Dogecoin fans are buzzing with excitement! The big question on everyone’s mind: Can Dogecoin (DOGE) hit the $1 mark? With recent market movements and growing interest, this possibility is sparking debates. Whether you’re a seasoned investor or new to the crypto world, this news could mean big things for DOGE. Let’s take a look at this Dogecoin Price Prediction article in more detail.

How has the Dogecoin Price Moved Recently?

DOGE/USD Daily Chart- TradingView

Dogecoin is currently priced at $0.131462 with a 24-hour trading volume of $56.80 billion, a market cap of $18.99 billion, and a market dominance of 0.77%. Over the past 24 hours, DOGE’s price has risen by 4.68%.

Dogecoin hit its peak price on May 8, 2021, at an all-time high of $0.738595. Its lowest recorded price was on May 7, 2015, at $0.00008547. Since its ATH, the lowest price DOGE reached was $0.049701, and the highest since then was $0.227362. Currently, the sentiment around Dogecoin price predictions is bullish, with the Fear & Greed Index showing a score of 74 (Greed).

Dogecoin’s circulating supply stands at 144.46 billion DOGE, with an annual supply inflation rate of 3.00%, meaning 4.21 billion DOGE were created in the past year.

Why is the Dogecoin (DOGE) Price UP?

Dogecoin has seen a notable price increase over the past two weeks. This positive performance is largely due to two key factors. Firstly, there has been an improvement in the US macroeconomic landscape, which has generally boosted investor confidence. Positive economic indicators often lead to increased investment activity, benefiting various markets, including cryptocurrencies.

Secondly, the political environment has had a significant impact. The early lead of Donald Trump, a crypto-friendly candidate, in the US 2024 Presidential Campaign has particularly bolstered the meme coin sector. Investors are optimistic about Trump’s potential influence on future cryptocurrency regulations and mainstream acceptance. This combination of a favorable economic outlook and supportive political developments has driven increased interest and investment in Dogecoin, pushing its price upward.

Can Dogecoin(DOGE) Price Reach $1?

Dogecoin’s price potential to reach $1 is a topic of significant interest among investors and analysts. Over the past year, DOGE has increased by an impressive 81%, demonstrating strong growth. The cryptocurrency is currently trading above its 200-day simple moving average, indicating a bullish long-term trend. Additionally, with 15 green days in the last 30 days, DOGE has shown consistent upward momentum, suggesting sustained investor interest.

However, several factors need to be considered. While Dogecoin has high liquidity given its market cap, it has underperformed compared to 51% of the top 100 crypto assets over the past year and has been outpaced by major cryptocurrencies like Bitcoin and Ethereum. This indicates that while DOGE is performing well, it faces stiff competition in the market. Moreover, Dogecoin is still down 82% from its all-time high, reflecting the significant volatility and challenges it has faced.

Another important factor is Dogecoin’s yearly inflation rate of 3.00%, which means that 4.21 billion DOGE were created in the last year. This inflation rate impacts the supply and could potentially dilute the value if demand does not keep up.

Despite these challenges, the improving US macroeconomic landscape and the positive political climate with crypto-friendly candidates could enhance investor confidence. If these favorable conditions persist, and if Dogecoin continues to maintain its bullish momentum, there is a potential for DOGE to approach the $1 mark. However, achieving this milestone would require sustained growth, increased market adoption, and favorable economic and regulatory environments.

How to Buy Dogecoin (DOGE)?

Purchasing DOGE is simple and can be done on various cryptocurrency exchanges. Here’s a step-by-step guide to get you started:

1. Choose an Exchange: Select a reputable cryptocurrency exchange that supports DOGE, such as Bitget.
2. Create an Account: Register for an account on the chosen exchange. You will need to verify your identity by providing personal information and necessary documents.
3. Deposit Funds: Add funds to your account. Most exchanges accept deposits in fiat currencies (like USD or EUR) or other cryptocurrencies.
4. Buy Doge: Go to the trading section of the exchange, find the DOGE trading pair (e.g., DOGE/USD), and place your buy order. You can either buy at the current market price or set a limit order at your desired price.
5. Secure Your Dogecoin: After purchasing, transfer your DOGE to a secure wallet.