Although Dogecoin (DOGE) has been feeling the selling pressure currently experienced by the majority of assets on the cryptocurrency market, hope remains that the dog-themed meme cryptocurrency could someday reach the price of $1 per wholecoin.
Indeed, DOGE has demonstrated its capacity for strong bullish rallies, including in May 2021 when it reached an all-time high (ATH) of $0.68184, which was also the closest price ever to the coveted $1. On this occasion, the asset has increased its price by a whopping 7,476% (and more) in a matter of months (from around $0.009).
Should Dogecoin truly manage to hit $1, it would equal an increase of around 1,250% from its current price, which would not be particularly impossible. With this in mind, Finbold has analyzed the factors that could (but do not have to) lead this crypto asset toward this price level, either acting alone or together with other factors.
Elon Musk’s continued support
Tesla (NASDAQ: TSLA) and X (formerly Twitter) CEO Elon Mu
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