Can Dogecoin Reach $1?
2021 was a breakout year for cryptocurrencies, with blockbuster returns across the board that sent the cumulative value of the sector beyond $2.9 trillion at its peak. But so far, 2022 has been the opposite, with that figure cut by more than half.
Controversial meme token Dogecoin (CRYPTO: DOGE) was among the best performers last year, clocking a 15,500% gain from its 2021 opening price to its all-time high of $0.74. But unfortunately for investors who bought in near the top, Dogecoin has lost 88% of its value, and trades at $0.08 as of this writing.
Elon Musk, the CEO of electric vehicle giant Tesla, sparked Dogecoin's initial surge by accepting it as payment for company merchandise. Now, he says his space exploration company, SpaceX, will also begin accepting the token soon. So, what really stands in the way of Dogecoin revisiting its all-time high, or even reaching $1?
Source Fool.com
