Dogecoin price recorded a notable rally during the last quarter of 2024. During this period, DOGE rallied from $0.11 to $0.46 within a few weeks. The rally drove optimism within the DOGE community that the largest meme coin may reach $1 in 2025. However several challenges including tariff wars, minimal utility, and Elon Musk’s silence on Dogecoin have hindered this rally. Analysts have now weighed in saying this price target may not be attained in the near term.
Analysts Speculate Whether Dogecoin Price Will Reach $1
The Dogecoin community remains hopeful that the price will eventually rally to $1. However, top crypto market analysts have shared multiple reasons why this meme coin may never attain this price level in the near term.
The analysts shared their thoughts under an X post by Michael Gayed who noted that he has never understood why this top ten crypto has never reached $1.
In response to the post, analyst DerektheCleric noted that it was “basically impossible” for Dogecoin price to reach $1 because of its tokenomics. He observed that, unlike Bitcoin, Dogecoin does not have a cap on the maximum supply. He added,
“You can produce it like fiat. Its price will always relate to its production cost.”
Others also observed that most of the current holders bought Dogecoin when the price was significantly low. Therefore, each time DOGE shows signs of breaking toward $1, these traders sell, which in turn pushes the price lower.
Some even named Tesla CEO Elon Musk as the main reason why Dogecoin price may never reach $1. They observed that Musk has been quiet towards DOGE. This view mirrors a previous Coingape article which noted that Musk’s involvement with the DOGE department has killed Dogecoin’s popularity.
Key Factors That Could Drive Dogecoin to $1
Several factors could drive Dogecoin price to $1. One of these factors is the approval of a spot DOGE ETF. Asset managers including Bitwise and Grayscale have filed for a spot DOGE ETF to give institutions access to these products.
On Polymarket, the odds of the SEC approving a spot DOGE ETF in 2025 have surged to 69%. If this approval happens, it will be the main catalyst that drives DOGE to $1.
Secondly, rising utility might also fuel this price rally. DOGE is already accepted as a means of payment by top platforms like Tesla and streaming platform Twitch. If more companies endorse DOGE payment, it will be a catalyst for a price rally to $1.
Lastly, the Dogecoin blockchain gaining adoption will also support such a rally. This adoption will see DOGE gain massive utility that will boost its price growth.
Dogecoin Technical Analysis as Buy Signal Emerges
Despite analysts sharing a mixed Dogecoin price forecast on why the meme coin may never reach $1, technical analysis on the lower timeframe hints towards a recovery.
The MACD line has crossed above the signal line, which is typically a buy signal. DOGE bounced from a multi-month low after this buy signal emerged. As this demand continues, it may be the catalyst that drives the meme coin’s gains.
The AO histogram bars are also showing a bullish divergence. If bulls push DOGE to the 78.6% Fibonacci level of $0.18, it could catalyze further gains to the 123.6% Fib of $0.22.
Therefore, Dogecoin price may never reach $1 in 2025 unless there is significant adoption and the SEC approves a spot DOGE ETF. However, the four-hour chart shows DOGE has formed a buy signal that can fuel a rally to $0.22.
The post Will Dogecoin Price Ever Reach $1? Top Analysts Weigh In appeared first on CoinGape.
