Will Dogecoin Reach $1? Trade With Caution, Youtuber Says

• Dogecoin continues to surge despite the market slump.
• DOGE holders hope the crypto reaches $1 soon.
• Youtuber Sheldon Evans cautions new traders against buying DOGE.

The crypto market is in the red for at least two consecutive days, wherein more than $200 billion have been scraped off from the record sheets. However, Elon Musk’s favorite crypto Dogecoin continues to defy gravity and stay afloat in the $0.3-$0.4 range.

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At the time of writing, DOGE price is seen at $0.410962, according to CoinGecko. It continues to hold the fifth spot in terms of market capitalization.

With this stunning performance from Dogecoin, will we see the coin reach $1 soon? No one is certain, as this appears to be unprecedented so far. However, many DOGE holders would love to see it happen soon.

As the chart above shows, DOGE has shown aggressive growth in the past days. During the first day, it had a sudden price increase that helped it to reach its current all-time high (ATH) of $0.45. The current highest attempt to surpass the ATH has reached $0.43.

On the other hand, traders need to be cautious, as there is no telling when DOGE will dump. Youtuber Sheldon Evans provided a level-headed explanation in a video.

In the video, Evans cautioned users against investing so much in DOGE. Given that Dogecoin was made as a meme or joke currency, there is always the possibility of a dump. According to him, Dogecoin does not have any fundamentals, unlike other crypto assets like Bitcoin or Ethereum.

Evans said,

Don’t throw your life savings into something that is just a meme.

If and when DOGE dumps, he noted that traders will most probably move their money into other altcoins with stronger fundamentals. This signifies that the altseason is underway. Nevertheless, he made it clear that his warning only goes to the new traders and not to the older ones, especially now that the FOMO is high.