Maybe Elon Musk was right. Dogecoin (CCC:DOGE-USD) seems to be heading to the moon on Thursday, or at least to new all-time highs. As of this writing, Dogecoin prices had soared past the 17-cent mark, with crypto bulls calling for a run to 20 cents before the end of the day. This will surely have analysts revising their Dogecoin price predictions.
So what else do you need to know?
Importantly, DOGE has been on a tear in recent weeks, with investor sentiment growing increasingly bullish around cryptocurrencies and specifically, altcoins. The Coinbase (NASDAQ:COIN) direct listing yesterday also gave the entire crypto space a big boost. Even though the meme coin is not available for trading on the Coinbase Platform, Coinbase represents a milestone for cryptocurrency investors. Because of this, we saw DOGE hit a record high along with several other tokens.
Today, DOGE is waving goodbye to that record as it rallies past 17 cents.
With the move higher, Dogecoin now has a market capitalization above $21 billion. This comes as Dogecoin prices have gained 30% in the last 24 hours, and nearly 180% in the last seven days. Investors should note that the altcoin rally has also shaken up crypto rankings. Just today, Dogecoin has claimed the No. 8 spot by market cap, overtaking Uniswap (CCC:UNI-USD) and Litecoin (CCC:LTC-USD). This means that it is currently trading just below Polkadot (CCC:DOT-USD). These rankings rely on data from CoinMarketCap.
So what else should investors know now? And where do Dogecoin price predictions stand?
Dogecoin Price Predictions: To the Moon?
Importantly, many Dogecoin price predictions now appear conservative after DOGE has rocketed higher this week. As InvestorPlace Assistant News Writer Brenden Rearick highlighted on Tuesday, current year-end targets range from 14 cents to 40 cents. Just today, investors on social media are calling for prices to cross 20 cents, and the hope remains that DOGE could take out $1 by the end of the year. Celebrities like Elon Musk, Guy Fieri and Mark Cuban continue to stoke this fire.
So what do you need to know about the long term for DOGE? Today, the meme coin is rewarding its playful backers with a new all-time high. But there is a real promise for the cryptocurrency to shoot as high as $10, as InvestorPlace Markets Analyst Tom Yeung highlighted. Its developers must first address its inflationary measures and lean into a charitable foundation.
With a little bit more fuel, DOGE could very well head to the moon. You can read more of the case for Dogecoin to hit $10 here.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.