Dogecoin to $1? Top Trader Believes It's No Longer Just Meme

Prominent cryptocurrency trader KALEO has predicted that Dogecoin (DOGE) reaching a dollar in value is not merely speculative but a tangible possibility in the current market cycle. 

Dogecoin, currently priced at $0.1678, has seen a notable increase of 8.8% recently.

The price increase has sparked renewed interest and speculation about its potential to hit the much-coveted $1 milestone.

Dogecoin's volatile journey

Dogecoin's trajectory soared in early 2021, largely fueled by endorsements from high-profile celebrities and business magnates, including Elon Musk. 

The meme coin approached the $1 mark, riding the wave of social media buzz and investor optimism. 

However, its ascent was abruptly halted, and it experienced a significant downturn following Musk’s appearance on "Saturday Night Live," where he jokingly referred to Dogecoin as a "hustle." 

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This event triggered a sharp decline in its value, and Dogecoin is yet to reclaim its 2021 peak. 

DOGE is still down 77% from its all-time high, according to CoinGecko data.    

Current market data

According to recent data from IntoTheBlock, Dogecoin exhibits a high price correlation with Bitcoin, standing at 0.95. This shows that Dogecoin’s market movements are significantly influenced by the broader cryptocurrency trends. 

The meme coin has witnessed substantial transactions exceeding $100K, totaling $4.46 billion over the past week. 

Furthermore, Dogecoin's activity on exchanges shows more inflows ($593.32 million) compared to outflows ($463.24 million).

Currently, 57.62% of Dogecoin addresses are "In the Money" (holding coins at a profit), while 34.15% are "Out of the Money" (holding coins at a loss).