Dogecoin Price Could Reach a New High This Year, An Analyst Predicts
Dogecoin has been on the rise the past few months and the crypto community has taken notice. An analyst from the crypto space recently predicted that Dogecoin could reach a new all-time high by the end of 2021.
The analyst, who goes by 'Gorilla Crypto' on Twitter, believes that Dogecoin is currently undervalued and will eventually reclaim its new high. He said in his tweet that "When #Doge reclaims it's [sic] ATH I will be shouting from the rooftops! Undervalued! #DOGE."
Dogecoin hit an all-time high of $0.73 in early May. Since then, the price has been gradually declining, but it's still 57% higher since January. Gorilla Crypto believes that Dogecoin has a real chance of reclaiming its record price this year once Ether (ETH) reaches its peak.
Gorilla Crypto isn't the only one bullish on Dogecoin. Elon Musk, CEO of Tesla and SpaceX, has been tweeting about Dogecoin since last year and recently said it could be "the future currency of Earth." Musk's comments have helped boost Dogecoin to become one of world's top 10 cryptocurrencies.
Dogecoin is now the sixth-largest cryptocurrency with a total market cap value of over $50 billion. It's trading at around $0.51 and if Gorilla Crypto is correct in his prediction then we can expect to see prices as high as $0.73 again soon.