Can Dogecoin (DOGE) counterattack towards $5?
Recently, Y Combinator CEO Garry Tan’s comments have further fueled speculation about Dogecoin’s rise. He mentioned that the future growth of Dogecoin is closely related to the potential behind it, especially the relationship with the government’s fiscal policy and money supply.
In addition, news that the Department of Government Efficiency (DOGE) led by Elon Musk is committed to reducing U.S. inflation has also attracted widespread market attention. Some people believe that Dogecoin may benefit from these policies and drive up the value of the currency.
Some analysts believe that the market demand for Dogecoin will increase as its cultural influence increases, especially as the frequency of use of payment methods increases.
Therefore, Dogecoin’s future upside potential is promising. An analyst at CryptoELITES suggested that Dogecoin could break through $0.75, $1.50, and possibly even achieve a $5 target price.
However, the current price of Dogecoin has experienced a large decline, falling 9% in a single day to $0.35, although the transaction volume has increased significantly. This frequent changing of hands has triggered market expectations for a rebound in Dogecoin. Nonetheless, the current crypto market as a whole is in a state of shock adjustment, and the future trend of Dogecoin will be affected by many factors, especially whether Musk can effectively control inflation in the United States through DOGE.
Overall, the future price of Dogecoin will depend on the general environment of the crypto market and changes in investor sentiment. In particular, the effect of Musk's policy implementation may be the decisive factor.
