While Dogecoin boasts a rich "historical heritage" and its robust community may shield it from fading into obscurity, analysts remain cautious about the likelihood of it reaching a one-dollar price target.

With the influx of memecoins flooding the market, traders' aspirations for Dogecoin to hit the coveted one-dollar mark this cycle are met with skepticism. Achieving such a milestone would represent a substantial 36% increase from its May 2021 all-time high of $0.73 and a staggering 525% surge from its current price of $0.16.

Recent data from CoinMarketCap reveals that Dogecoin (DOGE) experienced a modest 2.58% gain over the past week, contrasting with the notable price surges seen in other large-cap memecoins during the same period. For instance, PEPE surged by 43%, Shiba Inu by 17.42%, and Dogwifhat (WIF) by 14.43%.

Pseudonymous trader Rekt Capital emphasized that Dogecoin is known for its cyclical nature within the altcoin space. Despite the emergence of other meme coins, Rekt believes that Dogecoin's position as the largest memecoin won't be significantly impacted.

However, Pav Hundal, lead analyst at Australian crypto exchange Swyftx, adopts a more skeptical stance. Hundal acknowledges Dogecoin's sizable user community but warns of potential sell-offs from long-term holders in response to sharp price spikes.

Hundal highlights the uncertainty surrounding Dogecoin's trajectory, particularly as many investors who purchased during the 2021 boom may currently face losses. He suggests that the decision-making of these investors will heavily influence whether Dogecoin reaches the one-dollar mark before potential sell-offs occur.

Furthermore, Hundal notes a decline in derivatives activity for Dogecoin, indicating reduced market interest compared to previous cycles. Open Interest (OI) in Dogecoin futures contracts has plummeted by 56% since the beginning of April, according to CoinGlass data.

Despite dwindling derivatives activity, Rekt Capital maintains optimism regarding Dogecoin's prospects, citing its predictable cycles and historical patterns. He believes that Dogecoin's "cyclicality" in price charts makes it highly probable to reach one dollar this cycle.

Supporting this view, pseudonymous trader Blockchain Mane points to historical data indicating price growth for Dogecoin typically occurs during the month of May, echoing sentiments shared among traders on social media.