Experts Divided Over ‘DOGE At $1’ By 2024 End As Dogecoin Flips Porsche in Market Worth

The cryptocurrency market is abuzz with speculation about Dogecoin (DOGE) potentially reaching the $1 mark by the end of 2024, driven by increasing market momentum and high-profile support from Elon Musk.

Currently trading at $0.40, DOGE has demonstrated remarkable growth, with a 175% surge in the past month and a market capitalization of $57.8 billion. This valuation notably surpasses luxury automaker Porsche's market worth of $56.1 billion, underscoring Dogecoin's significant market presence.

The original meme coin was created in 2013 as an internet joke by software engineers Billy Markus and Jackson Palmer, Dogecoin has transformed from a meme-based cryptocurrency to a serious market contender. The coin's breakthrough came in 2021 when Elon Musk dubbed it "the people's crypto," catapulting it into mainstream recognition.

Key market indicators suggest Dogecoin's potential for growth:

24-hour trading volume: $8,333,837,559

Market capitalization: $57.8 billion

Current price: $0.40

Monthly price surge: 175%

Elon Musk's continued involvement has been crucial to Dogecoin's trajectory. His recent launch of the Department of Government Efficiency (DOGE) – strategically sharing the Dogecoin ticker – has reignited investor enthusiasm.

Technical analyst Doge Trader Bluntz suggests the Dogecoin "parabola has only just started," predicting no profit-taking until the coin reaches at least $1.

While some investors believe DOGE has peaked, others anticipate continued growth. The cryptocurrency's robust community support, real-world adoption, and Elon Musk's persistent promotion contribute to its potential for reaching the $1 milestone.

Market experts remain divided on the exact timeline, with predictions ranging from late 2024 to early 2025. However, the consensus suggests Dogecoin's momentum and cultural significance make the $1 target increasingly plausible.

As the crypto bull run continues and meme coins gain traction, Dogecoin stands at the forefront of this innovative financial landscape, symbolizing the intersection of internet culture and digital finance.

At press time, Dogecoin was up 1.32% in the last 24 hours to trade at $0.4111 while the trading volume has declined 4.23% to reach $8.50 billion and the market cap rose to $60.47 billion.