Will Dogecoin reach $1?
DOGE has come close before. Two years ago, at the height of the Bitcoin bull run, Dogecoin hit an all-time high of $0.7316. However, there are reasons to believe that this was significantly overvalued in the market. Since then, Dogecoin has depreciated significantly, while Bitcoin hit a new all-time high this year.
To push the asset to $1, either another bull run or a new use for Dogecoin is needed. Regarding the former, many analysts say that a bull run is imminent due to Bitcoin completing its fourth quadrennial halving.
The halving is a predetermined software update that takes place on April 20th and cuts the mining reward in half. Since this has caused a bottleneck in the number of Bitcoins entering the market, a new bull run may occur in the coming months. Others believe that this halving has been fully anticipated by the market.
In terms of the underlying technology, Dogecoin is quite old. Like Bitcoin, it uses a proof-of-work consensus mechanism, where miners with the most computing and power resources mine the most DOGE. Due to the smart contract limitations of Dogecoin, it cannot truly boast an ecosystem.
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