Dogecoin Soars Nearly 200%, Can DOGE Break the $1 Mark?
Dogecoin has risen nearly 200% in the past 30 days, with a trading price of $0.38 on Thursday. Elon Musk's close relationship with elected President Donald Trump has propelled this meme coin up the rankings.
Trump has showcased a friendly relationship with the cryptocurrency market by considering the appointment of key figures with backgrounds in blockchain technology. Investors believe that Musk's close relationship with Trump may allow Dogecoin to soar in the rankings.
A massive bull market has driven Dogecoin to a peak of $0.42 on November 13, 2024. It is still a long way from achieving its goal of $1. Thousands of investors are buying this meme coin in hopes of breaking the $1 milestone.
When this happens, traders will reap huge profits, including doubling or tripling their portfolios. In this article, we will focus on when Dogecoin might reach the $1 tentative timeline.
Leading on-chain metrics and price prediction company CoinCodex paints an optimistic picture for Dogecoin. According to price predictions, Dogecoin will reach the $1 mark, but not in the short term. Investors who hold Dogecoin for nearly five years may see their portfolios expand as Dogecoin breaks the $1 mark.
The latest price predictions indicate that Dogecoin could reach $1 by early 2029. With five years left from today, it is considered a long-term hold. Additionally, its price will need to rise nearly 245% to reach the price target. Therefore, if the predictions are accurate, a $10,000 investment today could turn into $34,500.
"The 2029 predictions indicate that DOGE will experience significant growth, with an expected range of $0.73 to $1.3. Investors might anticipate a potential return on investment of 245%, aligning with this year's bullish outlook," the prediction states.
