Analyst Says Dogecoin Has Way More Room to Grow as Market Cap Is No Limitation

Prominent crypto chartist Ali Martinez expresses confidence in the growth potential for Dogecoin, suggesting DOGE's popularity is still far from its 2021 peak. Dogecoin had an impressive rally earlier this month amid Elon Musk’s indirect endorsement of the asset through his mention of D.O.G.E (the Department of Government Efficiency). This caused the price of DOGE to surge over 100% to $0.4359.However, like other major crypto assets, Dogecoin’s price plunged shortly after, dropping below the $0.4 mark and falling to around $0.35. Following this decline, some critics suggested that the token would not experience another price surge.According to Martinez, these critics cite factors such as better memes and market cap limitations as possible reasons Dogecoin may not embark on another rally.Dogecoin Still Far from Its 2021 Interest Reacting, Martinez emphasized that despite Dogecoin’s recent rally, the meme coin is still far from the popularity level it attained in 2021. He supported this claim with a chart showing Dogecoin’s price action and corresponding Google Trends’ interest in a 7-day timeframe. https://twitter.com/ali_charts/status/1858174255495807099According to the data, the price of Dogecoin rises alongside its interest over time in 2021. For instance, when DOGE’s popularity surged to 53 from January 24 - 30, 2021, the token’s price also rose to around $0.014. Three months later, according to the data cited by Martinez, Dogecoin's popularity increased to 73, corresponding with a price surge to $0.05. The chart suggested that Dogecoin surged to its all-time high of $0.7376 in May 2021, when its interest over time peaked at 100. Notably, Martinez indicated that Dogecoin’s recent surge occurred without the asset attaining its peak popularity, as witnessed in 2021. Per the chart, Dogecoin’s popularity was less than 50 when it surged over 100% to $0.4759 earlier this month. He suggested that Dogecoin still has enormous room for growth if its popularity reaches the levels observed in 2021. “DOGE has waaay more room to grow,” Martinez said while encouraging investors to not relent in their HODL conviction.Dogecoin’s popularity level currently stands at 18, as the asset continues to trade around the $0.37 territory. Priced at $0.3749, Dogecoin is up 4.39% in the past day and 33.45% over the past week.