps
For context, some have claimed to own the wallets, while Bubblemaps previously suggested it could belong to Ryoshi, SHIB’s anonymous founder. Kusama urged the community to be skeptical of anyone claiming to be the investor unless there is verifiable proof through wallet activity.
Galaxy Digital CEO Michael Novogratz says massive capital from other countries is flowing into Bitcoin amid support from pro-crypto President Donald Trump.
Bitcoin, one of the “Trump trades,” lived up to its billing following the Republican president’s victory. The pioneering cryptocurrency surged over 40% from sub-$68,000 on November 5 to its current market price of $92,453.
Notably, the surge is tied to Trump’s pro-crypto stance during his electoral campaign. Trump branded himself as the “Bitcoin President,” promising to create a friendly environment for the industry to thrive in the United States.
Meanwhile, Galaxy Digital CEO Michael Novogratz stated that Trump’s adoption of Bitcoin is drawing the attention of other countries. In a tweet on Tuesday, citing his recent interview with Bloomberg, Novogratz noted Bitcoin is witnessing massive capital inflow following Trump’s win.
Countries are already buying $BTC in huge volumes—these are massive pools of capital entering the market. We're witnessing global adoption at scale and the next rally could be massive. Buckle up
The Galaxy Digital CEO emphasized the growing demand for Bitcoin globally following the US president-elect’s support for the asset. He noted that while Trump acclaimed Bitcoin, other countries were keenly observing the asset.
Following Trump’s victory and his plans to create a strategic Bitcoin reserve, Novogratz claimed other countries are also considering a similar stance, steering massive inflows into the crypto market. Novogratz further insisted that Bitcoin is witnessing global adoption on a scale not seen before.
In truth, Trump’s adoption of Bitcoin has drawn other countries to the premier crypto asset. For instance, Poland’s presidential candidate, Sławomir Mentzen, vowed to follow Trump’s crypto stance and create a strategic Bitcoin reserve if elected.
Notably, demand for Bitcoin in the US has also peaked alongside that of other nations following Trump’s win. This theory is evident in the incessant inflows from the US Bitcoin spot ETFs, which have recorded a net inflow of over $5 billion since Trump’s win on November 6.
Meanwhile, Novogratz insisted that the growing global demand for Bitcoin will drive its price higher. The CEO predicts ambitious Bitcoin prices, including a surge to $500,000 and $800,000.
Novogratz’s Bitcoin Predictions
In the interview, the Galaxy Digital CEO emphasized an unprecedented price level for Bitcoin following its growing adoption. Novogratz stated that Bitcoin would hit $500,000 and $800,000, citing different propellants for his assertion.
The CEO predicted that Bitcoin would hit $500,000 if the United States created a US Bitcoin stockpile. Notably, the speculation is gaining momentum, with Republican Senator Cynthia Lummis repeatedly teasing the proposal.
Furthermore, leading spot ETF issuer VanEck has officially backed the US Bitcoin strategic reserve plot. In a tweet, Mathew Sigel, the Digital Assets Research Head for the $118 billion asset manager, stated that the firm has officially endorsed the creation of the Bitcoin stockpile.
Meanwhile, Novogratz speculated that Bitcoin will eventually match gold’s market cap. In the interview, he stated that a generational shift from gold to Bitcoin would drive the leading crypto asset to gold’s market cap, insisting that Bitcoin will trade at $800,000 when it happens.
Michael Saylor, the outspoken chairman of MicroStrategy and a staunch Bitcoin advocate, has again made his position clear on alternative digital assets like XRP.
During a recent appearance on the PBD Podcast, Saylor emphasized his unwavering focus on Bitcoin as the ultimate investment vehicle, expressing no interest in recommending securities or other crypto assets to investors.
“I’m 100% Bitcoin-only,” Saylor said, responding to a question about whether he could ever suggest XRP to clients.
Saylor Still Supports Digital Assets Like XRP
Meanwhile, Saylor clarified that his stance isn’t rooted in opposition to any specific project but rather stems from his belief in avoiding counterparty risks. He extended this principle beyond cryptocurrencies, noting that he wouldn’t recommend even prominent stocks like Apple.
“Securities have counterparties,” he explained, underscoring his philosophy of focusing on Bitcoin as digital capital and a long-term store of value. This remark could suggest that the MicroStrategy Chairman still sees XRP as a security despite a U.S. judge ruling otherwise last July.
Saylor reiterated his view of Bitcoin as the foundation of digital finance, describing it as “digital capital” and the soundest investment in a volatile industry.
Despite his focus on Bitcoin, Saylor expressed hope for a thriving digital asset ecosystem. He stated that it would be beneficial for the world if hundreds of thousands of digital assets were created and launched.
He envisions a future where digital assets expand from a $3 trillion market to $500 trillion, provided they adhere to sound ethical, economic, and technical standards.
“I’m very much in favor of digital innovation,” he said but cautioned that such assets should be commercialized responsibly.
The Case for Stablecoins
On the topic of transactional assets, Saylor acknowledged the significant potential of stablecoins like Tether’s USDT and Circle’s USDC. He pointed to the rising demand for digital dollars, especially in regions with unstable economies like Venezuela and Cuba.
He noted that stablecoins address humanitarian needs and offer a path to modernizing the global financial system.
However, Saylor also highlighted the regulatory challenges in the U.S., including the lack of a clear framework for stablecoin issuance and transfer.
“With proper regulatory support, I believe stablecoins could grow from $150 billion to $1 trillion, then $2 trillion, and eventually $10 trillion,” he predicted.
Cardano founder Charles Hoskinson spotlights his latest engagement with Ripple co-founder and Stellar creator Jed McCaleb, sparking speculation about a potential partnership.
Hoskinson revealed the development yesterday on X, indicating that he had a positive meeting with McCaleb, a prominent crypto stakeholder known for his involvement in the Ripple and Stellar projects. Notably, McCaleb reacted by confirming that the meeting took place.
Potential Partnership
Although both crypto execs did not provide specific details, the comment hints at a potential partnership between Cardano and Stellar.
Hoskinson has been interacting with prominent figures within the crypto industry, particularly those associated with Ripple. This engagement started after Hoskinson apologized to the XRP community last week, ending their multi-year rift.
After apologizing, Hoskinson hinted at potential partnerships that involve integrating Cardano’s Midnight solution within the XRP ecosystem and participating in Ripple’s stablecoin project.
Following this comment, he disclosed his engagement with Ripple CEO Brad Garlinghouse and expressed optimism about a potential collaboration.
Hoskinson also met with Ripple’s CTO, David Schwartz, a few days later. He revealed that they had a technical conversation about XRP and Midnight, suggesting that a partnership between Ripple and Cardano could be on the horizon.
Now, the Cardano founder has confirmed he also had a meeting with McCaleb, a move that could see Cardano and Stellar partner on an initiative. Amid these meetings, prominent XRP community figure XRP DROPZ suggested that the crypto stakeholders are preparing for a major update.
🇺🇸👑 CHARLES HOSKINSON TALKS TO BRAD GARLINGHOUSE, DAVID SCHWARTZ, AND NOW JED MCCALEB ➡️ #XRP#XLM#ADA
Recall that McCaleb, who was one of the founders and CTO of Ripple, left the company in 2013 following a disagreement with other founders.
A year later, he, alongside Patrick Collison and Joyce Kim, created the Stellar Development Foundation (SDF), which focuses on facilitating cross-border payment solutions similar to Ripple.
Despite not providing details, Hoskinson is committed to integrating Midnight with top crypto ecosystems, such as XRP and possibly Stellar.
Midnight is Cardano’s privacy-focused sidechain, which was unveiled at the ScotFest 2022 summit. The sidechain aims to address key challenges within the crypto industry, particularly around compliance and privacy.
Interestingly, Midnight leverages advanced technologies like zero-knowledge proofs (zk-SNARKs) to facilitate private smart contracts and confidential transactions while complying with regulatory requirements. It is currently in beta testing, with the mainnet launch expected to follow suit afterward.
XRP has finally broken above a seven-year descending trendline against Ethereum, as it officially flips the momentum ETH had over it since 2018.
Market analyst Dark Defender first called attention to this development in a recent post, confirming that the dominance Ethereum had over XRP has now come to an end. For context, ETH has been outperforming XRP since XRP dropped from the $3.31 ATH in January 2018.
XRP’s 7-Year Downtrend Against Ethereum
Data from the XRPETH pair confirms that XRP had climbed to a price of 0.00356 ETH in January 2018, coinciding with the $3.31 peak. As it collapsed from this peak, the price of XRP in Ethereum terms also slumped to a low of 0.000847 the next month.
XRP staged a recovery but eventually collapsed again by December 2018. Since then, XRP has continued to trade underneath a prevalent downtrend against Ethereum. This was due to XRP’s underperformance over several bullish phases, while other altcoins like ETH recorded gains.
Notably, since January 2018, XRP has dropped 45.6%. Meanwhile, within the same timeframe, Ethereum has appreciated by an impressive 318%. As a result, XRP has collapsed 87% against Ethereum during this period amid the downward trendline.
XRP Against Ethereum
XRP Finally Breaks Downward Trendline
However, the latest data suggests that XRP has begun flipping this downward momentum against Ethereum. XRP previously staged a breakout above the descending trendline when it rallied to a peak of $0.93 last July. Nonetheless, when it sought to retest the trendline, a drop below it ensued, resuming the downtrend.
Interestingly, XRP again broke above the trendline following its recent spike to reclaim the $1 mark. It bears mentioning that XRP faced a pullback when it reached a three-year top of $1.265 on Nov. 16. This translated to a price of 0.000401 ETH, a 16-month high on the XRPETH chart.
XRPETH 1W Chart | Dark Defender
The ensuing pullback saw XRP drop to $1.0036, allowing it to retest the descending trendline on the XRPETH chart. XRP retested this trendline and flipped it into support, now trading above it. Dark Defender believes this indicates an end to Ethereum’s dominance over XRP.
XRP Outperforms ETH
The market analyst expects XRP to sustain its recent bullish momentum against Ethereum, as ETH underperforms in the ongoing bull run. For context, while XRP has gained 112% since Nov. 5, Ethereum has only seen a 29% rise within the same period.
Also, on the XRPETH chart, XRP has outperformed Ethereum by a massive 71% in November, on track to rival other months of gains. While Dark Defender expects XRP to continue this upward push, he failed to provide any technical target.
However, should XRP reclaim the January 2018 peak of 0.00356 ETH, its price could skyrocket to $11.4, given Ethereum’s current average price of $3,200. If XRP hit this level with a higher ETH price, it would witness greater heights. Notably, at press time, XRP currently trades for $1.076 and 0.0003474 ETH.
While the recent XRP surge has captured the attention of crypto traders, seasoned analyst CasiTrades advises caution, highlighting a likely correction before the $13 price.
In a recent update, the analyst warns against chasing the current rally and recommends that investors wait for an ideal entry point as the market consolidates. Casi highlighted XRP’s strong bounce from key support levels, confirming the token’s “lows are in.” This comes following XRP’s breakout above $1 for the first time in three years.
With XRP losing momentum after hitting $1.26 over the weekend, analysts believe XRP is primed for a steeper pullback before continuing its upward trajectory. At press time, XRP is trading at $1.10, down 3.72% over the past day.
Favorable Entry Prices for XRP
CasiTrades identified two critical Fibonacci retracement levels that could offer ideal buy zones for those looking to enter the market ahead of XRP’s next major move.
The first support target is the 0.382 Fibonacci level, which aligns with a price of $0.98. Meanwhile, should the retracement extend further, Casi suggested an entry at $0.88, corresponding with the 0.5 Fibonacci level.
These levels align with the ABC correction pattern often seen during short-term consolidations after major price rallies. The analyst believes the retracement will allow XRP to “test the break” and solidify its bullish structure.
XRP Chart by CasiTrades
RSI Momentum and Short-Term Divergences
Additionally, CasiTrades pointed to the relative strength index (RSI) on XRP’s daily chart, which shows no bearish divergence, indicating strong momentum. However, the analyst noted that bearish divergence on smaller timeframes suggests a short-term correction is likely before the next leg up.
Long-Term Outlook Remains Bullish
Despite the anticipated pullback, CasiTrades reiterated a long-term bullish outlook for XRP, with price targets ranging from $8 to $13. She expects the token’s bullish momentum to resume once the market confirms its next support levels.
Notably, XRP’s breakout above $1 and its subsequent market activity have reignited optimism within the crypto community. Even seasoned critics, like Peter Brandt, have turned bullish on XRP.
In a recent statement, Brandt noted that with XRP successfully clearing the 2023 high, the next hurdle is the 2021 high of $1.96. Once this level is cleared, XRP could embark on a historic run to new all-time highs. However, Brandt did not comment on how high XRP could go.
Despite the recent Dogecoin pullback and subsequent consolidation, analysts remain confident that the meme coin has entered a bullish phase.
According to analyst Ali Martinez, several factors indicate that Dogecoin has entered a parabolic run. Martinez recently compiled his commentaries from posts made during and after Dogecoin’s November bull run to present a wider view of its trajectory.
Dogecoin Momentum and Whale Accumulation
Notably, Dogecoin experienced a massive price surge following the U.S. presidential election earlier this month. From $0.1582 on Nov. 5, the meme-inspired asset climbed to a three-year high of $0.4385 by Nov.12, representing a 177% increase within a week.
Although DOGE faced a pullback after this peak, its momentum has remained robust. The crypto asset has held above the $0.38 price territory, and it is awaiting to leverage this region as a springboard for its next bullish run.
Martinez highlighted massive whale activity as a driving factor. On Nov. 15, whales purchased 140 million DOGE, worth $56 million at the time. This large-scale accumulation suggested that major investors remain confident in Dogecoin’s long-term potential.
Dogecoin Whale Accumulation
Growing Retail Interest
Also, retail investors are also catching on to Dogecoin’s prospects. In a Nov. 17 post, Martinez observed that despite skepticism about market cap constraints and meme-driven hype, DOGE’s popularity still hasn’treached its peak.
Interestingly, he pointed out that search interest for Dogecoin remains far below its all-time highs, leaving substantial room for growth.
Dogecoin Search Interests
Meanwhile, in a community poll conducted on Nov. 12, a staggering 83% of respondents chose Dogecoin over Bitcoin as their preferred investment.
Martinez’s analysis also included technical indicators. On Nov. 12, he noted that Dogecoin’s Market Value to Realized Value (MVRV) ratio had reset to 45.65% following its recent price correction.
Dogecoin MVRV Ratio
Historically, Dogecoin tends to reach market tops when the MVRV ratio crosses 78%. According to Martinez, the fact that the current MVRV ratio is way below this indicates further potential for price growth.
He also highlighted the meme coin’s adherence to a parallel price channel, with critical resistance levels at $2.40 and $18. This pattern suggests that DOGE could rebound from its current levels to hit these higher targets.
Dogecoin Ascending Channel
DOGE Fibonacci Levels and Historical Context
Further, Martinez called attention to historical data. On Nov. 10, he pointed out that Dogecoin has often peaked around the 1.618 and 2.272 Fibonacci retracement levels during previous bull runs. These levels now correspond to $3.95 and $23.26.
Dogecoin 1M Chart
However, Martinez warned that such parabolic runs are typically accompanied by steep corrections. He reminded investors that during the 2017 and 2021 bull runs, Dogecoin experienced pullbacks ranging from 40% to 84%.
Dogecoin 1W Chart
Despite the recent correction, Martinez remains optimistic about Dogecoin’s future. He emphasized that these fluctuations are part of the rhythm of a parabolic run. These commentaries compiled by him suggest that DOGE is still in the early stages of what could be a historic bull run.
The Sui Network’s SUI crypto is making big moves in the market, hitting an impressive all-time high (ATH) of $3.92 this November. The current price of $3.76 shows the token is still climbing. Many are asking if SUI can break the $4 level and even reach $10 soon.
This article looks at the reasons behind the sui price surge, important updates about the network, and what technical data says about the future.
Breaking Down SUI’s Fast Growth
SUI has grown by an unbelievable 930% from its all-time low, making it one of the fastest-growing tokens right now. Its 10-day moving average is $3.48, showing strong short-term growth, while the 50-day moving average of $2.30 proves steady growth over time. The RSI is currently 80.36, which suggests that the token might be overbought. Even so, the positive mood in the bigger market keeps driving prices higher. These numbers make it clear that SUI is gaining a lot of positive attention, even more than before.
SUI Price 19NOV24
In November alone, SUI’s price jumped by 90%, outpacing many other cryptocurrencies. This rise came as Sui Network reached new records, including higher daily wallet activity and transaction numbers. These facts show that more people are using and trusting the network, which adds even more value to the sui token.
What is SUI and Why Is It Rising?
For beginners, what is SUI? It is the main token for the Sui Network, a blockchain designed to handle transactions quickly and efficiently. This makes it a good platform for building decentralized applications (dApps). Its technology and ease of use are pulling in more users and developers, helping the ecosystem grow fast. This success has added to the rising sui price.
The token’s price surge isn’t just because of hype. On-chain data proves there is real growth in demand. The network has broken records for daily transactions, and the number of active addresses continues to rise. These signs show that people are genuinely interested in the platform, which strengthens SUI’s future prospects.
SUI Future Prospect
SUI Price Prediction: Can It Hit $10?
The data shows that SUI is likely to keep climbing. It’s already close to its ATH of $3.92, and crossing the $4 level seems very possible. The MACD indicator, currently at 0.47584950, shows strong upward momentum. SUI has already broken key resistance levels at $2.35 and $2.74, which clears the way for more growth. It also has strong support at $1.59, making its base price stable.
Analysts believe the SUI crypto could reach $5 to $7 in the near term if the market continues to support it. A SUI price prediction of $10 is realistic in the longer term. This is backed by the token’s 930% rise from its all-time low and the network’s expanding user base. With such impressive growth, SUI seems set for even bigger milestones.
SUI Big Breakout Chances
What Drives SUI’s Growth?
The growth of sui usd is based on real factors. More people are using the Sui Network, with transaction numbers and wallet activity hitting new highs. These trends show that the ecosystem is strong and becoming more popular. The technical data, including RSI and MACD, confirms that there is a lot of buying interest. Together, these factors make the sui token one of the most exciting performers in the market right now.
Minotaurus (MTAUR): Perfect Complement to SUI’s Rising Trend?
Crypto fans are hyped about SUI’s potential, with tech indicators suggesting big moves ahead. But it’s not the only digital asset getting the community buzzing. Minotaurus (MTAUR), a hot Web3 gaming presale, is shaping up to be a real gem. With MTAUR priced at just 0.00005984 USDT, you’re getting a 70% reduction from the upcoming listing price of 0.00020 USDT. The presale has already passed the 200,000 USDT mark, and early buyers have already seen up to 50% growth. Plus, there’s a chance to win big in the 100K USDT giveaway!
Unlike many ICOs that rely on hype and speculation, Minotaurus has real utility in its game, with MTAUR tokens unlocking special features that give players a competitive edge. Plus, holders can score referral bonuses and extra incentives for extending their vesting periods. With tokenomics designed for long-term growth, including cliff and vesting mechanisms, Minotaurus ensures a stable supply-demand balance.
As the casual gaming market grows at nearly 9% annually, Minotaurus is poised to capitalize on that growth. The clock is ticking—grab your MTAUR tokens now before the pool shrinks even more!
Conclusion
The SUI crypto is close to breaking $4, and its path to $10 seems within reach. The token’s rising adoption, strong on-chain activity, and positive technical signals make it a promising asset. Minotaurus (MTAUR), a trending presale, finds itself in a similar situation. All signs seem to be pointing towards strong, continued growth. Now seems like a great time to give it a shot since there’s an ongoing giveaway of 100,000 USDT.
Dogecoin (DOGE) might hit a new all-time high if it replicates the 2021 performance that saw it surge by 18,340% in five months.
Dogecoin recently caught the attention of the broader crypto market following its tremendous rise above the $0.4 mark. Specifically, DOGE’s price spiked by 156% in one week, soaring from around $0.17 to $0.4359 between November 6 and 12.
The massive surge strengthened investors’ confidence in DOGE, as they speculate that the asset might repeat its 2021 rally in this bull run.
Dogecoin Price If It Repeats 2021 Rally
For context, Dogecoin stunned investors in 2021, soaring from a modest $0.0040 to an all-time high (ATH) of $0.7376 on May 8. This represents a staggering increase of 18,340% within the first five months of 2021.
Amid Dogecoin’s recent rally, many investors are wondering how much DOGE would be worth if it replicates its 2021 performance this cycle. Achieving a similar growth rate of 18,340% before the end of this cycle would see the price of DOGE surge to an unprecedented level.
If Dogecoin is able to surge similarly to 2021 and repeat a potential surge of 18,340% from the current level, it will take its price to a whopping $69.03, marking a new ATH record for DOGE. This would positively impact Dogecoin’s market cap, boosting it to $10.12 trillion from the current $54.88 billion, potentially making DOGE the most valuable cryptocurrency in the world.
At a price of $69.03, a portfolio of 14,486.5 DOGE, currently worth about $5,424, would be valued at $1 million.
Key Factors to Consider
While it remains uncertain whether Dogecoin will experience a surge of 18,340% as it did in 2021, it is important to note that three major factors contributed to DOGE’s jaw-dropping rally three years ago.
Elon Musk Effect
At the top of the list is the Elon Musk effect. Musk played a significant role in Dogecoin’s 2021 rise. His endorsement of the token on X paved the way for the 18,340% rally.
Interestingly, Musk still has the capacity to drive Dogecoin’s price, as seen over the past week when DOGE surged by 156% due to his continuous mention of D.O.G.E (Department of Government Efficiency) on X. It is worth mentioning that U.S. President-Elect Donald Trump recently appointed Musk to head the new federal agency.
Massive Retail Interest
Elon Musk’s endorsement of Dogecoin in 2021 attracted the interest of retail investors, leading to an 18,340% rally. As Musk continues to mention the D.O.G.E agency on X, most retail investors would likely see it as an opportunity to acquire DOGE, potentially positioning the asset for a repeat of its 2021 rally.
Bull Market
Another factor that contributed to Dogecoin’s 18,340% rise in 2021 was the timing of the surge, which coincided with the 2021 bull market.
At the time, several cryptocurrencies, including Ethereum (ETH) and Cardano (ADA), reached new ATHs. Notably, DOGE also benefited from the bull market, leading to its surge to an ATH. Currently, the market is in the second phase of the bull run, which is expected to linger till next year.
