Dogecoin price prediction: Will DOGE hit $1 this year? 'FOMO factor is at fever pitch'

The expert said: "The resurgence in attention to Dogecoin, which was originally launched as a parody currency, may seem attractive to investors due to its volatility but for the currency to ever have intrinsic value, scalability and security issues need to be addressed.

"It's moved by headlines, tweets, celebrity, or corporate endorsements and while that’s likely belittled by 'traditional' investors, it’s what brings the masses to cryptocurrencies.

The masses understand headlines, tweets, and endorsements and the masses will likely mature as crypto enthusiasts and begin to appreciate the movement for its more technical nuances."

Dogecoin holders are already experiencing a more than 6,000 percent return on last year's investment but many are desperate to see the token hit new highs, with £0.72 ($1) being the elusive target.

Social media and the link-sharing site Reddit, in particular, is chock-full of crypto enthusiasts vying for the success of the meme coin.

Some have taken it a step further, promising to hold onto DOGE until the price peaks to an even more astounding £7.2 ($10).

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