One analyst described the chance of Dogecoin (DOGE) hitting $1 in its current cycle as a crapshoot.

Dogecoin has a cycle of about 7-8 years, and its supporters keep predicting that it will hit $1 sometime in that cycle. How realistic is that, though, especially with the coin at $0.1605 (DOGE/USD) currently and no major momentum at the moment?

We do not expect Dogecoin to break out right now, and it will probably retain its current stability and slow growth for the near future. But the long-term future holds more promise. Dogecoin could really do anything over the next 7 years, including plummet down to almost nothing and disappear from the market.

Dogecoin has had a very interesting history, where it moved from a memecoin that was practically given away to one of the most respected and traded coins on the market.

Dogecoin’s biggest drawback is that it has no intrinsic value, and it is even riskier than most other crypto coins for that reason. What began as a joke may have turned into a coin that has earned its investors billions of dollars, but the bottom could fall out of this token very quickly and with little provocation.

What Are Dogecoin’s Odds for $1?

The DOGE rate may never reach $1 in its entire lifetime, but the coin has managed to climb to $0.73 at its height. It would not be unprecedented for Dogecoin to gain 300 or 400% in the next year, especially if its rides Bitcoin’s coattails or enjoys a surge from widespread use. Tesla is planning to allow Dogecoin to be used in purchases of its electric cars in the future, after all.

Dogecoin could benefit from protective legislation, and as governments become more comfortable with the idea of decentralized currencies, more regulations are being created in favor of cryptocurrencies. However, Dogecoin has to contend with governments that do not like cryptos, and it has suffered from bad press due to a major lawsuit against Tesla CEO Elon Musk in regards to an alleged Dogecoin promotion pyramid scheme.

We must reiterate what the analysts are saying about Dogecoin and its prospects of hitting $1- it could happen, but it is impossible to say at this point.