Dogecoin Trade Volume Races past Shiba Inu & Pepe Coin, $1 soon?

Paigambar Mohan Raj
Dogecoin: Can DOGE Reach $0.50 in 2023?
Source: Forbes

Dogecoin (DOGE), the original memecoin, has seen a surge in its transaction volume. Most of the activity originated from large wallets, aka whales. DOGE’s transaction volume left that of Shiba Inu (SHIB) and Pepe Coin (PEPE) in the dust. The recent spike in volume and price comes as a sigh of relief for DOGE fans and investors as the asset was stagnant for the better part of two months.

On May 28, DOGE whale activity increased the volume of large transactions to $1.06 billion, boosting DOGE holders’ sentiment. Shiba Inu and PEPE, which emerged as DOGE’s main rivals in April and May, have seen a fall in on-chain activity.

Furthermore, according to IntoTheBlock, 50% of Dogecoin (DOGE) holders are in profit. However, 46% of holders are still on losses, while 4% have broken even. IntoTheBlock data also showed that people in profits have increased by 4.24%, while network growth has decreased by 0.16%.

Will Dogecoin (DOGE) reach $1?

From its current levels, reaching $1 would mean a growth of 1263.83%. Now, although this number is large, it is not something that has not been achieved before. On April 13, 2021, DOGE was trading at $0.071024, very close to its current price. But, on May 8, about 4 weeks later, it reached its all-time high of $0.731578, which, however, is far below the $1 mark. Nonetheless, DOGE still has the potential to reach its $1 target.

That being said, there is not much happening that could propel the original memecoin to new highs. In fact, even Elon Musk, the most influential Dogecoin (DOGE) supporter has said that one should not bet all their money on the dog-themed crypto. However, Musk has expressed interest in accepting DOGE on Twitter’s highly anticipated payments feature. But we do not have any confirmation on the same. If DOGE is accepted on Twitter, it would seem likely that DOGE could hit $1. However, other than that, there isn’t much to propel the asset. At press time, DOGE was trading at $0.073323, up by 1% in the last 24 hours.