Who thought that a meme cryptocurrency would be worth more than 30 cents one day? Well, it did, and now the next target is $1. But we cannot be sure that whether the price of Dogecoin will actually rise to that level. But since Doge day is coming, the hopes are high, and maybe the Dogearmy could take control of the market once again and propel the price beyond $1. Investors are very positive regarding the event, and maybe we can witness history in the making as the coin pushes upward. So, will Dogecoin reach $1?
— The Doge Movement (@TheDogeMovement) April 14, 2021
An argument in favor of Dogecoin!
Even though the fundamentals of the coin are weak, Dogecoin is a serious contender when we consider the future of cryptocurrencies. Since it is based on a meme, it has garnered a lot more attention than any other coin could this fast. In fact, no one would have expected it to reach over 45 cents this fast. If we go by pure analysis, then the price of Dogecoin will take a long time to reach $1. But considering the fact that analysis doesn’t work everywhere, it is safe to say that there is a good chance for this rally on Doge day.
Will Dogecoin reach $1? It is difficult to answer, but one cannot straight away say no. The kind of attraction it is receiving from investors and famous personalities has made Dogecoin an important of any crypto portfolio. If the currency just had a limited number of tokens like Bitcoin, then we would have really seen what a pure bullish rally looks like. But yeah, even after the unlimited supply, the currency has managed to give solid returns from the beginning of 2021. It’s up almost 8000% in under 4 months. This means if someone invested $500 at the beginning of 2021, they would have $40,000 now.
This change is good enough for anyone to consider it as an addition to their portfolio. Even though I am not an investor in Dogecoin, I do think that the price can push to $1. The Dogecoin army is really strong, and the kind of influence social media and personalities have on the coin I am really bullish about it.
What are your thoughts on the current price of Dogecoin, and do you think it can reach $1? And have you invested in it? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: How to buy Dogecoin in India?