Dogecoin is on a mission to get to $1, but the times have changed since that mission statement was first issued, and it now remains to be seen if it will ever reach that goal. At the same time, with the nature of cryptos being as unpredictable as they are, the possibility of Doge reaching its $1 moon, and even eclipsing it, remains a strong possibility as well.
Dogecoin was one of the meme coins which really broke new ground in 2021. Of course, this was in part due to the help of Elon Musk. The Tesla and SpaceX CEO has often promoted Dogecoin on Twitter and elsewhere and these endorsements have typically resulted in a spike in the price. The problem is, every time the price goes up, it seems to drop down again soon after.
The current price of Dogecoin sits at $0.085 USD, which is some ways away from its primary goal of hitting the $1 marker. Recent weeks and months have not been great for cryptocurrencies in general, with many having lost significant value since 2022 began. At its height in May of last year, Dogecoin hit $0.64 USD, a price that was much closer to its $1 target price. At that time, CNBC highlighted how a $1,000 investment at the start of 2021 would have resulted in a 12,000% return. Since then, however, and excluding the odd increase, the value of Dogecoin has only gone in the wrong direction.
Will Doge Reach The Moon?
One of the reasons Dogecoin and other cryptos have suffered in recent months is the instability of the market in general. Geopolitical tensions, concerns over inflation, shortages, and other factors have all contributed to a situation where investments of all kinds have been impacted. Of course, this is an element that is expected to eventually iron itself out over time and as things settle back down again. Once stability does return, it is possible that cryptocurrencies, including Dogecoin, begin to increase in value again, and possibly to an even higher level than what was seen last year.
Dogecoin does have some additional hurdles that it may need to overcome to reach $1. In spite of the celebrity endorsements, Dogecoin is not the only meme coin circulating these days. Many other coins, including Shiba Inu and Baby Doge, have come through and are attracting their own fair share of attention while looking to reach their very own moons. Even though Dogecoin remains a popular coin in general, it is likely that the increased level of competition could complicate matters for Doge, potentially slowing down its growth and value. As time goes on, it is also possible that the initial buzz, momentum and interest around Dogecoin wanes, especially if newer and exciting coins continue to come through.
In spite of all this, the one thing that 2022 has already proven is that nothing is certain in the world of cryptos, let alone the world in general. Although Dogecoin is currently at a low point, many cryptos and investments are in the same boat, and it is likely that they will bounce back once things normalize again. Whether Dogecoin can bounce back enough to finally reach the Moon is unknown, though the possibility shouldn't be ruled out.
Source: CNBC