DonAlt, an anonymous cryptocurrency trader with over half a million followers on social media platform X, has predicted that Dogecoin (DOGE) is likely to “rise” to $1 as long as the overall cryptocurrency market remains in bull mode.
The OG meme cryptocurrency, which first appeared in 2013, has held its place in the top 10.
At press time, DOGE was valued at a whopping $20.3 billion. For comparison, this makes it more valuable than Nippon Steel, Japan's largest steelmaker, and Suzuki Motors, one of Japan's largest automobile companies.
The top meme cryptocurrency has surged nearly 15% in the past 24 hours, significantly outperforming other top 10 altcoins. It is currently trading at $0.13 on the Binance exchange after an impressive 25% gain in just a week.
Despite its impressive performance, the meme coin is still down 81% from its peak of $0.73 recorded in May 2021. At that time, DOGE quickly became the fourth-largest cryptocurrency by market capitalization.
However, according to data provided by cryptocurrency analytics platform IntoTheBlock, only 12% of Dogecoin holders are struggling.
Currently, DonAlt believes that Dogecoin is ready to rally again and the dream of reaching $1 could come true in this cycle.
According to the trader, the main advantage of this cryptocurrency over some rival projects remains the public's familiarity with Dogecoin.
“If you really want to get this cycle into a higher gear while appealing to the average person, you have to come up with something famous that they’ve heard of. Memes have become meta and DOGE is the crypto meme that people know,” he tweeted earlier this week.