The OG meme cryptocurrency, Dogecoin (DOGE), has been on a roller coaster ride recently. The market is on the edge, with notable increases followed by downward trends. While some were reaping the benefits of early investment in this asset, others were catching up. Many believe that DOGE has the potential to reach a high of $1 and beyond, so investing in the asset now could generate profits in the future.
Read also: Donald Trump nominates sacked David as cryptocurrency and AI czar
Current Dogecoin Price
Dogecoin hit a high of $0.4566 yesterday, leading the market to believe that DOGE could surpass $0.50. But at press time, the meme coin was trading at $0.4372 following a slight price decline.
It is worth noting that DOGE reached an all-time high of $0.737 around four years ago, in 2021. The asset needs to rise by over 40% to reach this high. $1 and $5 are even higher, and the meme coin will need to rise by 132% and 1,062%, respectively.
Read also: Visa Stock (V): Why Analysts Say It’s a Must-Have
Potential benefits to come?
The $1 mark was a milestone that the DOGE market hopes to reach. Multiple price predictions platforms I believe the meme coin will reach this level by 2029. For starters, buying 10,000 DOGE today would cost an investor $4,250. So, if the price of 10,000 Dogecoins rises to $1, they will be worth $10,000.
Things could be more optimistic if Dogecoin continues its rally and hits $5. Investors who hold their reserve while DOGE reaches the $5 zone, their investment could reach $100,000. So a tricky investment of $4,250 right now could turn into $10,000 or $100,000. But DOGE will need to see a significant rise for that to happen.
Read also: Netflix (NFLX) Will Be The First $1 Trillion Media Company: Here’s When