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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U. Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Prominent cryptocurrency trader KALEO has predicted that Dogecoin (DOGE) reaching a dollar in value is not merely speculative but a tangible possibility in the current market cycle.
Dogecoin, currently priced at $0.1678, has seen a notable increase of 8.8% recently.
The price increase has sparked renewed interest and speculation about its potential to hit the much-coveted $1 milestone.
Dogecoin’s trajectory soared in early 2021, largely fueled by endorsements from high-profile celebrities and business magnates, including Elon Musk.
The meme coin approached the $1 mark, riding the wave of social media buzz and investor optimism.
However, its ascent was abruptly halted, and it experienced a significant downturn following Musk’s appearance on “Saturday Night Live,” where he jokingly referred to Dogecoin as a “hustle.”
This event triggered a sharp decline in its value, and Dogecoin is yet to reclaim its 2021 peak.
DOGE is still down 77% from its all-time high, according to CoinGecko data.
According to recent data from IntoTheBlock, Dogecoin exhibits a high price correlation with Bitcoin, standing at 0.95. This shows that Dogecoin’s market movements are significantly influenced by the broader cryptocurrency trends.
The meme coin has witnessed substantial transactions exceeding $100K, totaling $4.46 billion over the past week.
Furthermore, Dogecoin’s activity on exchanges shows more inflows ($593.32 million) compared to outflows ($463.24 million).
Currently, 57.62% of Dogecoin addresses are “In the Money” (holding coins at a profit), while 34.15% are “Out of the Money” (holding coins at a loss).