Dogecoin (Doge), an OG Meme Cryptocurrency, is one of the earliest assets to enter the market. Cryptocurrency debuted as a joke in 2013. Billy Marx and Jackson Palmer created Doge as a playful alternative to Bitcoin (BTC). Nevertheless, the assets have gained a lot of recognition over the years. Several celebrities and institutions have been seen accepting meme coins. In this, a recent report from 21Shares highlights how Dogecoin is emerging not only as a meme coin, but as a serious cryptocurrency.
$1.24 could be the next target for Dogecoin
The cryptocurrency community is currently focusing on exchange trading funds (ETFs). Recently, 21 shares have applied for the Doge ETF. This was followed by the company’s trends towards memecoin through its report. The report reveals how Dogecoin could be a major addition to investors’ portfolios. Additionally, the report also outlines DogeCoin’s three future price performance scenarios. The company appears to be on a bullish stance. The report says that a small allocation to Doge has already increased within the 60/40 investment structure, which is already increasing with the 3% Bitcoin allocation, which could result in a significant increase in total revenue.
Asset management companies predict that memecoin could experience the same rapid growth as the latest key pumps. This is due to reputation for historic factors that suggest explosive gatherings and potential price increases. It should be noted that Doge reached its lowest price of $0.007 just before its latest bull run. Two years later, with an incredible combined annual growth rate (CAGR) of 189%, the meme currency fell to a new low of around $0.0585 for this cycle. The price of the Meme Coin can reach $1.42. This marks a noticeable rise from current prices and is also the highest ever high. However, this only happens if it continues to grow at a similar rate over the next two years.
Look at Meme Coin’s current market
Dogecoin was seen stepping into a good note in May. The assets have recorded a prominent spike of 3% over the past 24 hours. At the time of writing, Doge was trading at $0.1801.
The bullish scenario above only occurs when Dogecoin sees an increase in actual adoption and interest in memecoin. Better regulatory clarity could play a key role in increasing the price of an asset.
