In 2021, Dogecoin (DOGE) pulled off one of the most impressive bull stories in crypto history, gaining over +12,000% between the start of the year and its May all-time high peak of $0.738. At the time, many investors were eagerly asking themselves if Dogecoin will reach $1. While DOGE failed to reach the $1 price level in 2021, it looks very likely that the crypto community's favorite meme coin will have another shot in 2024 or early 2025.
The history of meme coins started with Dogecoin. When cryptocurrencies were just entering popular consciousness, Billy Markus and Jackson Palmer decided to make a parody of Bitcoin (BTC), a token that would show that cryptocurrencies don’t have to be taken so seriously. What started as a joke in December 2013 has grown to become one of the top ten cryptocurrencies in the world, and reached a market cap as high as $75 billion. Dogecoin has also served as an inspiration for thousands of other meme coins.
Key highlights:
$1 is a realistic price target for Dogecoin.
DOGE came close to reaching this price level in 2021, when the coin's price peaked at $0.73
The biggest ace up Dogecoin's sleeve is billionaire entrepreneur Elon Musk, who says DOGE is his favorite cryptocurrency.
Musk is one of the most prominent supporters of U.S. president-elect Donald Trump, and DOGE saw significant positive momentum after Trump won the election in November 2024.
If the positive cryptocurrency market momentum continues, we could very well see DOGE hit $1 in this bull market.
Will Dogecoin reach $1?
There is a possibility for the price of Dogecoin to reach $1 if the previous market performance is anything to judge by. Before 2021, Dogecoin was a notable cryptocurrency but failed to reach the valuations achieved by its more serious counterparts such as Bitcoin, Ethereum, XRP and Cardano. As of December 2020, DOGE was worth $0.003 and commanded a market capitalization of roughly $370 million. In the span of just one year, it became one of the ten largest crypto projects and peaked at a market cap over $75 billion.
Suddenly, millions of new investors were looking to buy Dogecoin in hopes of future price increases. It is fair to say, that after the massive bull run, Dogecoin became one of the most popular cryptos in the world, and was started being mentioned in conversations alongside the likes of Bitcoin and Ethereum.
In late 2024, we're seeing another resurgence for Dogecoin following the presidential elections in the United States. Since Donald Trump firmly positioned himself as a pro-crypto candidate, his victory has had an extremely positive impact on the cryptocurrency market, with Bitcoin surging to new all-time highs and many altcoins displaying strong gains as well.
Dogecoin was certainly one of the altcoins that benefited from this positive sentiment, as it hit its highest price levels since June 2021. The reason why Trump's victory is especially bullish for Dogecoin is that Elon Musk, who is the most famous advocate for Dogecoin, is also a prominent Trump supporter.
In fact, Musk has suggested that Trump should establish the Department of Government Efficiency, which can be shortened to DOGE. Although it's very unlikely that the department itself would have anything to do with Dogecoin, the nod to the cryptocurrency was certainly received positively in the market.
Elon Musk has supported Dogecoin on numerous occasions, and went as far as saying that DOGE is his favorite crypto. Given his enormous influence and continued support for Dogecoin, the dog-themed meme coin certainly seems to be well-positioned in the current bull market and a $1 price tag is not out of the question.
Now, let's also take a look at some of the other key factors that could lead Dogecoin above the $1 price level.
Potential Integration on Twitter
Dogecoin saw its price rise by about 100% last month after Elon Musk acquired Twitter, with the speculation growing that he would integrate the currency into the platform. The excellent price performance continued until the report that Twitter had discontinued its crypto wallet project. This shows the impact that a Twitter integration could have on DOGE price. This is especially important because DOGE has little utility presently, and more utility will likely increase its chance of growing up to $1.
Strong Community
Dogecoin has had a robust community behind it since its early days. Since its early days, the community has been vibrant and responsible for several amazing things. This includes sponsoring the Jamaican Bobsled team to the Olympics, building new wells in Kenya, and sponsoring a car at NASCAR.
Move to Proof-of-Stake
Ethereum co-founder Vitalik Buterin confirmed that Dogecoin would be moving from proof-of-work to proof-of-stake some months ago. Such a transition could further increase Dogecoin’s appeal, especially among eco-friendly crypto participants. That could also drive its price.
When will Dogecoin reach $1?
While there's a good chance that Dogecoin will eventually reach $1, it's unclear when we can expect it to happen. Let's quickly consult the algorithmic Dogecoin price prediction on CoinCodex for some ideas.
As we can see, the Dogecoin price prediction on CoinCodex is currently forecasting that DOGE will reach $1 in early 2025 following a powerful rally in January and February. According to the forecast, the peak of the rally is expected to be followed with a sharp price correction that would culminate in DOGE eventually stabilizing around the $0.50 level.
So, will Dogecoin ever reach $1?
With the current bullish conditions in the crypto markets and Elon Musk's continued support of Dogecoin, we think that DOGE has a very realistic shot of hitting the $1 price level in this bull market. However, it's important to be careful – the cryptocurrency markets are known to be extremely volatile, and this is especially true for meme coins like Dogecoins which don't have much underlying utility.
If you're also interested in exploring other opportunities in the crypto markets, make sure to check out our list of the best crypto to buy now.
