Crypto analysts have been quite bullish on the future price trajectory of Dogecoin. However, it seems this sentiment is not shared by everyone in the industry. In an interview, Pav Hundal, lead analyst for Australian exchange Swyftx, told CoinTelegraph that hoping for a $1 price target for Dogecoin could be risky.
Why Dogecoin Might Not Reach $1
In the interview, Hundal suggests that the Dogecoin price reaching $1 could be a perilous journey due to its holder base. The crypto analyst attributed this to the fact that there are a lot of DOGE holders who had purchased the meme coin in 2021 due to the hype at the time. But at current prices, these holders are currently nursing losses.
The logic is that these holders will be waiting for any opportunity to break even, and once the price starts moving up, there could be a lot of sell pressure as these investors with underwater dogs rush to sell off their holdings and secure profit.
In addition to this, the crypto analyst also bel
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