You are most likely familiar with the name Dogecoin, even if you have never dabbled in the world of cryptocurrencies. It was the first memecoin ever created and is currently the most popular one available on the market. Over the years, many people have had doubts about it, but recently, people have taken it more seriously. This leads to a multitude of questions regarding its price evaluation, one of which is whether or not the price of Dogecoin can reach $1.
- Dogecoin (DOGE) might eventually reach the price point of $1 at some point in 2030.
- It is nearly impossible for Dogecoin (DOGE) to ever reach $10.
- Dogecoin (DOGE) will never reach $100.
And despite the fact that Dogecoin is presently ranked among the top 10 cryptocurrencies by market cap, the question remains: for how much longer will it maintain its position? Other than the fact that it was “the first,” is there anything else that distinguishes it?
This is exactly the topic that we are going to talk about in the next paragraphs. In this article, we will discuss everything from what Dogecoin is and how it operates to the catalysts that have the ability to help it achieve $1, as well as whether or not it will ever reach $10 or $100, and when it will get there.
Table of Contents
What Is Dogecoin (DOGE)?
Dogecoin is an open-source crypto network originally created to be a “fun” version of Bitcoin. It is a fork of Lucky Coin, which in itself is a hard fork of Bitcoin. The project also has bits and pieces from Litecoin, so all in all, it is a mix of all of them.
The network came to life at the beginning of 2014 and immediately brought attention to itself. That’s mainly because it was the first “memecoin”, although nobody was calling them like that back in the days.
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Dogecoin is a proof-of-work protocol but uses “Scrypt” technology. The Litecoin network was the first to use the technology, and it essentially is a mining algorithm. However, networks are avoiding Scrypto for one simple reason – it requires a lot of raw power and computation; thus, it is unsustainable.
One unique thing about Dogecoin is that you can mine it. Since there is no supply cap, you can mine as much as you want. There are two main ways in which you can mine Dogecoin – solo or in a mutual mining pool. Of course, there is a better reward for going solo, but you will be getting more consistent rewards by joining a group. If you are a part of a mining pool, you will also use less computation than solo.
As you might already know, Elon Musk posted multiple tweets stating Dogecoin is his favorite crypto and the people’s crypto. Since then, the price of Dogecoin and its popularity surged quite a lot.
The network also has its own dedicated crypto wallet, which you can download through the official website.
Overall, Dogecoin doesn’t have much going around at the moment, especially when compared to other memecoin networks like Shiba Inu Coin, which has a whole ecosystem and is looking to expand its utility.
Can Dogecoin (DOGE) Reach $1?
Let’s explore the possibility of Dogecoin reaching a price evaluation of $1. Hypothetically, if Dogecoin reaches $1, a couple of things will happen. Since there is a non-disclosed token supply, things are a bit more complicated.
Usually, when a token such as Dogecoin is looking to hit a price point of $1, one of two things must happen. If it is high on the market cap leaderboard, it needs to reduce the total supply in order to increase the current price. The second option is to simply be adopted more.
However, the second option is somewhat unlikely with Dogecoin since it already is at number 12 by market cap. That situation is usually for tokens that have yet to blow up.
In order for Dogecoin to reach $1, it needs to grow more than 7x times. With its current live market cap of about $18 billion, that means it will need to reach a new market cap height of more than $300 billion. Put in perspective, Ethereum has a market cap of almost $400 billion and is in 2nd place. The third crypto by market cap is Tether, with $80 billion.
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As you can see, that means that Dogecoin will need to be worth almost as much as Ethereum, which, if we are being realistic, is nearly impossible.
With an all-time high of $0.73, Dogecoin actually came quite close to the $1 mark.
If we see an overall bull market over the next couple of years and everything goes according to plan for the team behind Dogecoin, then we can definitely expect it to hit $1. However, that moment is almost certainly not going to be this year, although the token can potentially see a new all-time high.
Overall, the answer to the question of whether Dogecoin (DOGE) can reach $1 or not is – yes. However, it will take time, probably until the end of the decade.
Can Dogecoin (DOGE) Reach $10?
In order for the price of Dogecoin (DOGE) to keep rising, there needs to be a considerably larger amount of money moving into DOGE than there are new coins being created. It is exponentially more difficult for Dogecoin to obtain a greater price over time because there is no supply limit on DOGE and the block reward is so enormous (10,000 coins per block, compared to 6.25 coins per block for BTC).
An unprecedented event occurred in the cryptocurrency market in 2021 when the price of DOGE rose from $0.0002 to $0.73 in a couple of months. Although it can be difficult to pinpoint the precise variables that contribute to any given market event, a few out-of-the-ordinary circumstances came together at the same moment, most certainly providing DOGE a large boost.
At the time, Bitcoin and a number of other cryptocurrencies were simultaneously reaching new all-time highs. This occurred during the midst of a bull market for Bitcoin and the whole cryptocurrency industry. The epidemic caused by the coronavirus in the year 2020 had been going on for less than a year by then, and many people all across the world were still remaining inside. Many of them were making their initial financial investments, looking into crypto.
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In rapid succession with one another, a number of renowned celebrities endorsed Dogecoin, which, of course, was a great business move for everyone involved (aside from those that dumped or never bought the coin in the first place).
Because of these headlines’ impact, some people have suggested that the increase and fall of the price of DOGE can be explained as the result of a massive pump-and-dump scam.
Having said that, it is not out of the question that the price of one Dogecoin could briefly hit $10 at some point in the next decade. However, the chances are very slim, as there will be a lot of things that need to happen beforehand, otherwise, it will be impossible.
Can Dogecoin (DOGE) Reach $100?
It’s important to note that the value of Dogecoin, like any other cryptocurrency, is highly speculative and subject to significant fluctuations over time. It’s difficult to predict with certainty what the future value of Dogecoin might be, as it depends on a variety of factors such as market demand, investor sentiment, and regulatory developments.
While it’s possible that Dogecoin could see significant price increases in the future, it’s also important to consider the fact that the top 20 wallets hold over 50% of all Dogecoin in existence. This concentration of holdings could potentially limit any price gains, as the holders of these wallets may choose to sell some of their Dogecoin when the price rises.
Additionally, even if there were sufficient demand to drive the price of Dogecoin up to $100, it’s unclear whether cryptocurrency exchanges can handle the volume or not. It’s also worth considering that a market capitalization of more than the annual GDP of China by 2030, as is a requirement to reach a $100 Dogecoin price, is highly unlikely.
Overall, it’s crucial for anyone considering investing in Dogecoin or any other cryptocurrency to understand the inherent risks and to approach such investments with caution. It’s always a good idea to conduct thorough research and to invest only what you can afford to lose.
As such, we might not live to see Dogecoin (DOGE) reach $100 price evaluation.
Is Dogecoin (DOGE) A Good Investment?
The most important question people ask is whether Dogecoin is worth investing in. Well, many factors come into play when deciding on such a thing. These include the potential of the network, its token’s utility, future plans, and developers, but not only. External factors can also affect the worthiness of a cryptocurrency, such as the current political issues in eastern Europe.
However, as we always say, the most important factor is whether you believe in the essence of the network or not. If you think Dogecoin is a network with a good cause and that it will keep expanding adoption, then is there really a reason for it to be missing from your portfolio?
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Objectively speaking that it is probably not a good thought process to sit on the idea of Dogecoin to reach $1. Not that it is impossible, but rather that is somewhat unlikely.
Although we believe Shiba Inu Coin to be the superior memecoin for many reasons, Dogecoin is not going away anytime soon. It only takes one Elon Musk tweet for DOGE to go on a rampage.
What Does Dogecoin Need To Reach $1?
Every cryptocurrency and its network need catalysts in order to grow. To give a quick example, we can look at Ethereum. We were witnesses to the launch of Ethereum 2.0 in Q3 of 2022. It offers completely new technology that will change the crypto network forever.
For other cryptocurrencies, that is the utility of the token itself. You can use them for staking, which can then bring you passive rewards. We are trying to say here that every growing crypto needs some sort of a catalyst; otherwise, it will stagnate sooner or later.
One of the main uses for Dogecoin nowadays is tipping. That’s what it began doing a little after its official launch. Not long ago, the developers decided to reduce the transaction fees to incentivize bigger tipping, whether on Reddit or another website.
Dogecoin has a couple of upgrades coming in the near future. There is no official release date for any of them, but let’s quickly observe the upcoming changes. However, these are quite important if we ever want to see Dogecoin reach a price of $1. These changes will be the crypto’s new website, developer encyclopedia, better developer conditions, and a lot more.
As the first and most popular memecoin, Dogecoin will definitely keep the memethrone for some time. Although Shiba Inu Coin is right behind it, there still is a couple of billion market cap gap between the two. But enough about comparisons.
Until recently, Dogecoin was mostly a memecoin with no utility, but in Q4 of 2021, the team behind it decided to make a change. This included developing a roadmap that introduces many upcoming features. In this case, we referred to them as catalysts because they will definitely impact the price evaluation of Dogecoin.
If we look at statistics, then there is no reason for us to believe Dogecoin will not reach $1. However, although we are positive it will do at some point, we cannot exactly pinpoint a timeframe. We strongly believe this goal will likely not be achieved during 2022. Of course, many factors can positively affect the crypto market, which will help Dogecoin, but we can only speculate.
And speaking about Dogecoin (DOGE) reaching $100 or even $10 is out of the question. With the current circumstances, it will be impossible for DOGE to reach that procie point. However, Dogecoin will probably be able to reach $1 at some point until the end of the decade.
Finally, it is up to you to decide whether Dogecoin will be worth it or not. The ecosystem and token certainly will have a lot more utility in the upcoming years, and there is a reason it doesn’t leave the top 15 cryptocurrencies by market cap. Most of all, we believe having trust and understanding of the project are the most important factors, but that is highly subjective as well.