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DonAlt, a pseudonymous cryptocurrency trader with more than half a million followers on the X social media network, has predicted that Dogecoin (DOGE) can potentially "run" all the way to the $1 mark as long as the broader cryptocurrency market remains in bullish mode.
The O.G. meme cryptocurrency, which first appeared all the way back in 2013, has managed to retain a spot in the top 10.
At press time, DOGE is valued at a whopping $20.3 billion. This, for comparison, makes it more valuable than Nippon Steel, the largest Japanese steelmaker, and Suzuki Motors, one of Japan's biggest car companies.
The leading meme cryptocurrency is up by nearly 15% over the past 24 hours, substantially outperforming other top 10 altcoins. It is currently trading at $0.13 on the Binance exchange after adding an impressive 25% in the span of just one week.
Despite its impressive performance, the meme coin king is still down a staggering 81% from its lifetime peak of $0.73 which was logged all the way back in May 2021. Back then, DOGE briefly became the fourth-biggest cryptocurrency by market cap.
Still, according to data provided by cryptocurrency analytics platform IntoTheBlock, only 12% of Dogecoin holders are underwater.
Now, DonAlt believes that Dogecoin is ready to start barking at the Moon again, and the pipe dream of reaching $1 might become reality during this cycle.
The fact that the general public is familiar with Dogecoin remains the main advantage of this cryptocurrency compared to some rival projects, according to the trader.
"If you truly want to put this cycle into high gear while attracting normies, you gotta pump something high-profile they've heard of before. Memes have been meta and DOGE is the crypto meme people know," he tweeted earlier this week.