The first meme coin, Dogecoin (DOGE), was once the most popular asset. Much of its popularity came from consistent endorsements from Elon Musk. Despite this, $1 seemed a massive task for the asset. The highest that DOGE has surged to is $0.7376.
While several have been exiting the meme coin market due to its lack of utility, slow price movements, and Musk’s failing effect, others were looking at long-term benefits.
Also Read: MEW and Popcat Surge: Meme Coins Defying Market Trends!
Dogecoin’s Recent Performance And Market Sentiment
The past 12 months have been eventful for the meme coin. DOGE has soared by nearly 80% during this time. The asset was trading at $0.1086 at press time, with a 1.43% increase over the past 24 hours. Dogecoin seemed to be performing reasonably well compared to the other assets in the market. DOGE witnessed a 7% spike in the previous week.
Market Sentiment
The market did not seem very confident about DOGE, either. According to data from CoinGlass, Dogecoin’s Long/Short Ratio was inclined toward the bearish side rather than the bullish. 52% were short bets, and only 47% were longs.
Also Read: Cardano: ADA Rallies 9%: Can It Hit $0.50 This Week?
Dogecoin Price Prediction
Despite the current bearish sentiment, a lot can change over the decade. It should be noted that DOGE is currently trading 85% below its all-time high. The asset must witness a 91,981.03% spike to hit $100. While it may seem unrealistic at the moment, DOGE fans are confident.
Future Price Predictions
According to Changelly, DOGE will be able to hit the $1 level only in 2029. In 2034, which is 10 years from now, Dogecoin will reportedly trade at around the $10 range. Changelly revealed that in 2023, DOGE will rise to a maximum price of $5.17.
Also Read: El Salvador: Only 1.1% of Remittances Involve Bitcoin & Cryptocurrency