Dogecoin is currently experiencing a mixed faze, with the asset trading at just over $0.16 at press time. However, many experts are bullish on DOGE, seeing its current rally over the past two weeks as a sign of an incoming surge. According to some predictions, Dogecoin is prone to hit $1, thanks to previous rally history and current metrics.
The pre-programming for DOGE hitting $1 comes from both current whale accumulation as well as a study of past DOGE surges. Both of these factors share one thing in common: trading volume. In many cases, bullish sentiment by whales creates a jump in trading volume as an asset gains popularity, thus raising the price of said asset. Dogecoin is no exception, witnessing big pumps in the past with these factors all working together.
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Will Dogecoin Whales Drive DOGE to $1?
In terms of how much DOGE the whales hold, the number of addresses holding DOGE tokens between 100 million and 1 billion has increased. These whales have accumulated over 200 million DOGE since May 30. Furthermore, they currently hold DOGE worth over $31 billion, which indicates a significant share of the tokens in circulation. While this hasn’t sparked the incoming surge by itself, it is a sign that the Dogecoin pumping is imminent.
The historical price action of a DOGE price rally suggests the token is heading towards new all-time highs. This climb will be slow; however, it is consistent. If the asset is able to climb a few hurdles in June and continue its surge, the past to $1 will certainly reveal itself. However, that is a steep climb that likely won’t be achieved until 2025 or the end of 2024 at the earliest.
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With the meme coin market facing an intense faceoff as new meme coins continue to gain momentum, DOGE may have to encounter a few hurdles before it amps up its price level. However, the asset hasn’t been the top meme-coin on the market for the past decade for little reason. It has a feverish community of supporters backing it and has a history of being a top-10 cryptocurrency asset consistently. Its $23.23B market cap ranks it 8th amongst all digital assets.