A digital currency inspired by Dogecoin’s meme has taken the world by storm during the last twelve months. The contentious cryptocurrency has garnered global attention throughout a turbulent year for its spectacular gains, celebrity endorsements, and dominance of crypto Twitter and several other internet sub-communities.
Following its initial public offering in 2013, one Dogecoin valued at $0.0002 (two ten-thousandths of a penny). By August 2021, you’ll have to pay a whopping $0.35 for the same token. Which has risen to become the world’s seventh most popular cryptocurrency (by market cap). Indeed, the coin inspired by the “Shiba Inu” reached all-time highs in May 2021. It reached an astounding $0.7376 amid an extraordinary bull run partially fueled by none other than Elon Musk himself.
Is Doge on track to reach $1 in 2021?
In a nutshell, yes, that is entirely doable. However, to more accurately answer the question, we need to delve into some specifics. This is to see whether or not this is a viable target or just another crypto pipedream that will never materialize.
While $1 is as arbitrary a number as any other, investors view these round figures as significant milestones/psychological pricing thresholds.
Considering Dogecoin’s Price Drivers
Dogecoin’s market worth must reach $130 billion, roughly three times its current value to reach $1. The good news is that this amount is not implausible. Particularly if Bitcoin and the cryptocurrency industry as a whole continue on their current path for the remainder of the year.
Because the currency frequently connects with conjecture and excitement, its ability to reach $1 is contingent on various circumstances. To begin, one of Dogecoin’s primary strengths is its devoted (almost cult-like) community. Over the years, veterans of the Doge ecosystem have fought the dog meme currency’s corner against trolls, skeptics, and FUDsters alike, preaching the dog meme currency’s gospel. With all joking aside, Doge’s crypto community is critical to its success. If it is to reach $1 by the end of the year, it will require all of its unsung community heroes to contribute online.
Additionally, the floodgates for Doge completely opened when Elon Musk joined on the hype train and whipped his admirers into a frenzy by tweeting, “dogecoin might be my favorite cryptocurrency.” These public endorsements drew massive attention to Dogecoin. These lent it much-needed legitimacy, resulting in billions of fresh investments.
Finally, for Doge to reach $1, the public’s response to the idea must stay reasonable. Also, media coverage must be overwhelmingly positive. While many newspapers mock the notion that Dogecoin is merely a meme coin, the truth is that this type of publicity generates increased interest, curiosity, and intrigue in the digital currency, which results in increased investor participation.
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