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$DOGE To All-Time Highs - How Realistic?

In May 2021, Dogecoin’s $DOGE hit all-time highs of around $0.58. What would it take to see this again?

$DOGE’s Highest Price

Dogecoin saw its all-time highest price levels in Q2 2021, a few months before Bitcoin and Ethereum reached their bull market zeniths in November of the same year.

At this time, $DOGE was trading at nearly $0.6 and boasted a market capitalization of more than $75 billion, according to CoinMarketCap.

Despite $DOGE’s nature as a memecoin, and therefore one of the most speculative and risky cryptocurrency assets, the original-memecoin still touts a market capitalization of some $8.9 billion, at time of writing, and a price of approximately $0.063.

$DOGE price over time. Source: CoinMarketCap

Returning to All-Time Highs - An Outlandish Prospect?

Though $DOGE still holds the number-8 spot for largest cryptocurrency, wedged between $ADA and $SOL, 2022 was not kind to the memecoin the market cap of which has now tumbled by nearly 90% since May 2021.

If $DOGE were to regain its $75 billion market cap, at time of writing, this would make it the 4th largest cryptocurrency, surpassing even $BNB and its current value of around $33 billion.

In practice, this seems an unlikely prospect in the near-future given the astronomical shift in market capitalization that would be required, barring an unprecedented market resurgence across the industry. 

However, if this seemingly-unlikely phenomena were to occur, the returns would indeed be impressive. From its current price level of around $0.063, a return to 2021 ATHs of $0.6 would translate to a nearly 10x return. 

Certainly, such a price surge is possible, but perhaps only in the presence of external factors, such as a wider cryptocurrency recovery triggered by 2024’s Bitcoin halving event, or even renewed support for the $DOGE memecoin by Elon Musk himself

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