U.Today - Dogecoin (DOGE), the meme-inspired cryptocurrency that once hit an all-time high of $0.73, is being eyed for a bullish return to $0.10 by renowned trader Kaleo.
In his recent , Kaleo confidently suggested the altcoin's imminent rise, pointing out the crypto's current slow but steady upward creep.
Although DOGE is still down around 90.38% from its all-time high recorded on May 08, 2021, the meme coin is steadily holding its ground, trading around $0.069974. CoinGecko data indicates Dogecoin's market cap sits at approximately $9.85 billion, with a 24-hour trading volume nearing $442 million.
Dogecoin became an unexpected sensation in early 2021, driven in part by endorsements from Elon Musk and other celebrities, as well as retail traders inspired by the Reddit-fueled GameStop (NYSE:GME) rally.
In May 2021, reached its pinnacle, surging by over 12,000% since the start of the year, at its peak.
Interestingly, this surge in popularity was reflected in the adoption figures. John Paul Koning, a financial writer, cited a Nielsen Homescan survey stating that around 11% of American households owned crypto in 2021. Among these crypto-holding households, four out of ten held Dogecoin, indicating that approximately 6 million US households owned the meme coin.
With this potential base, the anticipated rally to $0.10 could be within reach if these users hold or if the crypto can tap into the new market participants.