Since its first release two years ago, Dogecoin (DOGE) has surged in price by more than 3,000 percent. Just last year, the cryptocurrency was worth just $0.0023 but the price has continued to climb. At the time of writing, DOGE is hovering around the 40 cent mark per token, according to Coinbase.
That means the coin is worth $0.396 as of 2pm on April 19 - up 32 percent on the previous 24 hours.
There are several factors at play when it comes to the rising price.
Experts believe one of the main reason behind the skyrocketing price is down to Elon Musk, who has been telling his 51 million Twitter followers that his SpaceX will put a "literal Dogecoin" on the Moon.
Few anticipated the surge in what is essentially a currency based on the popular Doge meme.
When will Dogecoin hit the $1 mark?
As there is an infinite supply of Dogecoin, analysts do not expect the same meteoric rise as Bitcoin, which is currently worth more than £40,000.
However, incremental rises are expected of Dogecoin in the coming years after the current burst settles down.
Having doubled in value over the past few days, the market will soon calm down.
But it will slowly increase in value, and could hit the $1 mark by 2025, according to Prime XBT.
READ MORE: Dogecoin price live: What is the current price? Should you invest?
The website said: "The cryptocurrency market is cyclical, and goes through bull and bear markets of varying degrees.
"After another bear phase, the cryptocurrency market, including dogecoin will be ready for another breakout in 2024 and into 2025 – coinciding with bitcoin’s halving theory.
"By that time, there should be more clear choices for winners in the crypto arms race, and either dogecoin falls out of favour or starts to approach the promised land of nearly $1 per coin."
However, the trading site said the value of the coin is impossible to predict, adding: "Dogecoin can be expected to appreciate in value at a reasonable rate, but nowhere to the same prices as bitcoin, ethereum, EOS, litecoin, and ripple.
"Because of this, it is difficult to call dogecoin a good investment when there are so many better choices available."
When will Dogecoin hit the $10 mark?
Sam Onigbanjo, founding partner at the Capital Markets Academy told Express.co.uk: “Dogecoin is currently at £0.29 ($0.40) and in the short term will overtake £0.70 ($0.50). Its first major test will be passing the £0.72 ($1) mark which from all indications could happen before the end of July.
"Once this barrier is broken the next aim will be £7.19 ($10).
“Dogecoin is driven based on trading fundamentals and events such as celebrity endorsements and acceptance in major corporates, both of these are clearly on the uptrend and are therefore very foreseeable in 2021.”
However, the coin is a long way off for now.
Joel Edgerton, chief operation officer of cryptocurrency exchange platform bitFlyer, said it is likely many buyers are only getting involved for fun right now.
This ultimately means it could be unsustainable and that there is no way of knowing the future of Dogecoin.
He told the CoinTelegraph: “Any asset can reach a certain price target if people are willing to pay for it.
"However, that type of momentum investing, without underlying value, is pure speculation."
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