Dogecoin at $1? Top Trader believes it’s no longer just a meme

Dogecoin at $1?  Top Trader believes it's no longer just a meme

Prominent cryptocurrency trader KALEO has foretold Dogecoin (DOGE) reaching a value of one dollar is not merely speculative but a tangible possibility in the current market cycle.

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Prominent cryptocurrency trader KALEO has foretold Dogecoin (DOGE) reaching a value of one dollar is not merely speculative but a tangible possibility in the current market cycle.

Dogecoin, which is currently priced at $0.1678, has seen a notable 8.8% rise recently.

The price increase has sparked renewed interest and speculation about its potential to reach the much-coveted dollar milestone.

Dogecoin’s Volatile Journey

Dogecoin’s trajectory skyrocketed in early 2021, driven largely by endorsements from high-profile celebrities and business moguls, including Elon Musk.

The meme coin approached the $1 mark, riding the wave of rumors on social media and investor optimism.

However, its rise came to an abrupt halt and saw a significant drop following Musk’s appearance on “Saturday Night Live,” where he jokingly referred to Dogecoin as a “hustle.”

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This event caused a sharp drop in its value and Dogecoin has yet to regain its 2021 peak.

DOGE is still 77% below its all-time high, according to data from CoinGecko.

Current market data

According to recent data from IntoTheBlock, Dogecoin exhibits a high price correlation with Bitcoin, standing at 0.95. This shows that Dogecoin market movements are significantly influenced by broader cryptocurrency trends.

The meme coin has witnessed substantial transactions exceeding $100,000, totaling $4.46 billion over the past week.

Additionally, Dogecoin activity on exchanges shows more inflows ($593.32 million) than outflows ($463.24 million).

Currently, 57.62% of Dogecoin addresses are “In the Money” (holding coins with profits), while 34.15% are “Out of the Money” (holding coins with losses).

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