Many cryptocurrencies started to increase in prices after the latest crypto bullrun. Back in June 2022, crypto prices reached their respective bottom and reverted upwards soon after. Dogecoin was one of those tokens that crashed hard. In fact, it reached a low of 5 cents and lost more than 70% YTD. Today, prices are attempting to double since the bottom price. Can Dogecoin price reach 10 cents soon? Very likely, here’s why.
What is Dogecoin DOGE?
Dogecoin is one of the most well-known cryptocurrencies. The project was established as a cryptocurrency spoof to offset the frenzy around Bitcoin and numerous other new cryptocurrencies with something hilarious, not due to its technological quirks. It is an open-source cryptocurrency used by internet users all around the world. Because the structure is built on Litecoin, all updates will be provided to Dogecoin as well.
Famous entrepreneur Elon Musk helped in pushing Dogecoin to the mainstream, thanks to his funny and controversial tweets. This phase helped the crypto market in general as well, as more people became familiar with cryptocurrencies in general. This “hype” ended soon afterwards, as the market became overbought and collapsed.
Why is Dogecoin a speculative cryptocurrency?
Investors typically look for solutions that will solve problems to fund. In addition to long-term success, those projects will also generate a consistent cash flow due to stable pricing and substantial rewards. Present-day cryptocurrency investors are looking for price growth prospects. Why purchase a cryptocurrency that is no longer increasing in value, especially if it offers no benefits?
It all began when Dogecoin, an adorable dog serving as the mascot for a cryptocurrency, was introduced. Everyone thought the concept was good and made minor purchases “just for the memes.” However, prices began to soar after Elon Musk, the first well-known person to support cryptocurrencies, made the decision to do so and began to tweet about it often. At first, the currency was locked somewhere around USD 0.05. Elon is to thank for the coin’s rise to its all-time high price of USD 0.70 and astounding USD 89 Billion market value. However, the cryptocurrency suffered from the crypto market crash and Elon’s absence of Doge Tweet. Prices fell back to the bottom price of USD 0.05 as if nothing happened.
Dogecoin Price is up by 60% – What Happened?
After reaching its bottom price of $0.05, DOGE went back to its uptrend. In a previous article, we explained how Dogecoin was looking bullish. Today, we see a confirmation of that uptrend in motion, as the entire cryptocurrency market is on the move upwards as well. With Ethereum’s merge coming soon, most cryptocurrencies are increasing in prices.
Dogecoin fell from the top 10 earlier this month, but managed to recover today as its prices were up by more than 8% in the past 24 hours with a market cap of $10.4 Billion. Its close competitor is Polkadot, having a market cap of $9.9 Billion.
Can Dogecoin Price reach 10 cents soon?
With the current market dynamics in place, it is very probable for DOGE price to reach 10 cents. If we look at figure 2 below, we can see how prices started their uptrend ever since reaching the bottom price of $0.05. However, we should see DOGE breaching the $0.08 price mark higher in order to confirm the continuation of the uptrend.
Doge might correct lower towards $0.07 soon as part of a price breather. But if we see DOGE breaching $0.08 again, the $0.1 price should be in sight. When? We anticipate seeing this price around mid-September, which also coincides with Ethereum’s merge events. If all goes smoothly, the entire crypto market should increase, and DOGE likewise.
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