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.
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.”
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).
