Analyst Says Dogecoin Could Surge 900% in 48 Hours, Suggests Not Betting Against It – The Crypto Basic

Ali Martinez, a well-known market analyst, questions why traders would bet against Dogecoin, citing its historical penchant for rapid growth.

His latest commentary has become necessary amid the persistent market uncertainty, with Dogecoin (DOGE) performing woefully. For context, since reaching a yearly peak of $0.4341 on Jan. 18, DOGE has continued to witness lower highs.

Over the past ten days, Dogecoin has recorded eight ones in the red, down nearly 25% from the Jan. 18 peak. Notably, this discouraging performance has exacerbated bearish sentiments around DOGE, but analysts like Martinez believe it is not advisable to bet against the meme coin. 

“How do you bet against Dogecoin,” the seasoned market watcher questioned, calling attention to its historical penchant for rapid growth within short periods of time. According to Martinez, DOGE has the potential to replicate its 2021 run, when, at a time, it soared 900% within 48 hours.

Dogecoin Rallied Nearly 900% in 48 Hours

For context, the analyst was making reference to Dogecoin’s impressive performance in January 2021, exactly four years ago. The leading meme coin rallied from an opening price of $0.00750 on Jan. 28, 2021, to a peak of $0.0736 the next day. Remarkably, this represented a surge of 881% within two days, with a 340% intraday gain on Jan. 28 alone.

Interestingly, this rapid spike came on the back of a bearish consolidation phase at the time. Notably, between Jan. 3 and Jan. 27, 2021, DOGE faced bearish pressure, similar to the current market condition. The asset, which traded for $0.0106 on Jan. 3, saw persistent lower highs until it dropped to $0.0073 on Jan. 27.

At the time, bearish sentiments dominated the scene, but the sudden 881% upsurge flipped Dogecoin’s fortunes in a moment’s notice. Ali Martinez believes the meme coin could replicate this run, advising traders not to bet against it.

Market Cap Constraints?

However, critics believe this is unlikely, citing a difference between the market condition in 2021 and today. For one, Dogecoin’s market cap was about $935 million on Jan. 28, 2021, making it fairly easier to trigger a massive price spike with a relatively lower capital influx.

These critics point to the current valuation of $48.48 billion as an obstacle to such a rapid upsurge. However, Martinez, who has always argued that market cap metrics do not matter, disagreed. He posed a previous question about XRP’s larger market cap compared to BlackRock despite the latter having over $11 trillion in AUM.

Notably, while it might require more substantial capital inflow to trigger a 900% rise in Dogecoin’s price today, the prospect of rapid spikes remains feasible. Following Donald Trump’s win, DOGE rallied 159% to $0.4389 within a week, demonstrating its penchant for growth.

Meanwhile, at press time, Dogecoin currently changes hands for $0.3276, having recovered by 2.82% today. A 900% rise from this level, whether within 48 hours or 4 months, would push prices to $3.2. Analyst Scofield believes the $3 mark is possible for DOGE, arguing it is only a matter of time before it materializes.