A prominent trader has set an ambitious $1 target for Dogecoin
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.
Dogecoin’s meteoric ascent and subsequent plunge
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 remains a top 10 cryptocurrency
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.