The Dogecoin (DOGE) market has experienced several trials over the years. Despite garnering increased support from billionaire Elon Musk, DOGE failed to bring in massive gains for its investors. The asset’s lack of utility was a major shortcoming. The OG meme coin, however, remains within the top ten, as its market cap sits at $37.41 billion. Despite its rally during the last few months of 2024, DOGE struggled to hit $1. Is the asset looking forward to redeeming itself this month?
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Has Dogecoin Started Its Recovery Phase?
Following a rather bloody weekend, the OG meme coin was seen pocketing gains. The asset was trading at $0.2530 during the time of writing. This comes after a dainty rise of 1% over the past 24 hours. It should be noted that the meme coin also slipped to a low of $0.2426 earlier today.
In order to reach $1, the meme cryptocurrency will have to rise by a staggering 295%. Dogecoin hit an all-time high of $0.7376 about four years ago in 2021. The asset is currently trading 65% below this peak. It looks like DOGE will be able to surge to a high of $1 only if the overall market witnesses a major shift or if the US government adopts the asset.
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Price Prediction
Dogecoin investors could be looking at a bullish end to the month of February. According to data from CoinCodex, the OG meme coin will encounter a surge of nearly 130%. The asset is expected to trade at a high of $0.5839 on February 25. The asset will move beyond the 50-cent mark much before the aforementioned date. This potential uptick comes as a major respite for the meme coin and its investors.
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