Maybe Elon Musk was right. Dogecoin (CCC:DOGE-USD) appears to be on its way to the moon on Thursday, or at least to new everyday highs. As of this writing, Dogecoin prices have risen the 17-cent mark, with crypto bulls having to run up to 20 cents before the end of the day. This will ensure that analysts need to review their Dogecoin price forecasts.
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What else do you need to know?
What is important is that DOGE has been tearing apart over the past few weeks, with investor sentiment increasingly bullish on cryptocurrencies and specifically altcoins. The Coinbase (NASDAQ:COIN) direct listing yesterday also gave the whole crypto space a big boost. Although the meme coin is not available on the Coinbase platform, Coinbase is a milestone for cryptocurrency investors. As a result, we have seen DOGE reach a record high along with several other tokens.
DOGE is waving the record today as it rises past 17 cents.
With the increase, Dogecoin now has a market capitalization of more than $ 21 billion. This is because Dogecoin prices have risen by 30% in the last 24 hours and almost 180% in the last seven days. Investors should note that the altcoin protest has also shaken up the crypto rankings. Just today, Dogecoin has the place no. 8 claimed and exceeded according to market capitalization Exchange (CCC:UNI-USD) en Litecoin (CCC:LTC-USD). This means that it is currently trading just below Polkadot (CCC:DOT-USD). This ranking is dependent on data from CoinMarketCap.
What do investors need to know now? And where do Dogecoin price forecasts stand?
Dogecoin Price Forecasts: To the Moon?
Importantly, many Dogecoin price forecasts now look conservative after DOGE rose higher this week. As InvestorPlace Assistant news writer Brenden Rearick on Tuesday highlighted that current targets for the end of the year range from 14 cents to 40 cents. Just today, investors on social media are asking prices to exceed 20 cents, and the hope is that DOGE can take out $ 1 by the end of the year. Celebrities like Elon Musk, Guy Fieri and Mark Cuban light this fire.
So what do you need to know about the long term for DOGE? Today, the meme coin rewards its playful fans with a new record of all time. But there is a real promise for the cryptocurrency to shoot as high as $ 10, as InvestorPlace Market analyst Tom Yeung highlighted. Its developers must first address its inflationary measures and lean into a charity fund.
With a little more fuel, DOGE could very well go to the moon. You can read more about the case for Dogecoin to win $ 10 here.
At the date of publication, Sarah Smith (directly or indirectly) held no positions in the securities mentioned in this article.
Sarah Smith is a web content producer at InvestorPlace.com.