Can Dogecoin DOGE break through the $1 mark in this cycle?

Dogecoin, this interesting and controversial cryptocurrency, has always occupied an important position in the meme coin market. Its strong community seems to be a solid line of defense for it, allowing it to always maintain its presence in this magnificent ocean of cryptocurrencies. However, analysts are skeptical about whether Dogecoin can reach a price of $1 in this cycle.

$1, this number means that Dogecoin will surpass its historical high in May 2021 and make a leap. However, this also means that it needs to rise more than 5 times from the current $0.16, which is undoubtedly a huge challenge.

Recently, Dogecoin's performance has not been satisfactory. According to CoinMarketCap data, its increase is significantly lower than other large-cap meme coins in the same period. And those meme coins that followed closely, such as PEPE, Shiba Inu and WIF, have shown strong upward momentum. This can't help but make people worry about the prospects of Dogecoin.

Some traders said that Dogecoin is one of the most cyclical altcoins in the field. However, as more and more meme coins enter the market, whether the growing popularity of other currencies will have an impact on Dogecoin is a question that investors have to think about.

Analysts at the Australian Exchange are more pessimistic. He believes that although Dogecoin has a large user base, any sharp rise in price may trigger a wave of selling by long-term holders. Most of these holders bought Dogecoin in 2021 and are now facing paper losses. If these people choose to quickly take profits in this cycle, Dogecoin may face huge selling pressure.

In addition, the derivatives market for Dogecoin is also showing a shrinking trend. The number of open contracts has fallen sharply since early April, indicating that investors' confidence in Dogecoin is weakening.

Some people are optimistic about the prospects of Dogecoin. They believe that Dogecoin has a historical legacy and a predictable cycle, which may drive its price to $1 in this cycle. In addition, they also regard billionaire Elon Musk's social media posts as price catalysts, believing that he still maintains a strong interest in Dogecoin.

However, we must be aware that the cryptocurrency market is full of uncertainty and risks. Whether Dogecoin can reach $1 in this cycle still needs time to verify.

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