Eleven years ago this day, Dogecoin (DOGE) started as a joke, spearheaded by software engineers Billy Markus and Jackson Palmer. Followers of Dogecoin news know that it was created as a parody of Bitcoin (BTC).
Many years later, the dog-themed memecoin has become one of the largest digital assets by market capitalization.
DOGE boasts of a market cap of $64.56 billion. This makes it the seventh-largest cryptocurrency, according to market data.
Dogecoin News: DOGE to Hit $1, Then $4
Amongst cryptocurrencies that utilize a Proof-of-Work (PoW) consensus algorithm, Dogecoin is the second-largest, following Bitcoin. It ranks this high despite being a fork of Litecoin.
The anniversary directs much attention to DOGE, leaving the memecoin prone to price rallies. As per latest Dogecoin news its price was trading at $0.4393, corresponding with a 1.63% increase within 24 hours of writing.
Even crypto analyst Master Kenobi foresees that DOGE could record a price surge post-anniversary.
– Advertisement –
His recent analysis also suggests that Dogecoin is well-positioned for the bull run continuation. Like in the 2021 cycle, the coin consolidated around 25 days after its first bull phase.
This 11th anniversary could be the push that DOGE needs for more uptick ahead.
Kenobi sees the coin hitting $1 this season and even going as high as $2.9, depending on how parabolic the rally is. Crypto analyst Kevin Capital was more optimistic.
He predicted that DOGE could reach the macro golden pocket between $3.8 and $4 during the next rally.
DOGE Faces Hurdles Amidst Achievements
In these 11 years, Dogecoin has seen some massive achievements that are instrumental to its growth. In like manner, the protocol has also registered some downsides.
One of the highlights for Dogecoin this year was the passing of Kabosu, the dog behind the DOGE and Shiba Inu. Kabosu has made a significant impact on the cryptocurrency industry throughout its life.
Upon its death, DOGE saw a sharp decline that took its price to $0.15918 at the time. From then until now, the coin has seen some price fluctuations.
However, the recent general market rebound has helped DOGE regain its pace. Also, its price rally is partly a result of Elon Musk’s posts about D.O.G.E., which stands for the Department of Governmental Efficiency.
Meanwhile, Musk and Vivek Ramaswamy, who are charged with leading D.O.G.E, have spoken to Congress members about their plans for the Department.
Their progress with the government initiative indirectly may further fuel the bull run for Dogecoin.
Dogecoin Price, DOGE ETF Outlook
In the meantime, DOGE is expected to surpass its current price level of $0.4392.
Another factor that could catalyze the coin’s growth is the potential emergence of Dogecoin ETFs. When the Dogecoin Foundation released its roadmap for 2025, it hinted at the possibility of pursuing a DOGE ETF.
Raoul Pal, CEO of Real Vision, and Arthur Hayes, co-founder of BitMEX, believe that Dogecoin will get an ETF by the end of the cycle. This is because of its market cap and popularity on platforms like Robinhood.
They say that Dogecoin is user-friendly for new entrants. Specifically, a newbie does not need to understand blockchain to use DOGE. This makes it a good candidate for an ETF.
Source: https://www.thecoinrepublic.com/2024/12/07/dogecoin-news-doge-is-11-years-old-heres-the-journey-thus-far/