Dogecoin can grow 100 times thanks to Elon Musk

Cryptoanalyst Ali Martinez predicts that Dogecoin DOGE $3.55 Department of Gov Efficiency -3.39% Market capitalization $35.95 million VOL. 24 hours $1.33 billion may increase in value by 20 to 100 times if Donald Trump wins the US election. It’s all about the influence of Elon Musk, a follower of the top meme-coin, on the new American president.

Using Fibonacci levels for analysis, Martinez believes that the DOGE rate can grow by 2016−12 069%. According to him, in past bull cycles, when DOGE broke through the 0.5 Fibonacci level, it often reached levels of 1,618 or even 2,272, which could potentially push the price of the coin to $ 23.

Currently, Dogecoin is trading at $ 0.1995, and its market capitalization is $ 29 billion. If Martinez’s prediction comes true and DOGE grows 12 times, it will become the second cryptocurrency by capitalization after bitcoin, and with a hundredfold growth, it will lead the cryptocurrency market.

Earlier, IntoTheBlock platform has already noted that Dogecoin has become one of the fastest growing assets, outpacing even bitcoin in terms of growth.