Dogecoin Bull Matt Wallace Doubles Down On $1 Target: Here's Why

Matt Wallace, whose YouTube channel has 248,000 subscribers, believes that the $1 mark isn't that farfetched for Dogecoin (CRYPTO: DOGE) in the aftermath of the re-establishing of the Dogecoin Foundation.

Last week, Wallace told Benzinga that Dogecoin has a higher chance of reaching the elusive $1 mark.

What To Know: Wallace noted that with a billionaire like Elon Musk and "one of the smartest minds in the entire world when it comes to crypto" working together with Dogecoin, the price of the cryptocurrency “going up a heck of a lot” is very real.

See Also: Dogecoin Foundation Returns After 6-Year Hiatus; Ethereum's Vitalik Buterin, Musk Rep Jared Birchall Join Board

Wallace also believes at least one cryptocurrency — Dogecoin, Bitcoin (CRYPTO: BTC) or Ethereum (CRYPTO: ETH) — will overtake gold in terms of market capitalization within the decade.

Dogecoin could eventually touch the $125 mark if its market capitalization reaches $15 trillion, he noted. Currently, gold is estimated to have a market capitalization of more than $10 trillion.

"In order to get all the way to $100, we would obviously have to see an insane amount of things going right," Wallace said on his YouTube channel that has 248,000 subscribers.

Wallace concluded by saying that Dogecoin passing the $1 mark is now "inevitable."

Why It Matters: Dogecoin is currently ranked seventh among the world’s largest cryptocurrencies with a market capitalization of almost $39.7 billion, as per CoinMarketCap data.

The Shiba Inu-themed cryptocurrency’s year-to-date gains are an impressive 5,232.25%. It's currently down 59.2% from its all-time high of $0.7376 reached in May.

DOGE Price Action: Dogecoin is up 1.5% over the past 24 hours, trading around $0.323146 at press time.

See also: Is Dogecoin a Good Investment?