The cryptocurrency market is looking to benefit from increased policy shifts in the United States this year. Yet there are few that could increase as much as Dogecoin (DOGE), with experts projecting the leading meme coin to reach $1, which would represent a new all-time high for the asset.
The token has become the subject of recent optimism that the United States could approve a new batch of crypto-based ETFs. That has many expecting big things for the meme coin that increased as much as 10% to close out the week. Now, the question is, just how likely is DOGE to challenge its all-time high?
There is no denying that Dogecoin features some of the most passionate cryptocurrency investors in the industry. The leading meme coin has always sported avid support. Moreover, that community is prepared to back the token as it nears its most important development.
The US Securities and Exchange Commission (SEC) has recently acknowledged Grayscale’s filing for an ETF centered around the asset. That is a major step in its potential approval. That fact has led many to project Dogecoin to reach a $1 mark, but how soon could DOGE reset the all-time high mark?
Speculation on the approval saw DOGE jump more than 10.3% on Friday, reaching $0.28 to close out the week, according to CoinMarketCap. That had been more of the same for the asset’s trajectory, as it had increased 12% the prior seven days, reversing a more than 23% drop over the last month.
According to Polymarket data, Dogecoin ETF approval odds have jumped to 62%. Indeed, that is a massive increase from just 27% at the start of the year. With the chances looking more likely than not, it is expected to propel the token’s value to new heights.
Dogecoin reached its highest all-time mark in 2021 when it reached $0.74. According to the cryptocurrency price prediction platform CoinCodex, it should reach that mark as early as February. Indeed, analysts expect it to surge an unprecedented 321% over the second half of this month. Specifically, on its way to reaching a maximum price of $1.18.