A recent forecast by Galaxy Research concludes that Dogecoin (CRYPTO: DOGE) will reach a significant milestone in 2025. The cryptocurrency is expected to surge by over 170% from its current value.
What Happened: Galaxy Research's Alex Thorn predicts that Dogecoin, the world's largest and oldest memecoin, will hit $1 for the first time in its history.
"Dogecoin will finally hit $1, with the world's largest and oldest memecoin touching a $100 billion market cap," Thorn stated in a post on X.
— Galaxy (@galaxyhq) January 2, 2025
Dogecoin will finally hit $1, with the world's largest and oldest memecoin touching a $100bn market cap. However, the Dogecoin market cap will be eclipsed by the Department of Government Efficiency, which will identify and successfully enact cuts in amounts exceeding Dogecoin's... pic.twitter.com/xcwRHhpMTn
At the time of the report, DOGE was trading at $0.37, marking an 11.7% increase in the last 24 hours. With a market cap of $55.47 billion, DOGE ranks as the seventh-largest crypto project.
On a related note, Charles Yu, another analyst at Galaxy Research, anticipates a decrease in market dominance by Tether's stablecoin USDT. Yu expects other stablecoins, such as Circle's USDC, to gain more market share due to their attractive yields.
Also Read: Dogecoin's Active Users On The Rise, Will This Impact DOGE Price?
He suggests that the revenue from USDT reserves will be used to fund portfolio investments and marketing spend by stablecoin issuers, leading to a shift away from Tether and towards yield-bearing solutions.
Why It Matters: The predicted surge in Dogecoin's value signifies a potential shift in the cryptocurrency market. If Dogecoin reaches the $1 mark, it could influence the dynamics of the cryptocurrency market, possibly leading to increased interest and investment in memecoins.
Additionally, the forecasted decrease in Tether's market dominance could lead to a more diversified stablecoin market, with other stablecoins like Circle's USDC gaining more traction due to their attractive yields.
This could potentially reshape the stablecoin landscape, with more investors turning towards yield-bearing solutions.
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