Dogecoin Primed to Hit the $1 Mark as DOGE Market Sentiment Turns Bullish

Cardano has surpassed the dollar-mark days after XRP hit the milestone, leading to speculation of a similar move from Dogecoin despite its larger supply.

Cardano (ADA) has hit the $1 price mark for the first time since April 2022, following a 23.81% gain.

This comes days after XRP (XRP) achieved the same feat, leading to speculation about Dogecoin's (DOGE) potential to reach $1 despite its larger supply.

Cardano Hit $1 Days After XRP

Cardano's latest move saw it gain momentum on Nov. 15, quickly surpassing the $0.57 resistance zone. ADA continued its bullish uptrend, eventually crossing the $1 mark yesterday after starting the day at a price of $0.8219. Cardano reached a peak of $1.0440 before encountering resistance.

However, the altcoin managed to hold above the $1 level, closing the day at $1.0175 with an impressive 23.81% gain. This marked Cardano's best intraday performance since Feb. 13, 2021, when it gained a more substantial 33%. At press time, ADA has maintained the $1 level, currently trading at $1.0822.

Cardano's latest achievement follows a similar feat by XRP, the sixth-largest cryptocurrency. In a rally that began on Nov. 5 following Donald Trump's election win, XRP officially reclaimed $1 on Nov. 16 for the first time since December 2021, nearly three years ago.

Notably, XRP, Cardano, and Dogecoin have been in a race to reach $1 since the start of the ongoing bull run. XRP had the upper hand, being closer to the price mark than the other two tokens. ADA was next in line to reach the level, followed by DOGE.

Can Dogecoin Hit $1 with 146B Supply?

This prediction has so far come to fruition, with XRP and Cardano already above the price target. Now, investors' attention is on Dogecoin, which is next in line to claim the milestone.

DOGE is already showing signs of another phase of rapid price surges following a period of consolidation. The meme coin showed its potential for growth when it rallied 177% to $0.4385 on Nov. 12, reaching this level within eight days.

Following a pullback from $0.4385 and subsequent consolidation, DOGE has now resumed its uptrend after breaking out of its bull flag. The token hit a new high of $0.48 today before retracing to its current price of $0.4655. Analyst Ali Martinez previously predicted a rally past $1 amid the latest breakout.

At the current price, data shows that Dogecoin would need to rally by an additional 114.92% to reach the $1 price. Given its historical performance in the previous bull run and the potential it has shown since Nov. 5, analysts believe an extra 114.92% rise is easily achievable for DOGE.

However, Dogecoin will face a more significant roadblock to $1 than Cardano and XRP. While XRP has a circulating supply of 56.9 billion tokens and ADA has 35 billion, Dogecoin has a larger supply of 146 billion.

As a result, Dogecoin would require a greater capital inflow to reach $1, bringing its market capitalization to $146 billion. Additionally, DOGE has never reached the $1 price point in its history. Despite these challenges, the price target is still within reach for the meme coin. Martinez even anticipates a rally past $2.

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