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Dogecoin Price Reaches All-time High: Is Dogecoin Going To Hit $1 Soon?

Dogecoin price reached a new all-time high on May 5, hitting a price of $0.67. Read on to know why the price of Doge is rising and will it reach $1.

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IMAGE: SHUTTERSTOCK


At the beginning of April, Dogecoin hovered around a price of $0.04 - $0.05. Over April, the Dogecoin cryptocurrency has been breaking price records and hitting new all-time high prices every few days. At the time of writing this article, the Dogecoin price has reached an all-time high price of $0.67. In the last 24 hours, Dogecoin has seen a massive jump in its prices, the coin is up 52 per cent, in a span of 24 hours, as per the WazirX Dogecoin chart. What is the reason behind this Dogecoin Alltime high price? Read on to find out. 

Dogecoin Reaches All-Time High Price

Even at the time of writing this article, the price of Dogecoin keeps going up. There are many contributing factors behind the rapid rise in prices of this coin. For one, the popularity of this coin stems from its identity as a fun meme in the crypto community. At this point, Dogecoin is just as popular as Bitcoin in pop culture and social media. Many celebrities have started to endorse Bitcoin and many stores and retailers have started to accept Bitcoin as a payment method. 

Slowly, but surely, Dogecoin is being transformed from a joke into a legitimate cryptocurrency with the potential to act as a payment method in the future. Many brands like Slim Jim, Uber have capitalised on Doge and used it in their branding and advertising. Billionaires Elon Musk and Mark Cuban have been promoting Dogecoin on social media. People all around the world have also started to realise the value of investing in cryptocurrencies as they have the potential to give higher returns than conventional investments. 

Does Amazon Accept Dogecoin?

A couple of weeks ago, Dogecoin enthusiasts started a petition to get Amazon to accept Dogecoin as a legitimate payment method. The petition raised over 200,000 signatures, as per an article by Newsweek. However, Amazon has not yet made a statement about accepting Dogecoin, nor is it available as a payment option, as of now. However, many brands have started to accept Dogecoin as a payment method. Online electronic store Newegg has announced that they are accepting Dogecoin as payment and payments to their website can be made through Bitpay Dogecoin wallet. 

At this time it's hard to say high how high Dogecoin can reach. However, it's safe to say if Dogecoin continues to follow this trend, it will soon reach the $1 mark. However, investing in cryptocurrencies can be a big risk. Crypto markets are very volatile by nature. People are advised to do their own research thoroughly before choosing to invest in any cryptocurrencies. Stay tuned for more updates on Dogecoin and crypto. 

IMAGE: SHUTTERSTOCK

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