A recent prediction from Galaxy Research concludes that Dogecoin (CRYPTO:DOGE) will reach a major milestone in 2025. The cryptocurrency is expected to explode by more than 170% from its current value.
What happened : Alex Thorn from Galaxy Research predicts that Dogecoin, the world’s largest and oldest memecoin, will surpass the dollar mark for the first time in its history.
“Dogecoin will finally surpass $1, with the world’s largest and oldest memecoin reaching a market cap of $100 billion,” Thorn said in a post on X.
At the time of the report, the price of DOGE was $0.37, an increase of 11.7% over the past 24 hours. With a market capitalization of $55.47 billion, DOGE is the seventh largest cryptocurrency project.
Charles Yu, another analyst at Galaxy Research, predicts a decline in Tether’s dominance in the crypto market, with their stablecoin USDT. Yu expects other stablecoins, such as Circle’s USDC, to gain more market share due to their attractive yields.
Also Read: Dogecoin active users on the rise, what impact on the price of DOGE?
It suggests that revenue from USDT reserves will be used to fund portfolio investments and marketing expenses of stablecoin issuers, leading to a shift from Tether towards yield solutions.
Why it matters : The expected rise in the value of Dogecoin signifies a possible change in the cryptocurrency market. If Dogecoin breaks the dollar mark, it could influence the dynamics of the cryptocurrency market, and perhaps even spark greater interest and investment in memecoins.
Additionally, Tether’s expected decline in market dominance could lead to a more diverse market for stablecoins, 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 to yield solutions.
Read more
Dogecoin Poised for 85% Surge as Whales Hoard 130 Billion DOGE
