Dogecoin has once again surged in popularity and is now ranked as one of the top 10 cryptocurrencies in the world. With its recent upward momentum, some analysts are predicting that Dogecoin could reach $1 per token as early as this month.
Currently trading at around $0.168, Dogecoin’s price has increased by 10% in the last seven days, according to CoinMarketCap. Over the past 30 days, the meme coin has experienced an even more impressive growth of 104%.
Dogecoin is not the only meme coin that has seen its price skyrocket recently. Other meme coins like Shiba Inu, Pepe, dogwifhat, and Bonk have also recorded gains ranging from 200% to 800% in the last month.
This resurgence of meme coins coincides with Bitcoin’s surge to record highs above $70,000. As Bitcoin continues to attract attention and investment, it has prompted increased risk-taking in the crypto market.
However, meme coins are known for their lack of utility and are considered to be the riskiest of all cryptocurrencies due to their purely speculative nature.
Despite the risks, some experts argue that Dogecoin’s price could continue to rise. In recent days, Dogecoin has maintained a price range between $0.155 and $0.185, even in the face of profit-taking. With Bitcoin holding firmly above $70,000 and potentially reaching $100,000, there is optimism for Dogecoin’s upside potential.
Considering the market caps, if Bitcoin were to hit $100,000, its market cap would reach nearly $2 trillion. In comparison, if Dogecoin were to reach $1, its market cap would be around $143 billion, which is only 7% of Bitcoin’s potential market cap.
It is important to note that Dogecoin previously reached $0.76 in 2021, with a market cap of $85 billion at the time. Additionally, Dogecoin stands out among meme coins as it is the first and most well-known meme coin, operating on its own blockchain.
As with any cryptocurrency investment, it is crucial to remember that crypto assets carry a high level of risk. This article serves as informational content and should not be considered investment advice. Potential investors should be aware of the possibility of losing all of their capital.