Is $1 DOGE Possible? Top Trader Issues Bull Signal for Dogecoin

Cover image via U.Today

A renowned trader known as "DonAlt" in the cryptocurrency community has shared his fresh perspective on the price action of Dogecoin (DOGE). Since early November, DOGE's price has surged by nearly 140%, reaching $0.40—a level last seen in November 2021, when the meme coin hit its all-time high.

Despite the remarkable price surge and the remarkable performance with DOGE's price seemingly "going to the moon" in recent months, DonAlt believes the coin still has potential.

Moreover, the expert trader suggests that "the dog has the right to the second leg," referring to periods of significant price growth in trading jargon.

If DOGE's price can indeed experience a "second leg" as predicted by the trader, it is possible that the popular meme cryptocurrency could soon reach a new all-time high.

Could DOGE Reach $1?

Dogecoin's previous price peak was $0.74, achieved in May 2021. To reach this level again, the meme cryptocurrency would need to rise by approximately 89%. If the current price surge continues along the same trajectory as in November, such an outcome is not out of reach.

However, the critical question remains whether Dogecoin can break the coveted $1 per coin mark. Many previously dismissed this possibility due to the so-called unit bias, i.e., the perceived obstacle of DOGE's many zeros. Reaching $1 per coin would require Dogecoin to become considerably more expensive.

Indeed, DOGE's current market capitalization is approximately $57.16 billion, and it would double to $146.86 billion if it reached $1. While this is a possibility, it remains to be seen whether the meme coin can achieve such a milestone.