Dogecoin To $1 By December? Probably Not Happening, Polymarket Traders Say

Polymarket bettors appear skeptical about Dogecoin DOGE/USD reaching significant price milestones by December, with only a 6% chance assigned to Dogecoin hitting $1 and a 10% chance for $0.90.

What Happened: These odds reflect the market’s doubts, despite the recent surge in Dogecoin's value following Donald Trump's election and Elon Musk's involvement with the newly established Department of Government Efficiency, dubbed “DOGE.”

Currently, the highest chance Polymarket assigns is a 59% probability for Dogecoin hitting $0.45 by the end of November, indicating tempered enthusiasm among investors.

The class-action lawsuit filed by a group of Dogecoin investors against Musk, accusing him of manipulating Dogecoin’s price in 2021, was dismissed Friday, removing a legal overhang for the meme coin.

The investors argued Musk’s tweets and appearances, including on Saturday Night Live, artificially boosted Dogecoin's price, but a judge ultimately dismissed the claim as "aspirational and puffery."

Also Read: Solana, Ripple, Litecoin ETFs May Be On The Table Under Trump Administration, Industry Experts Say

Meanwhile, Musk's public support of Dogecoin remains strong; he recently endorsed its fixed inflation model as "a feature, not a bug," positioning Dogecoin as a potentially stable currency.

Musk's ongoing advocacy has already led to substantial gains for Dogecoin post-election, with major players like Spirit Blockchain Capital also stepping in to build a significant reserve of the coin.

What’s Next: With discussions on the future of digital assets set to continue at Benzinga's Future of Digital Assets event on Nov. 19, attention will be on how regulatory and institutional interest could further shape Dogecoin's trajectory.

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Image created using artificial intelligence with Midjourney.