Will Dogecoin Ever Reach one dollar? -Explained - The Comprehensive Minds

 Will Dogecoin Ever Reach $1?

Will Dogecoin Ever Reach one dollar

p.s: sorry for my bad English. It's not my first language, but I will do my best to improve. Hope to get your support.

Doge is doing pretty good across the crypto market. Will the current rally last and what will the price point for 2021 be? It's fitting that Tesla CEO Elon musk has been the biggest proponent this whole year. As after the crypto is more than 6000% spike so far, $1000 bet at doge at the beginning of the year, would now be enough to buy you a brand new tesla. 

This might not be exciting news unless you're a renewable energy fan who's crazy about high-end electrical cars. But, it does put into perspective just how much gains would you make. basically, doge is worth an investment, and the returns are definitely evident.  

On the off chance that you did put down $1000bet on doge, which was set back in 2013 as a joke to parody the increasing proliferation of various altcoins, you'd be perched on more than $60000, thanks to the $0.35 market hit this last week. 

Further, at the superb high of $0.43, that thousand dollars would be worth nearer to $80000 now. This is certainly great news for anyone who thought to invest in doge at the beginning of the year, or from before that even. Of course, cars and holidays are fun, but in order to make these gains, people have to invest. It's not unlikely that doge hits higher all-time highs in 2021, due to a mix of structural drivers such as the inherent preference for cryptos. 

Let's take the number of currently invested in crypto. According to a report, there are over 52 million crypto traders across the world. Not only will this number rise in the coming months, but the economic recovery as the covid-19 pandemic abates will equally cause people to diversify as interest rates are at record lows across more developed economies, and investors will be looking for other assets as stores of wealth. 

Note that there are many private investors across the US and Europe, and based on experience from bitcoin, it's safe to say that more and more people will actually get into the crypto trade. This will cause the price of doge to rise over the coming months to breach the key resistance level at $0.6. An even more optimistic, estimate based on the upward trend continued to buzz around the currency and the implications of monetary policy and regulations on asset classes could see the currency hit near $0.8 even, or $1. 

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Of course, both price forecasts are contingent on developments in the crypto market, and the adoption of the currency across different sectors. So, why am I bullish on doge? On a rather bullish note, doge kept making gains since the beginning of 2021 and broke its Q resistance level, and hit an all-time high on April 16th. 

This is groundbreaking as the currency is already close to hitting $0.5. There is almost no doubt for doge to hit higher and perhaps, get to $1 if the right mix of factors emerges on a more lasting basis. Furthermore, doge will equally benefit from speculation for return on investment. 

This is something we have discussed in the past and no one believed doge could actually rise by 5000%, but it did, and investors are happy for it. In the doge subreddit, which is of now boasts more than 1.5 million members, charitable causes are commonplace for doge users. 

In 2014 for example, one anonymous party donated what might be valued up to $10000 in doge at the time, for the doge for water movement in Kenya. These kinds of charitable acts are very commonplace in the doge community, and that strong community is one of the advantages and highlights of doge. In any case, the current fever around doge is clearly evident in its spike. 

The crypto has risen more than 400% just this last week, paying little mind to previous setbacks. There was the public offering of the crypto exchange coinbase, which might have affected the market a little, yet the exchange doesn't allow doge for trading. 

Disregarding that, the spike has ushered in a tornado of trading activity at specific exchanges that do list doge, including Robinhood which said it was seeing phenomenal development in the wake of doge's rally. 

Doge keeps moving up and a tweet from mark Cuban says it all. Not only is he a celebrity investor, but he's also equally one of the most prolific names out there, that have been watching doge. If one was going to get timely advice, it had better be from those who have made it, right? When you look at the increments for doge, just in 2021, you can definitely see an uptrend in doge at present. And the question you're asking is, whether the crypto can get to $1. 

Due to the incredible levels of supply, it is evident that some people are perhaps apprehensive about the currency. But, let's not forget that the surge in doge has happened only because it's seen a great deal of support from the likes of Mark Cuban and tesla boss Elon musk. 

Moreover, very few crypto investors who are not highly liquid can afford bitcoin. At present, doge seems like the best bet for a lot of people. Obviously, when we talk about doge, compared to other altcoins, people are scratching their heads since doge is inflationary. Almost all other cryptos, including bitcoin, are limited in their supply. Not the case with doge though.

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It's an inflationary resource since there's no restriction as far as the number of coins that can be created. Be that as in may, Elon musk has been talking it up for quite some time from all the way back in 2019 even. So, the promotion is genuine. Perhaps, that could be the explanation why we've seen it take off at the present moment. 

But, without the promotion of Elon musk, it's still highly credible, and the fact that the currency continues to be issued, just means that more and more people will have access to it. Democratic crypto is far more useful than a safe and financially disconnected currency. Countries like Turkey, Russia, and Thailand are skeptical of cryptos. 

But, doge is different, and that it doesn't hold any significant financial stability risks, and central banks, as well as governments, don't have to worry about consumer deposits being used to invest in some expensive currency. 

So, doge will benefit from regulatory support and its affordability will definitely support its price reaching the $1 mark. In any case, clearly not quite the same circumstances in comparison to what we're managing in the US. However, it's still one of those issues we still need to address whenever we are talking about digital money since it's something that affects a lot of crypto traders. 

There are several reasons why doge will outperform in the coming months, and the last sessions have been a test for how to balance greater supply and continued demand. There is every reason for one to be optimistic about doge. 

Whether you're a newbie or crypto expert, doge is what will enable you to invest in digital assets in a manner that doesn't cost you huge sums, while ensuring decent gains over the long run and adoption of currency on a much wider scale. As we get into mid-year, economies will reopen and consumer incomes will grow, enabling them to diversify in their investments across a range of asset classes. 

But, just as a pro tip guys, I would advise that you guys don't complicate your trading plans. Stick to the same basic rules and understandings. We have been following the same trading plan for cryptos for a while now. 

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