Although
#Dogecoin (DOGE) is feeling the selling pressure that most of the assets on the cryptocurrency market are currently experiencing, there remains hope that the dog-themed cryptocurrency may one day reach the price of $ 1 per full coin.Indeed, DOGE has shown the capacity to show strong bullish dispositionin fact, including in May 2021, when DOGE reached an all-time high of $ 0.68184 (ATH), on this occasion the asset has shown a tremendous increase in its price by 7.476% (and more) in a few months (from about $0.009).If Dogecoin really manages to reach $1, this will equate to an increase of about 1,250% compared to its current price, which will not be particularly impossible. With this in mind, Finbold analyzed the factors that could (but should not) lead to this cryptocurrency. the presence of this price levelElon Musk's support continuesElon Musk, CEO of Tesla (NASDAQ: TSLA) and X (formerly Twitter), has long been one of the names with the biggest influence on the price of Dogecoin, which he openly admits is one of his favorite digital assets besides Bitcoin ( BTC). It is not surprising that DOGE Price often responds to his public statements and actions.For example, DOGE recently saw an impressive price increase of over 20% on rumors that X could implement this as a paying tool. If Musk and X continue to vocally support Dogecoin, this could help keep the price high and increase the probability of the crypto asset reaching $ 1.Increasing corporate interestThe growing interest from major financial (and other) institutions to invest in Dogecoin can also help with this goal, because this will signal to the market that this digital asset is a legitimate investment. and this in turn can increase demand. The price of the DOGE.Indeed, the role of institutional investors contributed to the rise in the price of DOGE at the beginning of 2021, and recently Musk announced his 22-year plan to turn X into the world's most valuable financial institution, his support for the meme-only asset. It adds fuel to speculation about a potential merger of DOGE.Widespread adoption and useAs seen with the addition of close to 340,000 new owners of the cryptocurrency, should more people start buying and using Dogecoin?Despite the strong competition of other meme cryptocurrencies, in the three months up to May of this year , this may also help the DOGE's price to rise. .Marches paying off What could help DOGE become more widely used is for businesses to accept it as a means of payment, which is exactly what the American cinema chain AMC Entertainment (NYSE:AMC) did when it added Dogecoin, Shiba Inu (SHIB) in March 2022. ) and you can use other cryptocurrencies as a paying option through its mobile application.Favorable regulatory environmentIn what could be interpreted as a proper crusade against crypto from certain governments and regulators, the support of certain governments and regulators and governments in the United States will mean a lot for the entire industry and will make it easier for businesses to accept DOGE as a paying method. If this really happens, as is already the case in the so-called 'crypto havens' countries such as Malta, Switzerland, Portugal, Singapore, Canada, Slovenia, Japan, the Netherlands, Germany, Estonia, El Salvador and others, it could also increase demand.Technological innovationFinally, if the Dogecoin development team makes significant technological improvements to its ecosystem, such as improving its security or scalability, the asset may become more attractive to investors and users, thereby increasing its price.June March, the DOGE blockchain developers announced the release of an upgrade to the ecosystem, and recently, in late June, the pseudonymous Dogecoin developer Bluezr shared a GitHub repository listing ongoing contributions, reviews and reviews, giving hints of ongoing work on the Dogecoin Core upgrade. and feedback for the Dogecoin core 1.14.7.The 30-day price chart of Dogecoin.Although there is no guarantee that Dogecoin will reach $ 1, the above factors may contribute to its strengthening and, with it, increase the chances of the meme cryptocurrency reaching the target price. Time will tell if this will really happen.
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