In case you haven’t already heard, today, Dogecoin reached a new all-time high price of nearly $0.60. That has left crypto investors around the world asking the very same question: what price will Dogecoin reach?
Will Dogecoin reach $1? Will Dogecoin reach $2? Will Dogecoin reach $100? In this article, we have tried to give you an idea of how high DOGE might go by investigating some key Dogecoin price targets.
Where can I buy Dogecoin: best places to invest in DOGE
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If investing in DOGE interests you, finding a reliable broker with low fees should be your priority. Thankfully, to save you some time, our team of financial analysts have been hard at work testing many platforms. The below options are our team’s best platforms to buy Dogecoin.
Skilling is one of the top places to buy Dogecoin. The platform’s clear interface and the variety of features on offer make it a strong DOGE investing option.
Having added Dogecoin to its supported coins yesterday, eToro has quickly become one of the best brokers to buy Dogecoin. If you are ready to invest in DOGE, signing up to eToro could be a smart move.
If you are looking for a reliable CFD broker with low fees and plenty of coins, Plus500 could be for you. It is one of the best platforms to invest in Dogecoin thanks to its reliability and ease of use.
Will price will Dogecoin reach?
This is a question that would make most value investors squirm. That is because trying to produce a trustworthy prediction for the future price of a meme crypto like Dogecoin is a difficult thing to accomplish.
However, that doesn’t mean we can’t look at the evidence and draw some conclusions. Before we delve any deeper, it is important you understand the primary drivers behind the value of Dogecoin.
The first driver is Dogecoin’s fundamental value as a unit of exchange, and it does have some. That is because its block time of 1 minute is significantly less than both Bitcoin and Ethereum, and it even processes transactions faster than Litecoin. For a meme crypto that was historically used for tipping content creators, this is rather impressive.
Then, we come onto the second key driver behind Dogecoin’s value: market sentiment. It is no secret that the CEO of Tesla, Elon Musk, is a major admirer of DOGE. The strength of his influence shouldn’t be doubted, and every time he has tweeted about Dogecoin, a new price barrier has been smashed.
In addition, the general mood around the crypto camp is incredibly bullish. Dogecoin has experienced huge trading volumes in recent days, along with significant coverage in the mainstream media. In part, this is why one of Europe’s largest brokers, eToro, began supporting the coin.
Now we have explained the main factors behind the price behaviour of DOGE, let’s look at some Dogecoin price targets.
Dogecoin price targets
Will Dogecoin reach $1?
So, will Dogecoin reach $1? Well, Musk is due to appear on Saturday Night Live on May 8th, and he has hinted that he will be discussing Dogecoin in some capacity. If this is the case, we really wouldn’t be surprised to see Dogecoin reach $1 such is the billionaire mogul’s following.
The short-term momentum behind DOGE is clear, so if you want to invest in Dogecoin, now could be an opportune moment.
Will Dogecoin reach $2?
This would be the next milestone figure for the altcoin. If Dogecoin manages to steam past $1, then it will have established some serious momentum, and reaching $2 would become a distinct possbility. $1 would be such a landmark moment for Dogecoin that we can see sentiment becoming ferociously bullish.
If Dogecoin reaches $2, investors who get in now will make nearly four times their money, making this a value proposition that is hard to ignore.
Will Dogecoin reach $10?
This is where things start to become a little more farfetched, though not impossible. If Dogecoin is to hit $10, the coin will need to demonstrate something it hasn’t yet: consistency. While sharp spikes in price are good trading opportunities for microcap altcoins, it is unlikely to result in long-term accretive growth.
For Dogecoin to accrue a market cap that would make it one of the world’s most valuable cryptos, it would need to attract long-term investors and sustainably build value over a longer period of time. The comedic nature of the project’s inception could create a sense of doubt in this regard, though its recent popularity is no joke.
Will Dogecoin reach $100?
If Dogecoin hits $100, its uncapped supply of (at present) 130 billion coins would make it the most valuable crypto by market cap. It would be a transformative moment for crypto, though some are not convinced a joke currency reigning supreme is a good look for the sector.
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For more on Dogecoin and similar cryptos, check out our latest crypto news on the Invezz website.
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