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The OG meme cryptocurrency Dogecoin (DOGE) has been struggling with its price. Despite the multiple high-profile endorsements, DOGE failed to rally and meet the coveted $1 mark.
At press time, the meme coin was trading at $0.09531. DOGE was seen dropping by 4.26% over the past 24 hours. This means that the asset is close to 1000% below the dollar milestone.
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Investor confidence was restored in the market after Elon Musk’s latest tweet. The CEO of SpaceX revealed that DOGE may be accepted in exchange for Tesla-related merchandise.
The price of DOGE did not react strongly to this. Once Tesla adds Dogecoin, the asset could witness a major price increase. But the real question is if it will be enough to drive the OG meme coin to $1.
Also Read: Dogecoin: Elon Musk Signals DOGE Return as Tesla Payment Option
When Will DOGE Reach the $1 Mark?
Reaching $1 has been a task for DOGE. About three years ago, the asset hit an all-time high of $0.7376. This was the closest that DOGE has gotten to its dollar milestone. At present, the meme coin remains 87% below this peak. Looking back at this data, $1 seems to be nearly impossible.
But it should be noted that Dogecoin is more than 111115.16% higher than its low of $0.00008547. Throughout the past year, the meme coin rose by 50%.
Data from Changelly suggests that DOGE will surge to $1 only in 2029, particularly in November 2029. However, if Musk brings DOGE back into the Tesla realm, the asset could reach this mark sooner than expected.
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In addition, endorsements from other influential figures, increased adoption, and an overall market rise could boost the value of the OG meme cryptocurrency. But the lack of utility could be a major problem for the network. Certain merchants have been accepting the asset for payments. But DOGE is certainly sidelined when it comes to real-life use cases.
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