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Can Dogecoin on Halloween Pull Off a Crypto Magic with $0.0775?

Last Updated on October 28, 2023 by SPN Editor

Google Bard offers a more optimistic prediction for Dogecoin on Halloween 2023. This outlook aligns with the beliefs of certain analysts who anticipate Dogecoin on Halloween reaching a price of $0.0775 on that date. This projection hinges on the digital asset maintaining its position above the $0.055 support level.

Although Bitcoin has experienced a resurgence, Dogecoin’s predicted price on October 31, 2023, stands at $0.0698. This suggests a decline of 2.43% from its price at the time of this report on October 27, 2023.

Considering the past records, it’s interesting to note the variable prices Dogecoin has seen during the past three Halloweens. For example, Dogecoin on Halloween 2020 was valued at $0.0026. This price skyrocketed by a staggering 10,223% on October 31, 2021, when it reached $0.2684.

However, on October 31, 2022, the price of Dogecoin experienced a 56.19% drop compared to the previous Halloween, trading at $0.1176. In comparison, the current price of Dogecoin right now is 39.17% lower than the price of Dogecoin on Halloween in 2022.

In the latest data available, Dogecoin was trading at $0.07154, representing a 2.02% decline in the past 24 hours. Nonetheless, it has still managed to maintain strong gains of 19.95% and 17.13% on its weekly and monthly charts, respectively, based on the information gathered on October 27.

It’s worth highlighting that Dogecoin achieved its highest historical price of $0.73 on May 8, 2021, accompanied by a market capitalization of $88.80 billion. If DOGE were to revisit this peak market capitalization, its price would currently be approximately 15% below that level, trading at $0.62, taking into account its current, and continually expanding, circulating supply.

Given the robust momentum of the most highly capitalized meme coin in the cryptocurrency landscape, there are conflicting opinions among crypto traders and investors regarding the feasibility of Dogecoin reaching the $1 per coin milestone.

Achieving this price target would entail a significant surge of 1,257% from the current values. Moreover, it would result in a market capitalization of $141.57 billion, considering Dogecoin’s current circulating supply.

Notably, this would position DOGE as the third-largest cryptocurrency, following Ethereum (ETH) with a $218.61 billion market cap and Bitcoin (BTC) with a $668.84 billion market capitalization.

Dogecoin (DOGE) is currently leading as the top performer for the day among the top 10 cryptocurrencies by market capitalization. Each DOGE coin is priced at $0.07368, contributing to an overall market capitalization exceeding $10.43 billion as of the time of writing.

It’s essential to recognize that Dogecoin has one of the highest supply inflations among the top 10 cryptocurrencies. This characteristic directly impacts its ability to attain higher prices, even as its demand, measured by capitalization, grows over time.

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