The original meme cryptocurrency Dogecoin (DOGE) has been plagued by problems, despite receiving high-profile support from multiple parties, but has failed to break out of its predicament, let alone reach the coveted $1 mark. The price of DOGE has been volatile, and many investors are waiting for it to rebound sharply. Despite its fame in the cryptocurrency market, it still cannot escape the fate of low prices. Although DOGE has been highly sought after on some social media, it has not brought any substantial price increase.
At press time, the meme coin is trading at $0.09531. DOGE has lost 4.26% in the past 24 hours. This means that the asset is close to the 1,000% milestone against the USD.
Elon Musk’s latest tweet has restored confidence in the market. The SpaceX CEO revealed that DOGE may be used to exchange Tesla-related goods.
The price of DOGE has not reacted strongly to this. Once Tesla adds Dogecoin, the price of the asset may rise significantly. But the real question is whether this will be enough to push the OG meme token to $1.
When will DOGE reach the $1 mark?
According to the latest data, getting DOGE to $1 seems to be a difficult task. About three years ago, the crypto asset hit an all-time high of $0.7376, which was the closest it ever came to the dollar milestone. However, as of now, DOGE is still a full 87% below this peak. Considering these data, getting DOGE to $1 seems almost impossible.
The rise of Dogecoin is really jaw-dropping! According to the latest data, Dogecoin is currently up more than 111115.16% from its low of $0.00008547, and has risen by a full 50% in the past year. Such a growth rate is simply unbelievable!
According to Changelly’s data analysis, Dogecoin (DOGE) is expected to reach the $1 level in 2029, especially in November. However, if Tesla CEO Musk brings DOGE back to the Tesla field, this goal may be achieved ahead of schedule.
Additionally, endorsements from other influential figures, increased adoption, and an overall market rally could boost the value of the OG meme cryptocurrency. But lack of utility could be a major issue facing the network. Certain merchants have been accepting the asset for payments. But when it comes to real-world use cases, DOGE has definitely been marginalized.
Although DOGE has not met the expectations of investors, it is still one of the focuses of attention in the cryptocurrency market. In the future, whether DOGE can make a comeback is worth waiting for. As the cryptocurrency market continues to develop and change, the fate of DOGE will also follow.
