As long as the whole cryptocurrency market is still in a bullish state, Dogecoin (DOGE) may “run” all the way to the $1 level, according to DonAlt, a pseudonymous cryptocurrency trader with over half a million followers on the X social media network.
Since its initial appearance in 2013, the O.G. meme cryptocurrency has maintained its position in the top 10.
DOGE is worth an astounding $20.3 billion as of this writing. As a result, it is worth more than Suzuki Motors, one of the major automakers in Japan, and Nippon Steel, the country’s biggest steel manufacturer.
The top meme cryptocurrency has significantly outperformed the other ten altcoins, rising by about 15% in the last day. After a remarkable 25% increase in just one week, it is now trading at $0.13 on the Binance platform.
The meme currency king is still down an astounding 81% from its career peak of $0.73, which was recorded back in May 2021, despite its remarkable performance. DOGE momentarily rose to the fourth-largest cryptocurrency by market capitalisation at that time.
However, just 12% of Dogecoin owners are underwater, according statistics from cryptocurrency analytics company IntoTheBlock.
According to DonAlt, Dogecoin is now prepared to start barking at the moon once more, and this cycle might see the pipe dream of hitting $1 come true.
The trader claims that Dogecoin’s primary edge over certain competing initiatives is still the fact that the general public is aware of it.
“You need to push something high-profile that they have heard of previously if you really want to get this cycle going while drawing in normies. “DoGE is the most well-known cryptocurrency meme,” he tweeted earlier this week. “Memes have been meta.”
