Can Dogecoin Reach $1?

While down about 91% from its peak price set in May 2021, Dogecoin certainly still remains a popular cryptocurrency among speculators. Even famous billionaire businessmen, like CEO Elon Musk and Dallas Mavericks owner Mark Cuban, have publicly shown their support for the meme coin that was catapulted into the spotlight in early 2021. 

At a current market capitalization of $9.5 billion (as of June 7), this cryptocurrency is the eighth-most valuable in the world. But some investors might have their sights set on an even greater value. 

Based on its current price of $0.068 per token, a hypothetical $1 price target implies a huge gain of almost 15-fold. Is this even possible? Let's take a closer look at why Dogecoin holders should seriously temper their expectations. 

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Source Fool.com