Dogecoin (DOGE), the first major meme cryptocurrency that powers the decentralized layer-1 Dogecoin blockchain, hit eight-month highs above $0.095 on Tuesday, with sentiment rising on the news that Elon Musk’s X.AI company is set to raise $1 billion via an equity offering, as per a filing with the SEC.
X.AI is Musk’s new artificial intelligence start-up, which he announced earlier this year at the same time as he rebranded Twitter into X Corp.
Musk bought Twitter back in 2022 and has promised to turn the social media platform into an “everything app”, while he said he created X.AI to “understand the universe”.
Dogecoin is sensitive to news regarding Elon Musk, X and now seemingly his company X.AI because Musk has been a vocal supporter of the meme coin for more than two years, frequently tweeting about it, whilst also hinting that Dogecoin could play a role in powering future financial services on the X platform.
DOGE is also benefitting right now from strong sentiment in the broader crypto market, with Bitcoin hitting its highest levels since April 2022 on Tuesday above $44,000.
The cryptocurrency is already up over 12% this month and more than 60% versus October’s lows.
With Dogecoin technicals strong – DOGE has found consistent support at its 21DMA in recent weeks and broke above a long-term pennant structure in early November – and with sentiment in the broader market so strong amid optimism for near-term spot Bitcoin ETF approvals and for a dovish Fed policy pivot next year, it seems only a matter of time until Dogecoin hits $0.10.
Price predictions are likely to remain bullish but can Dogecoin rally all the way to $1.0 per token.
Can Dogecoin (DOGE) Hit $1.0?
Dogecoin currently has a market cap of around $13.4 billion.
Some would argue that’s way to much for a cryptocurrency that was originally designed as a joke, but sometimes Dogecoin’s critics miss the fact that 1) the cryptocurrency has a huge, avid base of highly engaged supporters and 2) unlike all other major meme coins, Dogecoin is its own independent layer-1 blockchain, rather than a token issued on the Ethereum or other blockchain.
Dogecoin is arguably very decentralized and whilst its blockchain has scaling issues (as does Bitcoin’s), the cryptocurrency stands a better chance of seeing real adoption than any other meme coins, in no part thanks to Elon Musk’s ongoing support.
So could it hit a price of $1 per token, more than 10x higher than current levels.
Given the current supply of around 142 billion tokens, that would imply a market cap of around $142 billion.
That’s a lot, but if Bitcoin is to hit a market cap of $10 trillion or higher to rival gold, as many expect, then there is no reason why Dogecoin couldn’t hit a market cap of above $100 billion, 100 times less.
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