The recent rise in the price of Dogecoin (DOGE) has once again put it among the world's top 10 cryptocurrencies, with some analysts predicting it could crash to $1.0 as soon as this month.
Dogecoin price was last trading around $0.168 per token and is up 10% over the past seven days, according to CoinMarketCap.
Over the past 30 days, Memecoin has risen an even more impressive 104%.
Dogecoin is not the only meme coin to see its price soar in the past few weeks.
Stocks like Shiba Inu (SHIB), Pepe (PEPE), Dogwifat (WIF), and Bonk (BONK) are up 200-800% in 30 days.
The sudden resurgence of meme coins comes as Bitcoin breaches new record highs above $70,000.
Bitcoin’s seemingly unstoppable influx into ETFs has fueled its rally, sparking significant risk-taking across crypto markets.
And meme coins, famous for their lack of practicality and purely speculative nature, are the riskiest of all cryptocurrencies.
Dogecoin price prediction – Possibility of $1 Doge this month?
Over the past few days, Dogecoin price has ranged between $0.155 and $0.185.
Bulls will take comfort in the fact that the market is holding up despite increased profit-taking.
In fact, Dogecoin's price risk remains tilted to the upside as Bitcoin remains firmly above $70,000 and looks set for further upside.
Some Bitcoin bulls are betting that Bitcoin can reach $100,000 before inflation halves next month.
Will Bitcoin collect another $30,000? Who knows how much Dogecoin will rise?
A $1 DOGE price may seem far-fetched, but a closer look at the numbers shows how possible it is.
Consider Bitcoin. If it reaches $100,000, its market cap will be close to $2 trillion.
By comparison, even if Dogecoin reached $1, it would mean its market cap would be “only” $143 billion. This is just 7% of Bitcoin's market cap of $100,000.
It is worth bearing in mind that Dogecoin reached $0.76 in 2021, with a market capitalization of $85 billion at the time.
It's also worth remembering that even among the memecoin hype, Dogecoin remains the undisputed king.
Not only is Dogecoin the first major meme coin, it also runs on its own autonomous blockchain.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could lose all your capital.
