Dogecoin Surges 18%: Is DOGE Price Eyeing $2 Mark?

DOGE’s price has shot up to its highest point since December 2021, and it’s bringing some positive vibes with it. Those fancy EMA signals are all bullish, adding to the excitement. Plus, more and more folks are holding onto over 10 million DOGE coins, which shows they’re feeling pretty confident about it all. Let’s take a look at this Dogecoin price prediction article in more detail.

Right now, Dogecoin is valued at around $0.21, and it’s been quite the busy day in the trading world with a whopping $10.70 billion traded in just 24 hours. Its total market value is a hefty $30.87 billion, making up about 1.16% of the whole cryptocurrency market. In the past day alone, the price of DOGE jumped up by 9.40%.

Looking back, Dogecoin hit its highest point ever on May 8, 2021, when it reached a staggering $0.74. On the flip side, its lowest price ever was way back on May 7, 2015, when it was practically pocket change at $0.00008547. Since its highest point, the lowest it’s gone is $0.049701, while the highest it’s climbed since then is $0.227721. Right now, folks seem pretty optimistic about Dogecoin, scoring a high 79 on the Fear & Greed Index, indicating lots of excitement in the market.

In terms of how much Dogecoin is floating around out there, there are currently about 143.66 billion DOGE in circulation. And in the past year alone, around 10.99 billion new DOGE have been created, thanks to an inflation rate of 8.28% per year.

Dogecoin Price Prediction: Why is DOGE price UP?

Big investors are showing a lot of interest in DOGE lately, with more and more of them grabbing up large chunks of it. In just under two weeks, we’ve seen the number of addresses holding between 10 million to 100 million DOGE shoot up from 520 to 551. And at the same time, the price of DOGE has climbed from $0.14 to $0.20.

This heavy buying from the big players, known as whales, tells us they’re feeling pretty confident about where DOGE is headed. They’re putting serious money into it, and that’s usually a sign that the overall market is going to follow suit and start climbing.

These whales have a lot of power to influence the market by holding onto large amounts of DOGE, which can make the supply shrink. And when the supply gets tight like that, the demand usually pushes the price up. So, seeing these whales loading up on DOGE suggests they’re expecting the price to keep going up, maybe even more than it already has. It’s a pretty good hint that we might be in for a nice long stretch of good times in the DOGE market.

Dogecoin Price Prediction: Can It Reach $2?

Considering the recent performance and key metrics of DOGE, the possibility of its price reaching $2 appears to be within the realm of feasibility. Over the past year, DOGE has demonstrated remarkable growth, increasing by 185%, outperforming a significant portion (65%) of the top 100 crypto assets. 

Notably, it has even outperformed leading cryptocurrencies like Bitcoin and Ethereum. Currently trading above its 200-day simple moving average and experiencing 21 green days out of the last 30 (70%), DOGE showcases strong momentum and positive sentiment in the market. 

Additionally, its high liquidity, as indicated by its market cap, provides further support for potential upward movement. However, it’s essential to note that DOGE is still down 71% from its all-time high, indicating room for recovery. 

Furthermore, its yearly inflation rate of 8.28% presents a challenge in maintaining long-term value growth. Considering these factors collectively, while reaching $2 may not be an immediate milestone, the positive trends and market dynamics suggest that DOGE has the potential to continue its upward trajectory and potentially reach this target during the phase of the Bitcoin halving event.

Considering the recent surge in DOGE’s price to its highest level since December 2021, fueled by bullish sentiment and speculation about its potential use on the social application X, the likelihood of DOGE reaching $2 gains further credibility. 

This surge highlights the current positive momentum surrounding DOGE and underscores the growing interest and speculation surrounding its utility. Additionally, with the aforementioned factors such as strong performance metrics, positive market sentiment, and high liquidity, the path towards the $2 mark appears increasingly viable. 

While challenges such as the cryptocurrency’s distance from its all-time high and its inflation rate remain, the recent surge adds another layer of optimism towards DOGE’s potential to reach higher price levels in the foreseeable future.

Where to Buy Dogecoin?

For individuals eager to enter the cryptocurrency market, Bitget emerges as a reliable platform. Offering low fees, a user-friendly interface, and a straightforward onboarding process, Bitget provides a convenient experience for both novice and seasoned traders. Whether you are an experienced investor or a newcomer, Bitget offers a streamlined avenue to buy and trade cryptocurrencies in the dynamic and rapidly evolving market.