In wake of the Dogecoin (DOGE) price’s latest push higher, DOGE has once again become a top 10 crypto in the world, with some analysts betting that a melt-up to $1.0 is possible as soon as this month.
Last trading around $0.168 per token, the Dogecoin price is up 10% in the last seven days as per CoinMarketCap.
In the past 30 days, the meme coin is up an even more impressive 104%.
Dogecoin isn’t the only meme coin to have seen its price vault higher in the last few weeks.
The likes of Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF) and Bonk (BONK) are up between 200-800% in 30 days.
The sudden resurgence of meme coins comes as Bitcoin has broken out to fresh record highs above $70,000.
Bitcoin’s seemingly unstoppable ETF inflow fuelled run higher has catalyzed huge risk taking across the crypto market.
And meme coins, famous for their lack of utility and purely speculative nature, are the riskiest of all cryptos.
Dogecoin Price Prediction – $1 DOGE Possible This Month?
In the past few days, the Dogecoin price has been ranging between $0.155 and $0.185.
Bulls will take comfort from the fact that the market has held up in the face of elevated profit-taking.
Indeed, as Bitcoin holds firmly above $70,000 and eyes another push higher, Dogecoin price risks remain tilted to the upside.
Some Bitcoin bulls are betting the cryptocurrency can hit $100,000 before next month’s inflation rate halving.
Was Bitcoin to vault up another $30,000, who knows how much higher Dogecoin could rally.
A $1 DOGE price might seem farfetched, but a closer look at the numbers shows how possible it is.
Take Bitcoin. If it hits $100,000, its market cap will be nearly $2 trillion.
By comparison, if Dogecoin was to hit $1, that would mean a market cap of “only” $143 billion. That’s barely 7% of what Bitcoin’s market cap would be at $100,000.
It’s worth bearing in mind that Dogecoin hit $0.76 in 2021, its market cap at the time hitting $85 billion.
Its also worth remembering that, amid all the meme coin hype, Dogecoin remains the undisputed king.
Not only is it the first major meme coin, but Dogecoin is also runs on its own self-sufficient blockchain.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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