In typical fashion, it has been an extremely volatile year for Dogecoin (CRYPTO: DOGE). While the cryptocurrency market overall has gained 20% in value, now worth $2 trillion, the dog-themed token is up just 5% in 2024 (as of Aug. 6).
Dogecoin trades a gut-wrenching 86% off its peak price of under $0.74 in 2021. But can this cryptocurrency skyrocket more than tenfold from today's price to one day reach the psychologically important $1 mark?
Dogecoin hit its record price in May 2021, during the time when meme stock mania took over the stock market. That enthusiasm led to bullish activity in the crypto industry as well. As one of the most speculative tokens out there, Dogecoin benefited tremendously.
Source Fool.com