Dogecoin has been part of the crypto industry for almost a decade and dominates the meme coins. Moreover, it was the beginning of the meme category which today has a market cap of more than $43 billion and a transaction volume of $5 billion. It is merely a meme-based token as the Dogecoin price is even below $1 but the demand in the market is at its highest.

Despite demand and support from tech leaders like Elon Musk, who has backed DOGE, it has failed to come anywhere close to the ATH record. DOGE’s ATH was more than three years ago, suggesting an underlying problem in its progress.

Dogecoin Price Analysis

The past few days have been somewhat bullish for the crypto market, pushing the DOGE price to $0.1121. Moreover, its market capitalization has seen a surge, rising to $16.3 billion with a trading volume of $945 million, indicating increasing demand for the token.

This dog-themed meme coin has gained more than 11% in value over the week and almost 4% in the last 24 hours. Still, it is no closer to the ATH of $0.7376 reached on May 08, 2021, and that marks three years of failure. Dogecoin price has had satisfactory peaks in between, with the biggest increase occurring in March when the value rose to $0.22, the highest level in years.

Challenges limiting the growth of Dogecoin (DOGE)

The crypto industry is currently not in the most favorable phase as most tokens are waiting for their peak. More importantly, investor sentiment has turned neutral, which is affecting Bitcoin and the rest of the altcoins. This has also become a major factor in Dogecoin’s limited growth.

Next comes the increasing competition, especially with the newly launched token, where DOGE gets lost in the crowd. The last time DOGE price boomed, the market was quite bullish. Even at the time of the ATH, the market was in a bull run that made up for all the previous losses. But now the bull run is on hold until next year, and the ongoing bearish and neutral trend is limiting the value.

And last but not least, Dogecoin has not had any technical upgrades recently. For such an emerging industry, continuous upgrades are required, which are missing in this cryptocurrency.

Will Dogecoin price rise to an all-time high in the future?

With the US presidential election looming, Donald Trump has openly supported cryptocurrency. However, recent news of Kamala Harris’ support for cryptocurrency has taken the market by storm as she has made a 180-degree turn from her previous opposition. With a new approach to the industry, better regulations are on the horizon, which could boost the Dogecoin price.

Nevertheless, DOGE has been the darling of investors and has proven to be profitable in the past, so the same is expected for the future. With many analysts pointing towards a bull run, the DOGE price could reach a new all-time high. One of these analysts, masked Trader, recently posted that Dogecoin is breaking all barriers. According to him, DOGE is aiming for $1 before the price per token rises to $15-20.

🚨Something HUGE is going to happen #Dogecoin🚨$DOGE This is a 2 month chart.
MACD will soon turn green. The price is falling.

The chart is READY for a face-melting PUMP. The entire crypto market would cry once $Doge breaks 1 $ that they have not reached these prices!!!

My… pic.twitter.com/nePIca2pnh

— Masked Trader (@MaskedTrader0) 16 August 2024

On the other hand, Dogecoin has barely increased by 5% this year, which is the lowest compared to other cryptocurrencies. This reduces the chances of Dogecoin rising to an all-time high in the near future.

Final thoughts

Dogecoin has continuously disappointed its investors for the past three years despite high demand. Since it was created as a competitor to Bitcoin for transaction purposes, it has failed to meet expectations due to increasing competition. With the bull cycle approaching, many analysts have predicted a $1 increase in Dogecoin price, even higher than the all-time high. However, many technical factors and current growth make such predictions questionable.

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Pooja Khardia

With years of love for reading and 5 years of experience in content writing, here I am, working on my favorite cryptocurrency-related texts. I actively search for trending topics and informative statistics to compile the best content for crypto enthusiasts. Staying up to date with trends and learning the fundamentals and advancements of this field is the best part of the day.

Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.