DogeCoin USED to be a joke currency, but not anymore. Sitting at the 8th position behind a skyrocketing Solana, doge has gone from a dog-themed reward for meme creators to a forty-billion dollar idea. The journey from obscurity to elite status is just one of many bold statements dogeCoin has made. Thanks to its success, tons of meme and dog-themed cryptocurrencies have filled cryptocurrency tracking platforms.
With one thing in common, offspring of dogeCoin has little or nothing to offer apart from well planned hype marketing and communal media activities. But anyways, numbers go up; that’s the only thing that actually matters. Interesting, to be fair; group marketing creates an enormous hype and could drive a huge buy pressure for the concerned project. Meme coins and other ‘joke’ coins similar to them utilize this idea a lot and make tangible price and community success thanks to a correct use of this strategy. Hype marketing has played out well for a good number of cryptocurrency projects. Well planned shills by a group of people could create thrills and lure potential investors into investing in a project despite having no clear information about the project. These projects sometimes involve prominent cryptocurrency influencers and mainstream celebrities to create these shills. If done well, hype marketing could override utility and push a project to tangible price levels regardless of the proper utility it presents.
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Well, in contrast to other meme coins; doge boasts a sovereign blockchain which powers the emission and distribution of dogeCoin. Despite an infinite supply and a ridiculous number of tokens emitted daily, dogeCoin has maintained a relatively unbelievable price level thanks to intense hype and a persistent bull market which saw bitcoin quadruple its value within four months. Smashing through barriers, DogeCoin soared to a record high of over $0.7, the $1 price was within range. Predicted, expected and imagined; cryptocurrencies’ rollercoaster was met with a harsh correction before DogeCoin could hit what would have been a very historic price level. Bitcoin’s run to $100,000 was also cut short as the long lasting correction saw the price go below $30,000. DogeCoin also fell below $0.2 as crypto prices came crumbling.
DogeCoin holders however remained undaunted by the horde, keeping their hopes alive and the developers continue working on issues, some which were pointed out by Elon Musk! It’s safe to say that Elon Musk facilitated two very interesting trends; electric cars and meme coins. Doge holders dream of the day when one piece of their ‘joke’ coin would worth a whole dollar.
But how feasible is this? At current price, DogeCoin will have to tumble three folds and more before hitting the $1 price mark. This will also see its total market capitalization exceed $130 billion dollars, and if other elite coins fail to move at the same pace, this move will also steer doge somewhere at the top five spot. Pretty interesting, this move.
The cryptospace offers a free market opportunity where concepts sell according to market demands. Regardless of intrinsic values, a project’s valuation could steam from numerous factors; ‘luck’ included. DogeCoin’s transition from a ‘joke’ fork of the bitcoin blockchain to a top ten token in a Two-trillion-dollar sector with tons of other relatively ‘more useful’ projects, looked way more impossible than the current $1 target. Journeying all the way to this figure is a matter of ‘when’. But getting an answer to this might depend largely on how Bitcoin moves in the coming months.
Bitcoin’s movement is considered the biggest influence on the whole cryptocurrency market. Altcoins are known to follow trends set by bitcoin. There are regular breaks in this trend however as some projects go opposite bitcoin price’s direction. A number of projects have seen exponential growth while bitcoin continued to slide back and forth; but this is not the case for Elon’s ‘currency of Mars’.
Relative to other projects, Doge seems stuck on its track, this situation it shares with fellow meme (and charity) token – Shiba Inu. Despite this sluggishness, it easily responds to bitcoin’s fall in price but hardly picks pace when bitcoin moves up. This ties its probability of hitting $1 on bitcoin’s price movements. The slow gains when bitcoin moves can culminate into big moves when bitcoin experiences huge moves too. This entails that doge will move with the rest of the market as it appears to have slowed down on the maverick moves it wowed the whole space with a couple of months ago.
High sell pressure? You’d expect such for a coin with huge numbers of new coins minted regularly and fewer wallets holding majority of the circulating coins. Sell pressure apart, the hype on doge seems to have to slowed down. We’ll probably see such moves again when the rocket man starts tweeting ‘To the moon!’ again, lol. Well, Elon plans to put ‘a literal doge on a literal moon’ and dogeCoin developers are currently working on some ‘exciting’ developments. If one of these plays out the right way, doge’s journey to $1 might get a good push; else, it will just have to ride on bitcoin’s wave. $100,000 for bitcoin might see doge hit a dollar. Either way, it will be exciting to watch it unfold.
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