The Dogecoin (originally a memecoin) has made significant progress since its launch a decade ago. According to CoinGecko’s statistics, Dogecoin has risen by about 141,000% since its lowest point in 2015. However, this has not stopped fans and investors of Dogecoin from pursuing higher prices, especially the $1 mark.
Reaching $1 for DOGE is no easy feat. It would require a surge of about 733% from the current level. Let’s take a look at three things that could help DOGE achieve the $1 target.
Three factors that could push Dogecoin to $1
Acceptance by X:
Elon Musk, not only one of the wealthiest people in the world but also one of the biggest supporters of DOGE, has seen his Tesla electric car company accept DOGE as a form of payment for its products. Musk has also mentioned that the company might enable DOGE payments for its cars in the future. Musk’s social media platform X is also set to introduce payment features, and many are hopeful that memecoin will be a part of it. If X enables Dogecoin payments, it could lead to a significant price increase.
Increased Adoption:
Adoption is key to driving up prices. If Musk’s X platform supports DOGE payments, there may be more people starting to use the original memecoin as a form of exchange. This would greatly help the asset’s price to break through its barriers. As the first memecoin, DOGE already has a first-mover advantage. Millions of people globally are already familiar with the asset’s logo, making it easy to promote the project.
Market Sentiment/Bull Market:
Positive market conditions will also help Dogecoin reach new highs. If we enter another bull market, similar to 2021, we might see Dogecoin reaching historic highs.
