DOGE coin is going to rise to 1 dollar, come and check out the analysis!
Want to know if DOGE coin can quickly soar to 1 dollar? We need to look at these key points:
What's the situation now
Currently, DOGE is selling for about 0.07 dollars each, with a total of 140 billion circulating in the market, making it worth a total of 9.8 billion dollars.
What needs to happen to reach 1 dollar
To get DOGE to sell for 1 dollar, its total market cap would need to be 140 billion dollars. This way, it could rank among the top three cryptocurrencies, surpassing BNB, XRP, and others.
What can help DOGE rise
First, DOGE has a huge fan base, including many influencers and celebrities cheering for it, like Elon Musk. This makes everyone quite interested in it. Secondly, if DOGE is used more for purchases, like Tesla accepting it, or more platforms adopting it, people will want it even more. Lastly, if the market is as hot as it was from the end of 2020 to the beginning of 2021, the price could skyrocket.
It's not easy to reach 1 dollar
However, getting DOGE to 1 dollar is not that simple. DOGE adds 5 billion more coins each year, which makes it easier for the price to drop. Additionally, there are many other cryptocurrencies with better technology competing for its share, which are more functional and have better prospects. Moreover, the price of DOGE is largely based on speculation, with nothing substantial proving it's worth 140 billion dollars.
Can it rise to 1 dollar soon
Although DOGE has risen significantly when the market was hot before, if we want it to reach 1 dollar in the short term, it would require: people to start using it in large amounts for purchases, or a significant reduction in the number of DOGE in circulation (for instance, if they are burned or rules change), or some major event to spark another wave of speculation.
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