The rise of a meme coin to the top 10 was far from reality. Dogecoin did it, but the coin wasn’t alone. It has been endorsed by several celebrities including Elon Musk, Snoop Dogg, and Mark Cuban. Pumping a coin is one thing; achieving long-term price stability is another. At the moment, Dogecoin seems to be aiming for the $ 1 price mark. Can Doge Reach $ 1?
Dogecoin – A meme coin fueled by speculation
Traditionally, investors want to invest in problem-solving projects. These projects will not only thrive in the long term, but also ensure stable cash flow thanks to stable prices and high payouts. For cryptocurrencies, current investors are looking for growth potential in prices. If a particular cryptocurrency is no longer valued, why buy it, especially if it doesn’t bring anything in return?
It all started with the announcement of Dogecoin, a cute dog as a cryptocurrency mascot. Everyone liked the idea and bought small amounts “just for the memes”. But when Elon Musk, the first public figure to endorse cryptocurrencies, decided to endorse them and tweet about it regularly, prices began to skyrocket. The coin was initially stuck at $ 0.05. Thanks to Elon, the coin is now at a current rate of USD 0.44 with an incredible Market capitalization of $ 56 billion.
Dogecoin Price Prediction – Can Doge Reach $ 1?
Looking at the price behavior in 2021, we can definitely say that anything is possible when it comes to price pumping. Notice how we emphasize that we say “price pump” because there is no real fundamentals behind this price increase other than supply-demand. In Figure 1, we can clearly see a risky price action pattern that usually signals a large price adjustment in the near future. This comes with a caveat, of course, as most people expect Dogecoin to hit a $ 1 price tag. There are many events that confirm that the Doge coin can actually still reach $ 1:
- Elon Musk’s continuous tweets about sending Doge into actual space
- Mark the Cuban appearance at SNL with the Shiba Inu mascot
- Satoshi Street puts Reddit prep for another price hike
Reading the events above, you must see another jump in the price of Dogecoin. On the other hand, a $ 1 price for Doge means a market cap of more than $ 100 billion. This alone is more than many other successful projects like Binance, Uniswap, Cardano and Polkadot. Can speculators trump investors?
Fig.1 DOGE / USD 1-day chart shows Doge’s potential to hit $ 1 – TradingView
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