One of the developing topics creating heated debates on Twitter is whether or not Dogecoin can climb to $1 in the following weeks or months. Recently, DOGE saw over 70x increase in its 30-day price charts and a $20 billion boost in the market valuation, making many crypto traders optimistic about the $1 prediction. In this article, we look into the chances of Dogecoin reaching $1 and what crypto analysts have to say about it.
Dogecoin’s Market Performance
Dogecoin’s market performance shows it has a chance of reaching $1 if things align, with the trading volume ranking 7th in the market at over $2.8 billion. Furthermore, the market valuation of this token continues to be in the 10 cryptocurrencies at over $20 billion. Apparently, this puts it ahead of other cryptocurrencies such as Avalanche, Shiba Inu, Toncoin, Polkadot, and Chainlink. After Bitcoin dropped down to $62k, the price of Dogecoin had a rough patch, experiencing a massive 10% drop in the weekly chart. Nevertheless, there’s already an ongoing recovery, increasing over 3% in the last 24 hours to stand at $0.15. Moreover, the monthly chart remains bullish, with over 70x gains and the highest price at $0.20.
Can Dogecoin Reach $1?
The first thing Dogecoin came close to hitting $1 was in 2021, when the price reached $0.7316 before the gear market followed suit. However, with Bitcoin breaking a new all-time high in 2024, many expect Dogecoin to do the same and above $1 this time around. Dogecoin does not really have a functional utility, although it is accepted by 2,523 merchants worldwide, according to data from Cryptwerk.
With no utility, Dogecoin mostly depends on hype from the community and popular influencers like Elon Musk and Mark Cuban to rise in price. Thus, if there’s any chance of DOGE breaking into $1, it will need all the hype from its community and influencers. Nevertheless, many crypto experts such as Ali Martinez and HornHairs are huge in Dogecoin reaching this milestone.
Crypto Analyst Optimistic About Dogecoin
On Twitter, Ali Martinez is very optimistic about Dogecoin, saying that the price of this memecoin could even reach $1 before April ends. According to a prediction made on 8th March, he said there was a breakout pattern similar to its parabolic runs in 2017 and 2021. Apparently, there was a chart to back this up, showing DOGE’s bear market accumulation phase ranges and the part where they break out.
HornHairs also made his own predictions back then in February, saying Dogecoin could move to $1 if it can secure a spot at $0.10. Now, the memecoin has already moved above this, meaning this prediction is still valid. Generally, everything shows Dogecoin stands a chance, but it is definitely going to be hard to reach this milestone.
Conclusion
Dogecoin’s market performance in the last 30 days has been excellent, increasing by over 70%, with a market cap of more than $20 billion. Moreover, traders are picking interest in the token again, with a trading volume of over $3 billion. Analysts such as Ali Martinez and HornHairs believe Dogecoin stands a chance of reaching $1. According to Ali Martinez, DOGE’s recent market movements replicate the breakout pattern before its parabolic runs in 2017 and 2021. Nevertheless, it is up to all to see if Dogecoin is capable of reaching this milestone.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
