can it really reach $1?

Updated on 02 November 2022 at 13:37.

After a rise of more than 130% in the last few days, DOGE crypto is regaining power and reviving its community. Driven by the ambitions of a certain Elon Musk, token is becoming more established in the crypto universe and is gradually breaking away from its meme tag. corner useless.

With an openly declared objective to reach the symbolic threshold of dollar american, DOGE will he really be able to fulfill the dream of his fans?

DOGE crypto: from crypto joke to hard cap

of blockchain Dogecoin is none other than the great-grandson of Bitcoin. Actually, it is one forked of Luckycoin, itself derived from a forked e Litecoinhimself forked e Bitcoin.

of DOGE crypto was born from a joke intended to mock the explosion of altcoins tall bull December 2013 execution.

However, within a few months, DOGE has taken a degree that even its founder, Jack Palmerdid not foresee it.

Indeed, a large community has formed around the project and embraced Palmer’s message. Social networks that help, mark that could have been taken for a shitcoin has finally reached new heights.

Nine years later, DOGE is still part of the crypto horizon.

Nowadays, Dogecoin is also included in Top 10 Biggest Hats crypto with a market cap of 17.7 billion e dollars. Now it surpasses it Cardano AND Solana and BUSD trails, the stable currency e Binance.

At the end of October 2022, mark at the head of Shiba experienced a big explosion.

While the market for cryptocurrencies is consolidating DOGE without its value increases by more than 130%. Its value was wiped out in a few hours 5 months down.

Since the beginning of September, the price of mark hovered around $0.06. Within days, it doubled to reach $0.158 at its peak.

DOGE Crypto Explodes 120%
of DOGE exploded by 120% in late October

Even if we stay far away from it ATH at $0.73995 May 2021, this strong upward push is indicative ofor mark fiery which has sufficient resources to benefit from an almost total commitment of its community.

However, this durability is not only due to strong popularity. of mark has strong allies.

What are the DOGE crypto supports?

Elon Musk, “Father DOGE”

The American billionaire and CEO of Tesla, among others, is undoubtedly one of the most influential people in Dogecoin.

Fascinated by cryptocurrencieshe was initially passionate about Bitcoin which he bought for 1.5 billion dollars through Tesla. Then comes the turn of DOGE crypto to be done of mark contractor fetish.

In 2019, he begins to I tweet joke about this meme corner.

With the help of a strong community following him, the matter becomes more and more serious when he begins to extol the merits of DOGE. He then suggests it Tesla accepts payment at Dogecoin the end of 2021.

Since then, all of Elon Musk’s releases, even those unrelated to crypto, have caused the price to react. mark one way or the other. So much so that the community calls it ” DogeFather » (« Father of Doge“).

Twitter, Musk’s new acquisition

These reactions mark are even more important since the CEO of Space X decided to buy the famous social network I tweet.

To point out

This purchase was made possible thanks to the intervention of Binance and its CEO who participated up to 1% in this purchase of I tweet by Elon Musk.

In an effort to do I tweetfree speech platform“, Elon Musk wants to solve the censorship on the platform and explore the full potential of the social network.

Acquiring I tweetthis is how Elon Musk collaborates Dogecoin and platforms a shared fate. The billionaire has also hypothesized to pay a subscription to I tweet with possible payment in DOGE.

In this way, DOGE crypto is done unknowingly or cryptocurrency connected to a social network. On his side, I tweet it should become a technology-focused platform blockchain AND Web3 very quickly.

Elon Musk has already announced a new feature in the I tweet : that ofExcHAnGE NFT.

Among social networks, Reddit is also a strong support for it mark with a dog’s head.

Indeed, the platform also brings together a large community of fans of this sign. Many of them are convinced that one day they will see it mark reach $1 as the project is close to their hearts.

Can Dogecoin Really Hit the Dollar Threshold?

Faced with this media strategy, we often forget to talk about the background Dogecoin : its structure.

As previously mentioned, Dogecoin is a descendant of Bitcoin and therefore evolves or consensus e Proof of Work (PoW).

However, it has improvements compared to its predecessor.

In effect, Dogecoin processed faster approx 30 GST and creating a block every minute.

On his side tokenomicsthings are also very different.

Where BTC accepts a supply maximum 21 million tokens, DOGE knows no boundaries supply. That’s why it is inflation around 3.9% in the year 2022.

This does not really play in favor of an increase in its value in the long term. On the contrary, not presenting a lack of symbol, this inflation tends to accept pressure drop in the course of mark.

The strong centralization of arguments is also a negative point for DOGE.

Indeed, according to BitInfoCharts, 50% of tokens in circulation are held by 10 addresses one of which owns 28%.

it high concentration of arguments suggests a potentially manipulable market by whales.

However, his real world use is a real plus for the sign.

Unlike most memes corners who have only one goal speculative, DOGE tends to develop a genuine interest for its owners.

Today, it is possible to pay for real products and services thanks to this mark. Therefore it is done helpful.

This clearly plays in his favor ENDURANCE and some ENDURANCE dog’s head sign.

Given all these elements, the answer to the question ” DOGE can reach crypto on the bar of dollar ? is far from obvious.

Indeed, from a community and media perspective, the answer might be “Yes.”

In theory, it is possible for the token to reach $1. Elon Musk’s escapades and his ambitions are up to the challenge. And we’ve seen it before, DOGE it is especially sensitivewhich generates a high volatility of his course.

However, some aspects show this this objective can be very difficult to achieve.

On the one hand, it is clear that if the token reaches $1, it will represent a perfect opportunity for investors and whales to unload arguments in order to recover their capital gains and make substantial profits.

Mechanically, this discharge would cause a violent fall of the value of mark.

On the other hand, to reach this threshold, the same thing corner must increase its market capitalization to 132 billion e dollars and pass third on the market podium.

This objective is relatively difficult to achieve, especially with a tokenomics like his.

Finally, the elasticity of DOGE it stands alone in large part thanks to its community and the buzz it provides. If Elon Musk were to change his tune, what would happen to him? DOGE ?

Market for cryptocurrencies however, it is full of surprises. DOGE crypto itself is one. Started as a simple joke 9 years ago, it has weathered storms where the strongest ecosystems have been wiped out. Anything can happen with this mark.

of cryptocurrencies represent an exciting universe full of possibilities. Some believe that the increase in DOGE marks the end of bear market. Thus, the markets will start to activate to start a new cycle. Join me training Crypto Rider and get ready to invest in crypto!

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