CoinJelly.com reports:
In the ten years since its launch, Dogecoin (originally a memecoin) has made significant progress. According to CoinGecko’s statistical data, Dogecoin has risen by approximately 141,000% since its lowest point in 2015. However, this has not deterred Dogecoin fans and investors from pursuing higher prices, especially the $1 milestone.
Reaching $1 for DOGE is no easy feat. To reach $1, it would need to increase by approximately 733% from its current level. Let’s take a look at three factors that can help DOGE achieve its $1 target.
Three factors that can push Dogecoin to $1:
Acceptance as a payment by X:
Elon Musk, not only one of the richest people in the world but also one of the biggest supporters of DOGE. Musk’s Tesla electric car company has already started accepting DOGE as a payment method for its merchandise. Musk has also expressed that the company may enable DOGE payments for its cars in the future.
Musk’s X social media platform is also set to launch a payment feature. Many hope that memecoin will also be a part of this feature. If X enables Dogecoin payments, it could lead to a significant price increase.
Increased adoption:
Adoption is key to boosting prices. If Musk’s X platform supports DOGE payments, it may encourage more people to start using the original memecoin as a form of exchange. This would greatly help the asset’s price break through its barriers.
Being the first memecoin, DOGE already has the advantage of being familiar to millions of people worldwide, making it easily promotable.
Market sentiment/bull market:
Positive market conditions will also help Dogecoin reach new heights. If we enter another bull market, similar to 2021, we may see Dogecoin reaching new all-time highs.
