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Dogecoin

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Dogecoin (DOGE), the first major meme cryptocurrency that powers the decentralized layer-1 Dogecoin blockchain, hit eight-month highs above $0.095 on Tuesday, with sentiment rising on the news that Elon Musk’s X.AI company is set to raise $1 billion via an equity offering, as per a <a href="https://www.sec.gov/Archives/edgar/data/2002695/000200269523000002/xslFormDX01/primary_doc.xml">filing with the SEC</a>. 
X.AI is Musk’s new artificial intelligence start-up, which he announced earlier this year at the same time as he rebranded Twitter into X Corp. 
Musk bought Twitter back in 2022 and has promised to turn the social media platform into an “everything app”, while he said he created X.AI to “understand the universe”. 
<a href="https://cryptonews.com/coins/dogecoin/">Dogecoin</a> is sensitive to news regarding Elon Musk, X and now seemingly his company X.AI because Musk has been a vocal supporter of the meme coin for more than two years, frequently tweeting about it, whilst also hinting that Dogecoin could play a role in powering future financial services on the X platform. 
DOGE is also benefitting right now from strong sentiment in the broader crypto market, with Bitcoin hitting its highest levels since April 2022 on Tuesday above $44,000. 
The cryptocurrency is already up over 12% this month and more than 60% versus October’s lows. 
With Dogecoin technicals strong – DOGE has found consistent support at its 21DMA in recent weeks and broke above a long-term pennant structure in early November – and with sentiment in the broader market so strong amid optimism for near-term <a href="https://cryptonews.com/news/blackrock-and-bitwise-update-bitcoin-etf-filings-with-sec.htm">spot Bitcoin ETF approvals</a> and for a <a href="https://www.reuters.com/markets/us/fed-policy-pivots-are-taking-longer-mcgeever-2023-12-01/">dovish Fed policy pivot next year</a>, it seems only a matter of time until Dogecoin hits $0.10. 
<a href="https://cryptonews.com/news/dogecoin-price-prediction-as-elon-musks-doge-1-moon-mission-launch-approaches-will-doge-reach-1.htm">Price predictions</a> are likely to remain bullish but can Dogecoin rally all the way to $1.0 per token. 
<h2 id="can-dogecoin-doge-hit-1-0">Can Dogecoin (DOGE) Hit $1.0?</h2> 
 Dogecoin currently has a market cap of around $13.4 billion. 
Some would argue that’s way to much for a cryptocurrency that was originally designed as a joke, but sometimes Dogecoin’s critics miss the fact that 1) the cryptocurrency has a huge, avid base of highly engaged supporters and 2) unlike all other major meme coins, Dogecoin is its own independent layer-1 blockchain, rather than a token issued on the Ethereum or other blockchain. 
Dogecoin is arguably very decentralized and whilst its blockchain has scaling issues (as does Bitcoin’s), the cryptocurrency stands a better chance of seeing real adoption than any other meme coins, in no part thanks to Elon Musk’s ongoing support. 
So could it hit a price of $1 per token, more than 10x higher than current levels. 
Given the current supply of around 142 billion tokens, that would imply a market cap of around $142 billion. 
That’s a lot, but if Bitcoin is to hit a market cap of $10 trillion or higher to rival gold, as many expect, then there is no reason why Dogecoin couldn’t hit a market cap of above $100 billion, 100 times less.

Dogecoin Price Prediction as DOGE Hits 8 Month Highs on Elon Musk’s Plans to Raise $1 Billion for X.AI – Can DOGE Hit $1?

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Cryptonews.com

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