In a recent post on the X social media, AngeloBTC, a legendary Bitcoin trader and market commentator, laid out an optimistic prediction for the meme-inspired cryptocurrency, Dogecoin. The trader setting his sights on the ambitious target of $1 per coin.
The beginning of 2021 saw Dogecoin turning heads and dominating headlines. Its price soared, attributed to a confluence of factors that made it the talk of the town.
Celebrity endorsements, especially from influential figures like Elon Musk, coupled with a surge in retail investor interest, played a significant role in its meteoric rise.
Furthermore, the widespread adoption of cryptocurrencies and the ensuing bullish market sentiment acted as catalysts, propelling Dogecoin to its all-time highs.
However, this rapid ascent wasn't to last. As the months rolled by, Dogecoin experienced a sharp correction. The coin is currently down a staggering -91.39% from its peak.
Several reasons contributed to Dogecoin's sharp correction, including profit-taking by early investors, concerns over the coin's fundamental value and utility, and a broader cryptocurrency market pullback
Dogecoin is trading at $0.063073 after a 2.7% uptick in the last 24 hours. Boasting a market capitalization close to $9 billion and a 24-hour trading volume of over $296 million, Dogecoin firmly remains a cryptocurrency of substantial interest to traders. In fact, it remains among the top 10 biggest coins by market cap.
However, it remains to be seen whether a certain bullish catalyst will be able to push the Dogecoin price to the much-coveted $1 mark that it failed to achieve during the previous bull run.
About the authorAlex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].