Is Dogecoin (DOGE) Destined to Hit Unit Price of $1 Over Time?

In the year 2021, as Bitcoin and Ethereum continued shocking the entire crypto-verse, the cryptocurrency that proved a wonder was Dogecoin (DOGE). Before the year 2021, DOGE was nothing but a meme coin, have no value to it until January 1, 2021.

It was January 1, 2021, when DOGE’s price was at $0.01 per DOGE for the first time. This is when DOGE literally went on a roller-coaster. However, DOGE’s ride didn’t begin until the end of January. From January 1 to January 27, DOGE’s price was stagnant at $0.01 DOGE.

Then on January 28, 2021, DOGE’s price experienced a 355.55% surge and it went all the way up to $0.03 per DOGE. From that point onwards, DOGE’s price continued fluctuating between a figure of $0.04 and $0.08 until April 12, 2021.

The TradingView graph then shows a parabolic movement for DOGE as its price skyrocketed and by the end of April, DOGE was $0.30 per DOGE.

This was the army when the DOGE army came into action, backed by the richest man in the world “Elon Musk”. Elon Musk continued providing his indirect support to DOGE through his tweets on Twitter. Every single hint he dropped over DOGE through his Twitter account earned DOGE value and rallies.

The support from Musk continued growing for DOGE and an asset that was once a meme coin soon became the top choice for all major corporations. Several companies and e-commerce platforms announced that they were going to adopt DOGE.

This helped DOGE hit an all-time high price of $0.738 per DOGE on May 8, 2021. That is when Musk decided to withdraw his support for DOGE and his interest shifted to SHIBA INU (SHIB).

Soon after Elon Musk’s shift, the entire crypto-community started moving to SHIB and the price of DOGE started dropping. As a result, from May 8, 2021, to July 20, 2021, DOGE’s price came down from an all-time high of $0.738 per DOGE to (then) an all-time low of $0.161 per DOGE. This meant that DOGE lost 459% of its value in a matter of 77-days.

The data from TradingView and CoinMarketCap shows that from July 20, 2021, to November 15, 2021, DOGE’s price grew by 163%. Since then, DOGE has experienced a plunge of 123% until November 28, 2021.

According to analysts, this plunge was expected as DOGE was also going to experience a downtrend alongside the rest of the crypto-verse. As of now, the entire cryptocurrency industry is experiencing a small-time bearish trend.

The data from CoinMarketCap shows that DOGE will be looking at a high growth rate starting 2022. Given the number of investments and participation from the mainstream sector, DOGE is expected to hit $1 per DOGE by the end of the first quarter of 2022.