Dogecoin (DOGE), the OG meme cryptocurrency, has had its fair share of ups and downs in the market. Despite receiving support from billionaire Elon Musk, DOGE has struggled to bring in significant gains for its investors due to its lack of utility. However, the asset still holds a market cap of $37.41 billion and remains within the top ten cryptocurrencies.
In recent months, Dogecoin has seen a rally but has failed to reach the $1 mark. The asset’s current price is $0.2530, with a slight increase of 1% over the past 24 hours. To reach $1, DOGE would need to surge by 295%, as it is currently trading 65% below its all-time high of $0.7376 in 2021.
Despite these challenges, there is optimism among Dogecoin investors for a bullish end to the month of February. According to data from CoinCodex, the asset is expected to experience a surge of nearly 130% and reach a high of $0.5839 on February 25. This potential uptick is seen as a major respite for both the meme coin and its investors.
It is speculated that for Dogecoin to reach $1, there would need to be a significant shift in the overall market or adoption by the US government. The future of DOGE remains uncertain, but with the current positive trend, investors are hopeful for a successful recovery for the meme cryptocurrency.