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Dogecoin hit $0.53 on Tuesday. Will it reach $1?

Dogecoin recently hit half a dollar as investors seek to reach $1

A dog bowl with coins symbolizing the Dogecoin cryptocurrency.
Dogecoin recently hit half a dollar as investors seek to reach $1.
Illustration by Alex Cochran, Deseret News

Tuesday morning was a good morning for Dogecoin investors, who saw Dogecoin trade for $0.53 — more than half of a dollar, according to Forbes.

Dogecoin’s recent rise

Dogecoin rose by 36% in value compared to where it was on Monday, May 3, which contributed to a 95% rise over the entire week, Forbes reports.

  • The meme-based cryptocurrency became valued at $69 billion, which made it “worth more than gaming company Nintendo, car maker Mitsubishi and bank Santander,” according to Forbes.
  • In recent days, Dogecoin was worth more than Honda, Twitter and Ford because of the recent surge in value.

According to Fast Company, Dogecoin has risen 5,000% in value since the beginning of 2021. It was worth $0.005 on Jan. 1, 2021.

Will Dogecoin reach $1?

Investors have tried to make Dogecoin reach $1 in value, as I wrote for the Deseret News. There’s a huge supply of Dogecoin because it’s easy to make and has no physical value.

Will Dogecoin continue to rise?

Carol Alexander, a finance professor at the University of Sussex Business School in England, said she expects Dogecoin to keep rising, especially as celebrities such as Tesla CEO Elon Musk and Dallas Mavericks owner Mark Cuban continue to talk about it.

  • It helps, too, that the trading app eToro recently added Dogecoin to its cryptocurrencies for trade because of high client demand, according to CoinDesk.