Dogecoin has a “Historical Heritage” but will it reach $1? It is still a risky bet. After getting up from the dip, this coin is gradually rising towards the journey of $1, as post halving is making a new bull run in the market.
As more and more meme coins enter the market, Dogecoin lovers will keep this coin from fading into anonymity. The assumptions of the analysts indicate that the price of Doge will reach $1 during this phase.
To make Doge reach $1, this coin has to give a 36% rise from December 2021, when this token achieved its all time high at $0.73. The price of Doge at the time of writing is $o.16; it has to gain 525% to reach a mark of $1.
Source: Coinmarketcap
Will Doge Reach $1:Analysis Vs Other Memecoins
The data provided by Coinmarketcap shows that Doge has seen a rise of 4.48% in the last seven days. This average is very low when making comparisons with other memecoins.
WIF, PEPE, and Shiba Inu are the three largest memecoins by market capitalization. Their noticeable journey in the last week gave a rise of 14.41%, 43%, and 17.42%, respectively.
“DOGE is one of the most cyclical altcoins in the space, Rekt Capital informed Cointelegraph. He further stated that the rising numbers of other memecoins have no impact on the investors of the largest memecoin.
“Other meme coins launches doesn’t mean DOGE will suffer,” Rekt stated.
Pav Hundal, a well-known analyst for Australian crypto exchange Swyftx, gives a more doubtful position by stating that Doge has a huge community of users. “A sudden boost in the price of this token may result in the sale of long term holders.
“A lot will depend on the decision-making of the millions of minnow investors who bought DOGE in 2021 and right now are sitting on paper losses,” Hundal told Cointelegraph. He further said that it is unclear if the price of Doge reaches $1 before a possible sell-off.
“It’s a crapshoot. If most of these people decide to take quick profits during the cycle, you could start to see selling pressure ratchet up.”
Hundas said that Doge is not “seeing the deep books of the last cycle.” Open Interest (OI) recorded a 56% drop at the beginning of April.
Coinglass data revealed that the total amount of outstandings on unsettled Doge futures contracts across exchanges has declined from $2 billion to $928.72 million.
Blockchain Mane stated on X that the price of Doge usually goes high in the month of May.
Rekt also noted the potential of social media and statements shared by billionaire Elon Musk as price catalysts, saying that Must is very interested in the Doge coin.
In April 2023, Musk requested a US judge drop a $258 billion lawsuit against him. The investors’ allegation was that he promoted Dogecoin as a pyramid scheme, although Musk gave a hint that his interest in crypto fades out.
“I don’t spend a lot of time thinking about cryptocurrency. Hardly any at all,” Musk told Ark Invest in an X space on December 20, 2023.
