The last few days have seen many positive developments in the crypto ecosystem, from the United Kingdom’s acceptance of cryptocurrencies to Elon Musk’s planned acquisition of Twitter. The price of cryptocurrencies will always go up when these things come together. DOGE was one of the best-performing cryptocurrencies, and with a new Twitter board of directors, its use and value may increase. However, will the price of Dogecoin increase to $1? In this piece, we’ll take a look at whether or not Dogecoin can become worth $1.
Can We Expect Dogecoin to Reach $1? – DOGE Price Forecast
Dogecoin was the first meme-based cryptocurrency that was made to work as a decentralized currency. It came out to the public in 2013. After being in the background for a long time, the DOGE concept finally gained the attention of cryptocurrency investors during the 2020 price spike. Dogecoin’s value skyrocketed when prominent figures like Mark Cuban and Elon Musk, CEO of Tesla, started tweeting often about it.
Just before Musk made his live TV appearance, the price of Dogecoin shot up to $0.75. He publicly endorsed DOGE. Still, many market gamblers profited from the surge. However, after that point, DOGE plummeted due to heavy short selling. The meme coin’s market has been in freefall since the fourth quarter of 2021. Therefore, the years that followed were not good. However, things are looking up for the crypto sector at the moment.
A week after Musk’s acquisition of Twitter, DOGE prices increased by more than 75%, reaching their current level of $0.1044. For Dogecoin to hit $1, the cryptocurrency industry as a whole will need to start rising again.
In all likelihood, prices won’t drop below $1 until early 2025 or even 2026.
Dogecoin investors should prepare to wait a very long time until their investment returns to its prior highs. As a result, many traders have shifted their attention to lesser-known cryptocurrencies that have lately outperformed the market, with presale tokens in particular showing strong returns.
Listed below are potential alternatives to Dogecoin that might hit $1 before the cryptocurrency does:
- IMPT
- TAMA
- MANA
- ADA
- SHIB
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