What could cause Dogecoin's price to skyrocket?

[roseberry]

What could cause Dogecoin's price to skyrocket? Recent reports suggest that the digital currency may be on the verge of a major explosion. Could this mean that DOGE is set to reach $1 this bull run?

Dogecoin may soon be reaching new heights, as the price is slowly but surely increasing. If it sustains these levels, a trend could ensue that would lead to much higher prices.
Meanwhile, the token is also gaining a lot of momentum against Bitcoin and it's expected to undergo a 100% upswing soon.

Check out detailed DogeCoin price analysis on Coinpedia

 

[Imran Noori]

Dogecoin is a good crypto but it is not one of the best crypto currencies because there is no specific project behind it, it pumps when Elon Musk tweets about it or mention a positive word about it.

If you are a short term trader then you can buy it when there is a tweet about it by Elon Musk, if not according to fundamental analysis there is no reason for someone to invest in Dogecoin and hold it for years until some big projects support this crypto.

I personally will never invest in Dogecoin because there are many other great crypto currencies with great projects, I prefer those kinds of crypto currencies.

 

[Bitcoinblues]

Elon Musk integrating it in Twitter as a payment method would drive in North in a big way

 

[NorAccounts]

Essentially, this means that when BTC is experiencing a significant downtrend, smaller altcoins (such as DOGE) tend to follow. This also works the other way, as when investors are bullish on BTC, altcoins tend to rise in tandem.

 

[Suba]

Many reasons made the price of Dogecoin go up a few points instead of a skyrocket, such as tweets of whales, the decrease in the interest rate of the Fed, Large purchases by whales, On Jan 2, 2023 the price of Dogecoin was only $0.0714 and the current price of Dogecoin (2/2/2023) is $0.0944 is up only a few cents. ATH $0.737 occurred in May 2021. So in history the price of Doge has never reached $1, which I'm afraid this is fomo news, to spur retail investors to buy Doge immediately. Crypto is the game of the whales and we shouldn't be swayed by uncertain news if we don't want to lose.