Dogecoin to Hit $2 Soon? Analyst Predicts Explosive Surge

Dogecoin (DOGE) was trading at $0.164 at press time, showing a 2.76% increase in the last 24 hours. The current 24-hour trading volume stands at approximately $1.31 billion. Despite the short-term gain, DOGE has declined more than 10% over the past week and remains nearly 17% lower than it was one month ago. Its market cap currently sits just above $24 billion, with a circulating supply of 150 billion coins.

The coin’s volume has dropped by more than 30%, a move that often signals reduced trading activity. As a result, traders are now watching the $0.16 mark closely. If the price stays above this level, some believe it could signal the beginning of a stronger trend.

Analyst Forecast Suggests Major Upside Ahead

CryptoELITES, a trader known for chart-based forecasts, posted a bullish Dogecoin price projection on X. In the post, the analyst suggested that DOGE may first move to $0.75 and, if momentum holds, could see a rise to $1.50 and potentially $2.70. The forecast added that the coin may have already found its base, stating: 

“Dogecoin appears to have completed its decline. If the trend continues, we may see a climb toward $2 as early as late April or early May.”

DOGE has hit the bottom!

I'm expecting at least $2 by the end of April & May!

Mark this tweet—you’ll remember it later! $DOGE #DOGE #Crypto pic.twitter.com/kCrgl44qZC

— @CryptoELlTES (@CryptooELITES) April 2, 2025

The view has sparked fresh interest, although some analysts are less certain. Ali Martinez, another crypto market watcher, pointed out that $0.16 remains a key level. According to Martinez, holding this price could open the door to a move toward $0.57. 

However, he added that if DOGE falls below this point, there’s a chance the price could slide closer to $0.06.

Meme Coin Market Draws Renewed Trading Activity

The prediction arrives as meme coins garner increased interest from retail and institutional investors alike. Dogecoin continues to lead this market thanks to its strong visibility and enduring popularity.

Although recent volume has dropped, open interest in DOGE futures has gone up by 7%, suggesting that traders are positioning for possible moves. This shift is being seen as a sign of cautious optimism, especially as the broader crypto market remains uncertain.

Elon Musk’s Past Comments Still Echo in DOGE’s Price

Dogecoin’s journey continues to be tied to Elon Musk, who made his first public mention of the token in April 2019. At the time, DOGE was priced at $0.002552. In a light-hearted tweet, Musk wrote that Dogecoin “might be the best coin.” The token surged more than 40% over the following three days.

Anyone who invested $5,000 at that time would see their holdings valued at more than $321,000 today. The asset peaked at $0.7488 in 2021 and has since retraced about 78%. Musk’s recent step back from the fictional D.O.G.E. department has created some uncertainty, though many still associate his comments with sudden price shifts.

For now, attention remains on whether DOGE can hold its current range and build toward the predicted breakout above $1. Any sustained rise will likely depend on both volume and sentiment in the weeks ahead.