With Dogecoin (DOGE) currently holding the top spot as the leading meme cryptocurrency in market capitalization, the community remains focused on its price trajectory, with the ambitious goal of reaching the $1 mark.
The likelihood of DOGE achieving this milestone remains a subject of speculation, considering the token’s tendency to follow the broader crypto market regarding trading patterns. Moreover, the challenge of reaching $1 is compounded by the absence of significant fundamentals compared to assets such as Bitcoin (BTC).
Seeking insights into the potential timeline for Dogecoin hitting $1, Finbold turned to the artificial intelligence (AI) tool Google Bard.
Dogecoin Google Bard outlook. Source: Google Bard
Dogecoin key fundamentals
In the meantime, DOGE’s price trajectory hopes to be influenced by recent fundamentals that saw the coin rally to historic levels in 2021. Notably, the support from Tesla (NASDAQ: TSLA) CEO Elon Musk remains crucial.
Musk remains bullish on Dogecoin, speculating that the meme coin will likely find use cases on the upcoming X (formerly Twitter) payment system.
At the same time, the DOGE community remains on edge regarding the next price trajectory, with the coin witnessing significant whale transactions. Specifically, on January 16, a whale transferred 990 million DOGE from an unknown wallet to another unknown wallet.
In this scenario, speculations are rife that the transfer might signal an upcoming dump.
? ? ? ? 990,000,000 #DOGE (79,757,842 USD) transferred from unknown wallet to unknown wallethttps://t.co/Jtf8HzANTK
— Whale Alert (@whale_alert) January 16, 2024DOGE price analysis
By press time, DOGE was valued at $0.08, experiencing daily losses of over 1%. However, the coin is up by 2% on the weekly chart.
Dogecoin seven-day price chart. Source: Finbold
Notably, for DOGE to reach $1, it would require a price increase of $0.92 or 1150% from its current valuation of $0.08. In its journey towards the $1 mark, the coin needs to reclaim its previous all-time high of $0.73, witnessed in May 2021. This implies that DOGE is currently $0.65 or 812.5% away from its last record high.
In conclusion, attention remains focused on DOGE and whether the coin will avoid further short-term drops even as the market seeks to stabilize amid a bearish trend.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
