Since peaking at nearly 75 cents per coin in mid-2021, Dogecoin DOGE/USD has been stuck chasing its tail, but a significant move higher over the last week has reignited hopes that the meme coin could rally once again.
Jenny Ta, the founder and CEO of CoinLinked.com, made a prediction about the future price of Dogecoin soon after its historic 2021 surge on Benzinga's YouTube show "Power Hour."
What To Know: Although the price of Dogecoin has dropped dramatically lower since reaching historic highs, its popularity in the crypto space has persisted. The cryptocurrency that started as a joke received public support from numerous celebrities, and it even saw some traction as a method of payment.
The price of the popular cryptocurrency traded from about 1 cent on Jan. 1, 2021, to almost 75 cents on May 8, 2021, when Tesla Inc CEO Elon Musk hosted "Saturday Night Live."
From a percentage perspective, the run of Dogecoin over that time was a tough uphill battle, Ta told Benzinga, adding that it should be much easier for the cryptocurrency to move from 75 cents to $1 and beyond.
$1 per Dogecoin is very much a possibility, she said in May 2021, adding that she believes Dogecoin will eventually reach a market cap of $1 trillion, valuing the cryptocurrency above $7 per coin.
Ta noted that she is thankful for "the cryptocurrency godfather" Bitcoin BTC/USD, as she said that without Bitcoin, Dogecoin would have never come along.
And without Musk, the self-proclaimed "Dogefather," Dogecoin likely wouldn't be where it is. He has a long history with the meme coin, dating back to 2019 when he said it might be his "fav cryptocurrency." He was largely responsible for its remarkable climb in 2021, and he is also behind its recent resurgence.
Dogecoin popped more than 20% this week after Musk replaced the Twitter icon on the social media platform's homepage with a Doge icon.
"As promised," Musk said via tweet following the change that sparked a surge in the meme coin. At the time of writing, the Doge icon remains active on Twitter.
See also: How to Buy Dogecoin (DOGE)
Price Action: At the time of republication, Dogecoin was up nearly 40% year-to-date.
Some elements of this story were previously reported by Benzinga and it has been updated.
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