Recently, Elon Musk's series of actions on X have brought Dogecoin back into the spotlight of the crypto market. The overseas community has directly exploded, with short-term target prices reaching $2 and long-term pointing to $7.2. Is this wave of market movement driven by sentiment or is there solid fundamental support?

As a staunch supporter of DOGE, Musk's latest tweet sharing a market chart and commenting "The matrix has been reprogrammed" instantly became the trigger for this round of market activity. The overseas community is buzzing collectively, with highly consistent conclusions: a single person's words are enough to shake the entire market consensus. There are several practical supports for the short-term push to $2—weekly trading volume is increasing, the overall crypto market is warming up, and funds are flowing into the meme sector; rumors of X platform integrating crypto payments are also fermenting, making DOGE's low transaction fees a key alternative; additionally, multiple institutions have officially submitted DOGE ETF applications. Once approved, this could lead to a scene-level influx of capital.

In the long run, $7.2 is not just wishful thinking. The Bitcoin halving in 2025 will trigger a new bull market, and under such a cycle, DOGE's multiple growth prospects are indeed higher. From a technical perspective, DOGE's core upgrade is aimed at optimizing previous technical shortcomings, and the EU's MiCA framework has already classified it as a utility token, making the compliance path clearer. The advantages in cross-border settlement are gradually becoming apparent, with institutions laying out custody solutions, indicating that practical value is moving from imagination to reality.

Even more interesting are the details of institutional deployment. DOGE futures holdings on Coinbase have hit new highs, and whale addresses' trading volume has increased by 41% week-over-week. These data reflect a continuous rise in market recognition. DOGE has long shed its label as a "joke coin" and is now more like an asset being re-evaluated.

But risks must also be watched—Musk's attitude is the biggest variable. A change in his stance could trigger a sharp decline; DOGE's total supply is large, and price increases require continuous capital support. Once funding dries up, a correction is likely; the SEC's strict review process for ETFs could directly dampen confidence if approval is delayed; competition in the meme sector is becoming more intense, with uncertainties lurking within.