Dogecoin’s $1 Target Is ‘Doable,’ Analyst Says

Widely-followed pseudonymous cryptocurrency analyst VirtualBacon on Sunday predicted Dogecoin(CRYPTO: DOGE) to hit $1 this cycle is possible, although further upside is unlikely.

The analyst posted on X Sunday that $1 is doable for Dogecoin because it sits only slightly above the previous all-time high, making it a smaller ask than it sounds. 

He pointed to Solana(CRYPTO: SOL), XRP(CRYPTO: XRP), and Ethereum(CRYPTO: ETH) all clearing their prior records this cycle as precedent. 

“To make a slightly higher all-time high, it could happen,” he said, while adding he does not expect DOGE to run much past $1.

What the Math Actually Requires

At $0.084, Dogecoin needs roughly 1,090% upside to reach $1, which would push its market cap to approximately $155.9 billion based on current circulating supply of 155.91 billion tokens. 

For context, the prior all-time high of $0.7316 already implied a $114 billion market cap. 

One headwind worth noting: Bitwise announced plans to liquidate its Dogecoin ETF, BWOW, with its last trading day expected Oct. 14 and cash distributions on Oct. 22. ETF access creates opportunity but does not guarantee buying.

Dogecoin also issues roughly 5 billion new coins annually. At $1, that annual issuance carries a value of approximately $5 billion that buyers need to absorb alongside sales from existing holders, making a sustained rally structurally demanding.

What Would Need to Go Right

For $1 to become realistic, analysts point to four conditions that would need to align:

• Sustained retail participation with spot activity staying elevated for months
• DOGE outperforming <a href="https://xpertsstudio.com/metaplanet-launches-1m-hong-kong-bitcoin-unit/” title=”Metaplanet launches $1M Hong Kong Bitcoin unit”>Bitcoin(CRYPTO: BTC), showing specific allocation rather than passive market beta
• Higher highs and higher lows surviving profit-taking on the way up
• Futures speculation staying manageable so the move is not purely leverage-driven

DOGE Price Analysis: Key Levels to Watch

DOGE climbs 2% Monday, holding above the 0.236 Fibonacci support at $0.080 after reversing off the August low near $0.070. 

The Supertrend remains bullish at $0.08 but the 20-day EMA at $0.0846 sits just overhead as immediate resistance.

Key levels for DOGE:

• $0.0875 — 0.382 Fib, clearing this opens path to $0.0995
• $0.08 — 0.236 Fib support, must hold

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