Can Dogecoin Reach $1?
Since its launch in 2013, Dogecoin (CRYPTO: DOGE) mostly flew under the radar for several years. Then the meme-stock craze of early 2021, which lifted struggling enterprises like GameStop and AMC Entertainment to new heights, also propelled the dog-inspired crypto. The price of Doge skyrocketed 12,000% through early May last year, making some lucky and bold people rich fast.
However, Doge has come crashing down over the past 12 months. It currently has a market cap of $18.3 billion (as of April 28), good for 11th place in the crypto rankings. And the price of one Doge token is now just under $0.14. While speculators might be hoping for another trip to the moon, I think it's best to temper expectations going forward.
Here's why Dogecoin reaching $1 per token is an unlikely scenario.
Source Fool.com
