DOGE
by BSCN
August 24, 2023
In May 2021, Dogecoin’s $DOGE hit all-time highs of around $0.58. What would it take to see this again?
Dogecoin saw its all-time highest price levels in Q2 2021, a few months before Bitcoin and Ethereum reached their bull market zeniths in November of the same year.
At this time, $DOGE was trading at nearly $0.6 and boasted a market capitalization of more than $75 billion, according to CoinMarketCap.
Despite $DOGE’s nature as a memecoin, and therefore one of the most speculative and risky cryptocurrency assets, the original-memecoin still touts a market capitalization of some $8.9 billion, at time of writing, and a price of approximately $0.063.
Though $DOGE still holds the number-8 spot for largest cryptocurrency, wedged between $ADA and $SOL, 2022 was not kind to the memecoin the market cap of which has now tumbled by nearly 90% since May 2021.
If $DOGE were to regain its $75 billion market cap, at time of writing, this would make it the 4th largest cryptocurrency, surpassing even $BNB and its current value of around $33 billion.
In practice, this seems an unlikely prospect in the near-future given the astronomical shift in market capitalization that would be required, barring an unprecedented market resurgence across the industry.
However, if this seemingly-unlikely phenomena were to occur, the returns would indeed be impressive. From its current price level of around $0.063, a return to 2021 ATHs of $0.6 would translate to a nearly 10x return.
Certainly, such a price surge is possible, but perhaps only in the presence of external factors, such as a wider cryptocurrency recovery triggered by 2024’s Bitcoin halving event, or even renewed support for the $DOGE memecoin by Elon Musk himself…
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
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