In a thrilling turn of events in the cryptocurrency market, Cardano (ADA) has finally crossed the $1 threshold, just days after XRP achieved the same milestone. This development has sparked speculation about whether Dogecoin (DOGE), with its substantial 146 billion supply, can also reach the coveted $1 mark.
Cardano’s Triumphant Surge
Cardano’s journey to $1 has been a rollercoaster. The altcoin surged past the $0.57 region on November 15 and maintained its bullish momentum, eventually closing the day at $1.0175. This marked Cardano’s highest daily gain since February 2021. At present, ADA is trading at $1.0822, cementing its position above the $1 level.
The rally was part of a broader bull market wave that began with XRP’s ascent. XRP reclaimed the $1 price point on November 16, propelled by market optimism following Donald Trump’s election win. This rally marked XRP’s first time at $1 since December 2021, nearly three years ago.
The Race to $1: XRP, Cardano, and Dogecoin
XRP, Cardano, and Dogecoin have been in a heated race to reach $1 during the current bull run. With XRP and Cardano now past this milestone, all eyes are on Dogecoin. Despite its larger supply, DOGE has demonstrated significant potential for growth.
On November 12, Dogecoin surged by an impressive 177% to $0.4385 within eight days. After a brief consolidation period, DOGE resumed its uptrend, reaching a new peak of $0.48 before retracing slightly to $0.4655. This performance has fueled optimism among investors and analysts alike.
Can Dogecoin Overcome Its Supply Challenge?
Dogecoin’s path to $1 is undoubtedly challenging due to its vast supply of 146 billion tokens. In contrast, XRP has a circulating supply of 56.9 billion, and Cardano has 35 billion. To reach $1, Dogecoin would need to rally by an additional 114.92%, bringing its market capitalization to $146 billion. This would require a substantial capital inflow.
Despite these hurdles, many believe Dogecoin has the potential to achieve this milestone. Analyst Ali Martinez has predicted a rally beyond $1 amid Dogecoin’s latest breakout. Given Dogecoin’s historical performance and recent bullish trends, an extra 114.92% rise is within the realm of possibility.
The Future of Dogecoin
While Dogecoin has never reached $1 in its history, the current market dynamics and investor sentiment suggest that it could be on the verge of a breakthrough. The meme coin has repeatedly demonstrated its resilience and capacity for rapid price surges, making it a favorite among retail investors.
As the bull market continues to unfold, Dogecoin’s potential to reach $1 remains a hot topic. If the meme coin can sustain its momentum and attract the necessary capital, it might soon join the ranks of XRP and Cardano at the $1 mark. Until then, the cryptocurrency community will be watching closely, anticipating the next big move from DOGE.
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