Dogecoin prediction- Will it hit $1?

For many in the more traditional financial space, it may be difficult to comprehend the rise of Dogecoin. But while it lacks the dominance of Bitcoin—which is priced at more than $60,000 per coin—experts say it is still a legitimate form of currency.

Potts said it was "unlikely" dogecoin would ever be a stable token but added it could become a "niche currency" for certain purposes, such as monetizing "likes" on social media.

Markus added: "At this moment , many people will trade you a dime and two pennies for it, and you can directly buy from any number of merchants who integrate BitPay or Crypto.com payment platforms—companies like [computer and electronics online retailer] Newegg, [NBA team] Dallas Mavericks, etc. have already done so. So it's already something you can trade for all sorts of items."