As a seasoned crypto investor with more than a decade of experience in this wild and unpredictable market, I must admit that the prospect of Dogecoin (DOGE) reaching $1 is not entirely out of the realm of possibility. In my early days, I would have laughed at such an idea, but as we’ve seen time and again, anything can happen in crypto.
Anonymously known crypto trader DonAlt, boasting over 500,000 followers on a specific social media platform, has forecasted that Dogecoin (DOGE) could surge towards the $1 price point if the overall crypto market maintains its bullish trend.
Originating as early as 2013, the pioneering meme-based cryptocurrency continues to hold its ground within the top 10 rankings.
As we speak, Dogecoin has an impressive market value of approximately $20.3 billion. To put this into perspective, it surpasses the value of Nippon Steel, Japan’s leading steel manufacturer, as well as Suzuki Motors, a significant player in Japan’s automobile industry.
In the last 24 hours, the most popular meme cryptocurrency has increased by almost 15%. This significant outperformance can be seen compared to other top 10 alternative coins. At present, it is being traded at approximately $0.13 on Binance, after a remarkable increase of 25% within a single week.
Regardless of its outstanding achievements, it’s worth noting that the reigning meme coin has fallen a significant 81% from its highest point at $0.73, a level last seen in May 2021. At that time, DOGE momentarily held the position as the fourth largest cryptocurrency based on market capitalization.
As a researcher, I’ve found an intriguing piece of data from the cryptocurrency analytics platform IntoTheBlock. It appears that a mere 12% of Dogecoin holders are currently in a negative position, which means they bought more coins than they’ve made a profit from so far.
Currently, DonAlt thinks that Dogecoin could potentially make a return to targeting the Moon in terms of its value, and there’s a possibility that the ambitious goal of hitting $1 might be achieved during this current market cycle.
According to a trader’s perspective, what sets Dogecoin apart from competing cryptocurrency projects is its widespread recognition among the common people.
In simpler terms, if you aim to accelerate this process and gain more mainstream followers, it’s crucial to promote something well-known that has already made an impact. Recently, memes have been popular, and Dogecoin (DOGE) is the cryptocurrency most people are familiar with. This was shared on Twitter earlier this week.
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2024-10-18 22:03