Dogecoin (DOGE) price is fighting a pessimistic hurdle among its holders and the broader community. Despite its historically impressive price trend, many believe the meme coin cannot hit $10 in the long run.
Dogecoin History and Future Projection
Dogecoin was created in 2013 as the first memecoin in the digital currency. It got established over the years as its popularity rose among top celebrities. The memecoin, with its dog-themed branding, has inspired many other related tokens over the years.
While most of its core developers, including Billy Markus, have left the project, it still boasts a vibrant ecosystem of builders. Dogecoin’s breakthrough is in its price trends. Per data from CoinMarketCap, DOGE started at a negligible price. As of December 31, 2017, the price was pegged at $0.007803.
The coin’s price is $0.1028, which has grown more than 18200% since its inception. Despite its major price trend, the community expects it will top $1 in a few years. In the last bull market run, DOGE Price hit an All-Time High (ATH) of $0.7376 in May 2021. Since then, the coin has fallen by 80%, even though its core proponents see this stalemate changing soon.
Optimism surrounding DOGE is not an uncommon one. The memecoin has enjoyed significant publicity from Elon Musk, its most prominent advocate. At one point, the billionaire owner of the X app changed the platform’s logo to reflect the memecoin’s mascot.
These events generally impact the coin’s price; however, a jump to $1 and $10 remains debatable.
Analyst’s Take On Dogecoin Price Breakout
Many digital currencies are considered undervalued. However, coins like Dogecoin, which offer a limited purpose, have reduced crypto economists’ expectations.
Market analyst Dima James Potts’s claims seek to invalidate this assumption, arguing that DOGE can surpass $10. According to his take, the price of Dogecoin is reasonably lower than any of the top 10 digital currencies.
At its current price level, Dogecoin’s market capitalization is $14,977,988,329, making it the ninth largest. According to James Potts, this means that its price is considerably lower, making it easily accessible to retail investors around the world.
Beyond the prospect of this adoption potential, he shared a chart illustrating the likelihood of a breakout soon. He posits that Dogecoin is at a level where it might pull a major rally. This is especially anticipated, considering the coin has shed over 15% of its value in the past month.
The Need for More Than Meme
There is a growing assumption that maintaining just the meme status might make DOGE obsolete. This is because its core rivals, Shiba Inu (SHIB) and FLOKI, are already making essential utility pivots.
While Floki launched TokenFi months ago to tap into the tokenization ecosystem, Shiba Inu is becoming a major force in the Ethereum Layer 2 ecosystem. Recently, it boosted its deflationary potential when it launched ShibTorch, an auto-burn portal on Shibarium.
Critics claim that unless Dogecoin moves to drive smart contracts and real-world utility, its rivals might soon outrank it.