Eleven years ago today, Dogecoin (DOGE) started as a joke, run 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 in terms of market capitalization.
DOGE boasts a market capitalization of $64.56 billion. This makes it the seventh largest cryptocurrency, according to market data.
Dogecoin News: DOGE will reach $1, then $4
Among the cryptocurrencies that use a Proof-of-Work (PoW) consensus algorithm, Dogecoin is the second largest, after Bitcoin. It also ranks high despite being a fork of Litecoin.
The anniversary brings a lot of attention to DOGE, leaving the memecoin prone to price hikes. According to the last Dogecoin News its price was trading at $0.4393, representing an increase of 1.63% in the 24 hours since writing.
Even crypto analyst Master Kenobi predicts that DOGE could see a price surge after the anniversary.
– Advertisement –
Its recent analysis also suggests that Dogecoin is well-positioned for the continued bull run. As in the 2021 cycle, the coin consolidated around 25 days after its first bullish phase.
This 11th anniversary could be the push DOGE needs for further upside.
Kenobi sees the coin reaching $1 this season and even reaching $2.9, depending on how parabolic the rally is. Crypto analyst Kevin Capital was more optimistic.
He predicted that DOGE could reach the golden macro pocket between $3.8 and $4 in the next rally.
DOGE faces obstacles amid its achievements
Over these 11 years, Dogecoin has seen massive achievements that have contributed to its growth. Likewise, the protocol also has some drawbacks.
One of the highlights of Dogecoin this year was the death of Kabosuthe dog behind the DOGE and the Shiba Inu. Kabosu has had a significant impact on the cryptocurrency industry throughout its life.
Upon his death, DOGE saw a sharp decline which took its price to $0.15918 at the time. Since then, the price of the coin has seen fluctuations.
However, the recent general market rebound has helped DOGE regain its momentum. Additionally, the price rise is partly a result of Elon Musk’s posts about DOGE, which stands for Department of Government Efficiency.
Meanwhile, Musk and Vivek Ramaswamy, charged with leading DOGE, spoke to members of Congress about their plans for the department.
Their progress with the government initiative could indirectly 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 to 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 due to its market capitalization and popularity on platforms like Robinhood.
They say Dogecoin is friendly to new entrants. Specifically, a beginner does not need to understand blockchain to use DOGE. This makes it a good candidate for an ETF.