Will DOGE reach $1 in this bull run?
Dogecoin’s ( DOGE$0.15 ) strong community may prevent the cryptocurrency from fading into obscurity as the number of memecoins entering the market continues to grow, but analysts are skeptical of traders’ hopes that it will reach a one-dollar price this cycle.
A price of one dollar would mean a 36% increase in Dogecoin from its all-time high of $0.73 in May 2021 and a 525% increase from today’s price of $0.16.
“DOGE is one of the most cyclical altcoins in the space,” anonymous trader Rekt Capital told Cointelegraph, adding that the growing popularity of other memecoins should not have a significant impact on investor sentiment toward the largest memecoin.
“The launch of other memecoins does not mean that DOGE will be affected,” Rekt added.
Pav Hundal, chief analyst at Australian cryptocurrency exchange Swyftx, was more skeptical, saying that while DOGE has a “huge user community,” any significant price increase could result in a significant sell-off by long-term holders.
