A trader known in the cryptocurrency space by the nickname “DonAlt” has put forth a fresh take on the price action of the most popular meme cryptocurrency, Dogecoin (DOGE). Since the beginning of November, the price of DOGE has risen by nearly 140% to $0.40, a level not seen since the meme coin reached its peak value in November 2021.
Despite the shocking and in many ways “adequate” price action — Dogecoin prices have literally “skyrocketed” over the past three months — DonAlt believes the currency is looking good.
Moreover, according to professional traders, 'Dogecoin has the right to have a second leg,' where 'leg' in traders' slang refers to periods of vertical price growth.
If DOGE's price can indeed rely on a 'second wave' as predicted by traders, then a new all-time high for the most popular meme cryptocurrency may be just around the corner. Has DOGE reached $1? Currently, Dogecoin's price peaked at $0.74, which was reached in May 2021. To reach this level, this meme cryptocurrency now needs to rise by 89%. If the next price growth period is similar to what we saw in November, then such an outcome does not seem impossible.
The real question is whether Dogecoin can reach the coveted price of $1 per coin. Many believe this is impossible due to the so-called unit bias, which means there are a lot of zeros in the price of Dogecoin, implying that for it to reach $1 per coin, Dogecoin would have to become very expensive. Indeed, for example, DOGE currently has a market cap of $57.16 billion, and when it reaches $1, its value will be $146.86 billion. Is this possible for a meme coin?
