Many people have been wondering whether the price of Dogecoin reaches $1 or not, considering the fact that its current price is still too low. Here, we will have a brief look at the performance of this popular meme coin and discuss the possibilities for its future surge.
Dogecoin had a surge in price in the early months of the year 2021. This has put most investors in a hopium that the asset will reach $1 in price. Doge is also experiencing a bull run which has taken its market cap to over $80 billion. With all that, DOGE is now the 8th most popular crypto asset by market cap according to CoinMarketCap to stand right behind coins like Bitcoin, Ethereum, and Binance Coin.
DOGE price is currently holding at $0.1569 to go as high as $0.7376 with a $20.8B market capitalization.
DOGE witnessed a sudden surge in price caused by the acquisition of Twitter by Elon Musk last week, rising by almost 75% to reach $0.146 on Oct 29 which is also the highest price since the primary months of 2021.
However, further development of the asset depends directly on Twitter’s performance after being bought by Elon Musk. If Twitter continues the same trend, then we can certainly expect an explosion in the price of the two mentioned assets.
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If DOGE continues the current trend, it will not only reach $1, but also exceeds it by the end of 2023. However, we need to examine the issue from different aspects.
The recent Twitter deal by Elon Musk has certainly made noticeable improvements on the asset. Needless to mention that other elements also helped the asset during the past week, such as whales which supported the notion by buying DOGE considerably.
However, in order for the asset to reach $1, there are other leverages needed too. To put into simple words, the entire crypto market has to take an upward trend in order for DOGE to reach the high of $1.
All that being said, the price of DOGE will most probably stand below $1 this year. Nonetheless, there is still a silver lining for DOGE traders and investors in the years to come. Dogecoin is predicted to reach $1 and more sometime in the first quarter of 2025 or even 2026, which might seem far-fetched but is still considered good news.