“Dogecoin to 1 dollar” is trending on Twitter after the cryptocurrency experienced a huge price increase this week. As Coinbase will begin trading the crypto on Thursday, Dogecoin’s value has been skyrocketing, jumping from $0.32 USD yesterday to $0.43 today. As a result, many believe that Dogecoin is well on its way to reaching the coveting $1 mark.
Coinbase added the meme coin, which has largely been popularized by Tesla CEO Elon Musk’s support of it, to its trading platform this week, with the listing set to go live on Thursday. As a result, its prices have received a dramatic boost, while competitive crypto such as Bitcoin has otherwise declined or stayed on a level.
While Dogecoin hasn’t hit its May height of $0.72, it’s still experiencing solid gains that look set to further increase after Coinbase trading officially goes live. Elon Musk has continued to insert himself into Doge’s success, tweeting out memes related to the cryptocurrency that is further raising its market value.
Found this pic of me as a child pic.twitter.com/hUEKluRAdP
— Elon Musk (@elonmusk) June 2, 2021
Will Dogecoin reach $1?
We’ve learned to never say never about cryptocurrency, so it’s entirely possible that Dogecoin will reach $1 as it is traded on Coinbase. While it would require a 50%+ jump in value for this to be the case, it’s hit highs near the dollar mark before, so it’s still plausible that it will do the same again.
With Tesla’s refusal to accept Bitcoin having previously sent the most famous crypto in freefall, Dogecoin has been gaining unlikely momentum in the meantime. While Dogecoin’s real-world applications are arguably less useful, both the volatile crypto and stock market have proven that this doesn’t entirely matter when it comes to the internet rallying behind something. If Shiba Inu coin can come out of nowhere with a massive price increase, then anything is possible.