Dogecoin to Reach a Dime? Top Trader Confident in Imminent Increase

Tue, 07/04/2023 - 18:02
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Dogecoin (DOGE), the meme-inspired cryptocurrency that once hit an all-time high of $0.73, is being eyed for a bullish return to $0.10 by renowned trader Kaleo.

In his recent tweet, Kaleo confidently suggested the altcoin's imminent rise, pointing out the crypto's current slow but steady upward creep.

Although DOGE is still down around 90.38% from its all-time high recorded on May 08, 2021, the meme coin is steadily holding its ground, trading around $0.069974. CoinGecko data indicates Dogecoin's market cap sits at approximately $9.85 billion, with a 24-hour trading volume nearing $442 million.

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Dogecoin became an unexpected sensation in early 2021, driven in part by endorsements from Elon Musk and other celebrities, as well as retail traders inspired by the Reddit-fueled GameStop rally.

In May 2021, Dogecoin reached its pinnacle, surging by over 12,000% since the start of the year, at its peak.

Interestingly, this surge in popularity was reflected in the adoption figures. John Paul Koning, a financial writer, cited a Nielsen Homescan survey stating that around 11% of American households owned crypto in 2021. Among these crypto-holding households, four out of ten held Dogecoin, indicating that approximately 6 million US households owned the meme coin.

With this potential base, the anticipated rally to $0.10 could be within reach if these users hold or if the crypto can tap into the new market participants.