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?
Stay Ahead, Stay Updated
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Please also note our Non-liability disclaimer.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
You might also like
More from Altcoin
In this article, we'll talk about what is Crypto Swapping, and how to swap on Instaswap, one of our favorite …
Uniswap sparked a new debate about decentralization after it delisted a couple of assets or tokens from it's front end …