The rise of a meme coin to reach the Top 10 was something far off from reality. Dogecoin managed to pull it off, but the coin was not alone. It got back up from multiple celebrities such as Elon Musk, Snoop Dogg, and Mark Cuban. Pumping a coin is one thing, but achieving price stability in the long term is another. For now, Dogecoin seems to target the 1 Dollar price mark. Can Doge reach 1 Dollar?
Dogecoin – A Meme Coin FUELED by Speculation
Traditionally, investors seek out to invest in problem-solving projects. Not only will those projects prosper on the long term, but also provide a steady cash flow thanks to stable prices and high payouts. For cryptocurrencies, current investors are seeking growth potentials in prices. If a certain cryptocurrency is not appreciating anymore, why buy it, especially if it does nothing in return?
It all started when Dogecoin was announced, a cute dog as a cryptocurrency mascot. Everyone liked the idea and bought small amounts “just for the memes”. But when Elon Musk, the first public figure to back cryptocurrencies, decided to back it up and started to tweet about it regularly, prices started to shoot way high. The coin was initially stuck around USD 0.05. Thanks to Elon, the coin is sitting today at a current price of USD 0.44 with an incredible market capitalization of USD 56 Billion.
Dogecoin Price Prediction – Can Doge reach 1 Dollar?
Looking at how prices behaved in 2021, we can definitely say that everything is possible when it comes to price pumping. Notice how we stress on saying “price pump”, as there are no real fundamentals behind this price rise other than supply-demand. In figure 1, we can clearly see a risky price-action pattern, that usually signals a heavy price adjustment in the near future. This of course comes with a caveat, as most people expect Dogecoin to reach a price of 1 Dollar. There are many events that confirm that Doge coin can still in fact reach 1 Dollar:
- Elon Musk’s continuous tweets about sending Doge to actual space
- Mark Cuban appearance on SNL with Shiba Inu mascot
- Satoshi Street Bets reddit prepping for yet another pump in prices
When you read the above events, once cannot but acknowledge another price jump for Dogecoin. On the other hand, a 1$ price for Doge means a market capitalization bigger than USD 100 Billion. This alone is more than many other successful projects such as Binance, Uniswap, Cardano, and Polkadot. Can speculators trump investors?
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Rudy Fares
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