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02/10 18:06

Dogecoin Price $3.69? This chart shows that A we

Dogecoin Price $3.69?

This chart shows that

A well-known trader has suggested that dog-themed crypto Dogecoin could be set to quadruple its all-time high.

In a post by X on Sunday, February 9, popular crypto trader “Trader Tardigrade” suggested that Dogecoin could be poised for a rally to the $3.69 price mark.

While that’s a modest target compared to the recent $20 calls, it’s still 4x DOGE’s all-time high of around $0.74 and nearly 14x its current price of around $0.25.

The analyst based his predictions on an ascending channel formed by the memecoin’s price action since 2014 on a monthly candlestick chart.  According to the chart, the asset appears to be on track to revisit the top of this channel, which Trader Tardigrade expects to be around $3.69.

Ascending channel on the monthly DOGEUSD candlestick chart Source Trader Tardigrade

Unsurprisingly, given the current market uncertainty, not many members of the community seem to be as bullish as Trader Tardigrade, with some arguing that they would be satisfied with simply revisiting the previous all-time highs at $0.74.

Despite this pessimism, DOGE does have catalysts.

Elon Musk and ETFs

First, the memecoin could gain more notoriety thanks to its long-term backing from the world's richest man and Tesla CEO Elon Musk.

The billionaire was recently appointed head of the Department of Government Effectiveness, a non-governmental agency tasked with informing government spending cuts, which he cheekily dubbed D.O.G.E.  To dispel any doubts about the connection between the name and the memecoin, a D.O.G.E. website has been launched featuring the cryptocurrency’s logo.

Aside from Musk’s antics, DOGE could soon see new demand from institutions as several fund managers have thrown their hats into the ring to launch exchange-traded funds based on the asset. These asset managers include REX Advisers and Osprey Funds, Bitwise, and Grayscale.

Analysts have suggested that the proposed fund from REX Advisers and Osprey Funds could launch as early as April 2025 if the SEC doesn’t reject it.

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