The cryptocurrency market is still characterized by major uncertainty and volatility, as it has a long way to go to reach the mainstream. But that hasn't prevented speculators from trying their luck in the space, hoping to profit from price movements on even some of the riskiest coins. Dogecoin (CRYPTO: DOGE), for example, is a favorite token that traders like to bet on.
At just under $0.08 per token as of this writing, a $1 price target implies a nearly 13-fold return, something supporters would certainly cheer. But is this likely?
Dogecoin was founded in 2013, making it one of the world's earliest crypto networks. It was initially intended to be a fun rival to Bitcoin (CRYPTO: BTC). Its two founders, Billy Markus and Jackson Palmer, never thought anyone would even invest in it. And they both stopped working on the project in 2015, which should've been seen as a bearish sign for Dogecoin's prospects.
Source Fool.com