Dogecoin has been a part of the crypto industry for almost a decade, ruling the meme coins. More than that, it was the beginning of the meme category, which is now worth more than $43 Billion in the market cap and $ 5 billion in transactions. It is a mere meme-based token as the Dogecoin price is even less than $1, but its demand in the market is the highest.
Despite its demand and support from tech leaders like Elon Musk, who has supported DOGE, it has failed to surge even halfway near the ATH record. It has been more than three years ago for DOGE’s ATH, indicating an underlying issue in its progress.
Analyzing the Dogecoin Price
The last few days have been a little bullish for the crypto market, pushing the DOGE price to $0.1121. Moreover, its market capitalization has seen a boost, surging to $16.3 Billion with $945 million in trading volume, indicating a surging demand for the token.
This dog-themed meme coin has gained more than 11% in value over the week and almost 4% in the last 24 hours. However, despite that, it is nowhere closer to the ATH of $0.7376, set on May 08, 2021, making three years of failure. The Dogecoin price did have satisfactory peaks in between, with the closest rally being in March, where the value surged to $0.22, the highest in years.
Challenges Restricting Dogecoin (DOGE) Growth
The crypto industry is not in the most favorable time, as most tokens are waiting for their prime. More importantly, investor’s sentiments have turned neutral, impacting Bitcoin and the rest of the altcoins. This has also become a major factor in Dogecoin’s limited growth.
Coming next is the rising competition, especially with the newly launched token, where DOGE is lost in the crowd. The last time DOGE price had a boom, the market was quite bullish. Even at the time of ATH, the market was in a bull run, which covered all the previous losses. But now the bull run is on hold till next year, and the ongoing bearish and neutral trend is limiting the value.
Last but not least, Dogecoin has failed to implement any technical upgrades recently. For such an emerging industry, continuous upgradation is needed, which is lacking in the case of this crypto.
Will Dogecoin Price Surge To ATH In the Future?
With the US presidential election on the horizon, Donald Trump has openly supported the crypto. However, recent news of Kamala Harris backing crypto has taken the market by storm because of her 180 turn from her earlier disapprovals. With a new approach for the industry, better regulations are in sight, which might boost the Dogecoin price.
Nevertheless, DOGE has been the investor’s favorite, with a proven profitable past, so the same is expected for future. With many analysts hinting at the bull run, the DOGE price might hit a new ATH. One such analyst, masked Trader, has recently posted of Dogecoin breaking all the barriers. As per him, DOGE is aiming for $1 before surging to $15-$20 price per token.
Something HUGE is about to happen to #Dogecoin$DOGE this is a 2 monthly Chart.
MACD about to turn Green. Price is Squeezing.
Chart is PRIMED for a face melting PUMP. Whole Crypto market would be crying once $Doge breaks $1 that they didn’t get into these prices!!!
My… pic.twitter.com/nePIca2pnh
— Masked Trader (@MaskedTrader0) August 16, 2024
On the other hand, Dogecoin has barely surged 5% this year, which is the lowest compared to other cryptos. This reduces the odds of Dogecoin surging to ATH anytime soon.
Final Thoughts
Dogecoin has continuously disappointed its investors for three years now despite high demand. Being created for transaction purposes in competition with Bitcoin, it has failed to fulfill expectations due to rising competition. With the upcoming bull cycle, many analysts have forecasted Dogecoin price to surge $1, even higher than the all-time high. However, many technical factors and current growth puts suspicion on such forecasts.
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