The meme cryptocurrency Dogecoin (DOGE) has been on the market for quite some time. The growth of this asset has been at two extremes. While DOGE moved slowly during certain years, the past 12 months have been particularly bullish for this meme coin.
This asset reached a notable high of 0.4775 dollars earlier this month. While the community awaits DOGE to surge, some are currently investing with the hope that this asset will reach new highs.
Can Dogecoin reach 0.5 USD soon?
In the past month, Dogecoin has increased significantly by 219%. At the time of this report, DOGE is trading at 0.4302 dollars after rising nearly 2% in the last 24 hours. In this context, the daily trading volume of Dogecoin has decreased. The 24-hour trading volume of this asset is 10.65 billion dollars.
This asset is expected to reach 0.50 dollars sooner than anticipated. This meme coin reached an all-time high of 0.7376 dollars about four years ago in 2021. Currently, DOGE is 41% lower than this level. Although it seems far from reaching the current price, DOGE has seen a significant surge in recent days. Therefore, it would not be surprising if this asset achieves new highs.
Looking at potential profits
At the time of writing, a 100 dollar investment in Dogecoin would buy 232.56 DOGE at the current price. If Dogecoin can recover to its all-time high, a 100 dollar investment today would be worth 171.51 dollars. While this may not seem like much, it is significant for some investors who have poured more money into this meme coin.
Additionally, it is worth noting that the community sentiment on CoinMarketCap shows that the majority of Dogecoin investors are optimistic about this asset. About 87% are optimistic about the potential price increase of DOGE in the coming days. Only 13% of the community is uncertain about the upcoming price surge of this meme coin.