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Dogecoin is a famous cryptocurrency launched in the year 2013 by both Billy Markus and Jackson Palmer. Its initial release was meant to function as a joke coin to the fast-rising world of cryptocurrencies.
Since then, DOGE, as it is commonly known has experienced immense successes. The recent notable one was joining the list of the top 10 biggest cryptocurrencies by market valuation. At its peak, DOGE had a market valuation exceeding $ 85 Billion.
Since then, DOGE has been struggling to regain back this position.
Getting to $1
The one-dollar DOGE price remains elusive. However, most investors and fans believe it is just a matter of time before this is realized.
The highest price was in May when it hit $0.68. Since then, the price has fallen to the current levels averaging $0.25. For the last few months, the price seems to have stagnated without much action.
To get to one dollar, DOGE needs to pump by at least 400% in the next two or so months.
One of the key drivers that pushes DOGE price support by key opinion leaders such as the Tesla guy Elon Musk. Elon has always supported DOGE. His famous tweets are considered market triggers and result in a huge price jump or dump.
Recently, there has been less of such and this could be attributed to the reason why its price is not growing as fast. If it has to get to one dollar, we need to see new action by the influencers supporting DOGE. This will help accelerate excitement in the market triggering more buyers to put their money in it.
Competition from new meme coins
DOGE is no longer enjoying the monopoly of meme coins. More such coins are coming up now and then resulting in increasing competition in this category.
Today, new coins such as SHIBA INU and SAFEMOON are competing in the same space with DOGECOIN. These new penny coins are attracting more investors away from DOGE due to their fast growth potential. We can relate this with the recent price growth of Shiba Inu.
To get to $1, DOGE needs to leverage its strengths. Some of these include the;
- Faster transaction speeds
- Limited yearly supply
- Low pricing
Capitalizing on these strengths will help it gain in value faster and probably push it to the elusive $1 mark.
Future of Dogecoin
Basing our argument on the past price action, you can’t rule out the possibility of getting to $1 by December. It Is key to note that to hit its all-time high, it rose by over six times within a month. Hence, with the right triggers, the price could easily get to one dollar.
The general cryptocurrency market is heavily bullish more so the mainstream coins such as Bitcoin and Ethereum. This is expected to have a ripple effect on the other altcoins and could see their price increasing as well.
The $1 price for DOGE remains a reality in the face of the growing crypto industry. Even if this goal is not realized by December, it is highly likely to get there in the future.