The OG meme cryptocurrency Dogecoin (DOGE) has been on the market for quite some time now. The asset’s growth has been at two extremes. While DOGE has moved sluggishly during certain years, the last 12 months have been particularly bullish for the meme coin. The asset hit a notable high of $0.4775 earlier this month. While the community waits for DOGE to surge, several are investing now hoping for the asset to hit a new high.
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Can Dogecoin Reach 50 Cents Soon?
Over the past month, Dogecoin has surged by a notable 219%. At press time, DOGE was trading at $0.4302 following a nearly 2% spike over the last 24 hours. Amidst this, the daily volume of Dogecoin dipped. The asset’s 24-hour volume stood at $10.65 billion.
The asset is expected to hit $0.50 sooner rather than later. The meme coin hit an all-time high of $0.7376 about four years ago in 2021. Currently, DOGE is 41% below this mark. While this seems like a long way from its current price, DOGE has witnessed a significant spike in recent days. As a result, it wouldn’t be surprising if the asset records a new high.
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Looking Into Potential Returns
At the time of writing, a $100 investment in Dogecoin would acquire 232.56 DOGE at its current price. If Dogecoin can recover to its all-time highs, a $100 investment today will be worth $171.51. Even though this may not seem like much, it is important for several investors who have poured much more into the meme coin.
In addition, it should be noted that CoinMarketCap’s community sentiment revealed that a majority of Dogecoin investors were bullish about the asset. About 87% were positive about DOGE’s potential price surge in the next couple of days. Only 13% of the community were unsure about the meme coin’s upcoming rally.
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