Can Dogecoin Make It to $1?

DOGE became one of the biggest success stories of the year, as it went from being a “joke” coin to one of the most popular coins in the cryptocurrency sector. Mainly, on-chain activity, rising trading volumes on top exchanges, and an increase in attention from major influencers played a critical role in the cryptocurrency’s journey.

The same was highlighted in a series of tweets by Philip Gradwell, chief economist at Chainalysis. He stressed upon the fact that the Doge’s adoption stood at the highest level since the 2017 bull market. New users who have held the token for less than six months currently held 25% of the circulating supply.

Continuing the same thread, Gradwell provided a deeper insight into the on-chain activity for the trending altcoin. It recorded an average of 32,000 daily active users (DAUs) in 2021.

DOGE was trading at the $0.29 mark at press time. The coin still had a long way to go to reach the $1 benchmark, to say the least. Lastly, big influencers such as Mark Cuban, Elon Musk, certainly played their part in promoting their preferred token.

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