Dogecoin has “historical heritage” but whether it hits a one-dollar price target is still a risky bet.
With the rising number of memecoins entering the market, Dogecoin’s (DOGE) strong community could keep the cryptocurrency from fading into obscurity, but analysts are skeptical of traders’ hopes that it could reach a price of one-dollar this cycle.
A one-dollar price tag would represent a 36% increase from Dogecoin’s May 2021 all-time high of $0.73 and a 525% increase from today’s price of $0.16.
Over the last week, DOGE posted a 2.58% gain — significantly less growth when compared to other large-cap memecoins within the same timeframe, per CoinMarketCap data.