In the wake of the recent price surge of Dogecoin (DOGE), DOGE is once again among the top 10 cryptocurrencies in the world, with some analysts betting on the possibility of a drop to $1.0 as soon as this month.
Last trading at around $0.168 per token, Dogecoin price has risen 10% in the past seven days according to CoinMarketCap.
In the past 30 days, the meme coin has risen by an even more impressive 104%.
Dogecoin is not the only coin that has seen its price rise in the past few weeks.
Prices for the likes of Shiba Inu (SHIB), Pepe (PEPE), dogwifhat (WIF), and Bonk (BONK) are up 200-800% in 30 days.
The surprise return of memes comes as Bitcoin soars to new highs of over $70,000.
The seemingly unstoppable influx of Bitcoin ETFs into its rally has spurred significant risk-taking in the cryptocurrency market.
Known for their lack of interest and purely speculative nature, meme currencies are the riskiest of all cryptocurrencies.
Dogecoin Price Prediction – Could DOGE be worth $1 this month?
In the past few days, the price of Dogecoin has ranged between $0.155 and $0.185.
The bulls will take comfort in the fact that the market has held up in the face of high profit taking.
In fact, as Bitcoin holds above $70,000 and eyes another rally, Dogecoin price risks remain skewed to the upside.
Some Bitcoin bulls are betting that the cryptocurrency could reach $100,000 before inflation halves next month.
Will Bitcoin rise another $30,000, and who knows how much Dogecoin could rise.
A $1 DOGE price may seem far-fetched, but a closer look at the numbers shows how possible it is.
Take Bitcoin. If it reached $100,000, its market cap would be around $2 trillion.
In comparison, if Dogecoin reached $1, that would mean a market capitalization of “only” $143 billion. This represents barely 7% of Bitcoin's market cap of $100,000.
It should be noted that Dogecoin reached $0.76 in 2021, and its market capitalization at that time reached $85 billion.
It's also worth noting that amidst all the meme hype, Dogecoin remains the undisputed king.
Not only is it the first major memecoin, but Dogecoin also runs on a self-sufficient blockchain.
Disclaimer: Cryptocurrencies are a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
