Dogecoin (CRYPTO: DOGE) is arguably the most popular meme coin in the world right now. Having started as a joke back in 2013, Dogecoin currently ranks as one of the top 10 cryptocurrencies in the world, with a market capitalization of approximately $8 billion. However, its overall utility remains limited, and it remains a hugely speculative coin priced at mere pennies.
In its nearly 10-year history, the all-time high for Dogecoin is just $0.74. This would seem to suggest that, even with a carefully planned social media influencer campaign and the support of high-profile individuals like Elon Musk (aka "The Dogefather"), Dogecoin is never going to reach the $1 mark without a massive transformation of its underlying blockchain technology. Here are a few of the things that have to go right if Dogecoin has any shot of reaching the $1 mark.
Right now, Dogecoin's utility is remarkably limited. You can use it to tip social media influencers. You can use it to pay for some goods and services at a few e-commerce retailers. But other than that, Dogecoin has little to no value. So in order for Dogecoin to make another run at the $1 mark, there needs to be added utility.
Source Fool.com