Can Dogecoin Reach $1?
As part of a broader crypto rally in 2023, popular meme coin Dogecoin (CRYPTO: DOGE) is up 27.86% over the past 30 days. Naturally, this has led to hype and speculation that Dogecoin might be on a rocket ship to $1.
But just how realistic is that scenario? For one thing, in its nearly 10-year history, Dogecoin has never once hit the $1 mark. The all-time high for Dogecoin is $0.74, which it hit back in 2021, when billionaire Elon Musk was tweeting about the meme coin regularly. In order to reach $1, Dogecoin would need to increase in value more than tenfold, given its current price of $0.09. Here's a closer look at some of the ways that might happen.
Right now, the primary catalyst for Dogecoin involves Elon Musk's $44 billion acquisition of Twitter. If you look at the trading history of Dogecoin in 2022, sharp spikes in the price of Dogecoin were almost always accompanied by some bit of news coming from Elon Musk and Twitter. For example, when Musk finally closed the door on the Twitter acquisition in October, the price of Dogecoin spiked by 35%. And the pattern has been much the same in 2023, with Dogecoin offering no major catalysts of its own.
Source Fool.com
