Dogecoin is currently mixed, with the asset trading just above $0.16 at press time. However, many experts are optimistic about Dogecoin, believing that the rally in the past two weeks is indicative of an upcoming surge. According to some predictions, Dogecoin is likely to reach $1 due to the previous rally history and current indicators.
The pre-programming of DOGE reaching $1 comes both from the current whale accumulation and from the study of past DOGE surges. These two factors have one thing in common: trading volume. In many cases, as an asset becomes more popular, the bullish sentiment of whales leads to a surge in trading volume, which in turn increases the price of that asset. Dogecoin is no exception, and in the past, these factors have worked together to witness massive surges.
Will Dogecoin Whales Push DOGE to $1?
Looking at the amount of DOGE held by whales, there has been an increase in the number of addresses holding between 100 million and 1 billion DOGE tokens. Since May 30, these whales have accumulated more than 200 million DOGE. Furthermore, they currently hold over $31 billion worth of DOGE, which indicates a significant percentage of the tokens in circulation. While this in itself does not trigger an upcoming surge, it suggests that a surge in Dogecoin is imminent.
The historical price action of DOGE’s rising price suggests that the coin is on its way to new all-time highs. This climb will be slow; however, it is consistent. If the asset is able to break through several barriers in June and continue to surge, then past prices of $1 will certainly be in sight. However, this is a steep climb that may not be achieved until late 2025 or 2024 at the earliest.
With new meme coins constantly emerging and the meme coin market facing stiff competition, DOGE may need to overcome some hurdles to increase its price levels. However, the asset has not been the hottest meme coin in the market over the past decade for unknown reasons. It has a passionate community of supporters and has consistently ranked among the top ten crypto assets. Its market cap of $23.23 billion ranks eighth among all digital assets.
