As Dogecoin (DOGE) surges once more, it reclaims its position among the top 10 cryptocurrencies globally. Analysts speculate on the possibility of DOGE hitting $1.0 this month.
Trading at approximately $0.168 per token, Dogecoin has experienced a 10% increase over the past week, according to CoinMarketCap. Over the span of 30 days, its value has soared by an impressive 104%.
The recent surge in meme coins isn't exclusive to Dogecoin. Other coins like Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), and Bonk (BONK) have seen astonishing increases ranging from 200% to 800% in the past month.
This resurgence in meme coins coincides with Bitcoin's ascent to record highs, surpassing $70,000. Bitcoin's momentum, fueled by ETF inflows, has spurred significant risk-taking across the crypto market.
However, meme coins, known for their speculative nature and lack of utility, represent the riskiest segment within the crypto sphere.
Dogecoin's recent price movements oscillate between $0.155 and $0.185. Despite heightened profit-taking, the market has remained resilient, instilling confidence in bullish investors.
With Bitcoin maintaining its position above $70,000 and showing signs of further growth, the outlook for Dogecoin remains positive.
Some Bitcoin proponents anticipate the cryptocurrency reaching $100,000 before the upcoming inflation rate halving.
Should Bitcoin surge by another $30,000, the potential for Dogecoin to rally further remains uncertain.
While a $1 DOGE price might seem ambitious, a closer analysis reveals its plausibility. Comparing it to Bitcoin's potential market cap at $100,000, Dogecoin's market cap at $1 would only represent a fraction – about 7%.
In 2021, Dogecoin reached $0.76, achieving a market cap of $85 billion. Amidst the frenzy surrounding meme coins, Dogecoin maintains its position as the reigning champion.
Not only was it the first major meme coin, but Dogecoin also operates on its own blockchain, making it a unique entity in the crypto landscape.
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Cointelegraph