Galaxy Digital’s research team offers promising predictions for Dogecoin, anticipating the popular memecoin could achieve a crucial price milestone by 2025. Alex Thorn, a representative from Galaxy Research, shared insights via social media, suggesting that Dogecoin’s value might surge over 170% from its current levels, reaching its first significant psychological price point.
What is Dogecoin’s Expected Value in 2025?
In his recent analysis, Thorn detailed the expected trajectory for Dogecoin this year. Despite nearing this psychological threshold during Elon Musk’s much-publicized SNL appearance, the memecoin did not experience the anticipated price boost due to Musk’s light-hearted jokes that failed to resonate positively with the market.
“Dogecoin will eventually reach $1, and the oldest memecoin will see a market value of $100 billion.”
Currently priced around $0.37, Dogecoin has witnessed an impressive 11.7% rise within the last day, positioning its market cap at $55.47 billion, ranking it seventh among all cryptocurrency projects.
How Will Stablecoin Dynamics Shift?
Simultaneously, Charles Yu from Galaxy Research predicts a decline in Tether‘s USDT market share, suggesting that competitors like Circle’s USDC will capture more attention due to their appealing interest rates.
“Tether’s long-standing market dominance will fall below 50%, facing competition from yield-enhanced alternatives like Ethena’s USDe and USDC Rewards initiated by Coinbase/Circle.”
Yu indicates that the rewards from USDC, available through Coinbase Exchange and Wallet accounts, could bolster the decentralized finance (DeFi) landscape while inspiring fintech innovations. In response, Tether might need to introduce competitive yield-bearing options for USDT holders to retain market relevance.
The recent uptick in Dogecoin’s valuation, combined with projected shifts in the stablecoin market, underscores significant trends in the cryptocurrency arena. Traders are advised to stay vigilant as these developments unfold.
