What started as a meme or a joke currency, today Dogecoin is one of the biggest cryptocurrencies out there by market size and value.
The coin was created to serve as an alternative to Bitcoin.
The Shiba Inu logo and the name are based on a particular meme and that is the reason the coin has become viral.
Dogecoin differs from Bitcoin in a way that its supply is infinite.
There is about 10,000 Dogecoin that is mined every day and there’s no upper limit on the total supply of the coins.
Can Dogecoin Reach 1 Cent?
Dogecoin has already reached 1 cent. The value of Dogecoin depends on two factors – the market cap and the mining dynamics.
Understanding the total coins in circulation and the current price, we can estimate the market cap and draw realistic projections.
The price of dogecoin hit a cent during the 2017 -2018 cryptocurrency bubble.
And since then given the ups and downs, Dogecoin is currently trading at $0.19 or 19 cents per coin.
The price of Dogecoin may even fall to 1 cent if the demand reduces.
Do note that Dogecoin is just a meme coin and it is currently viral.
But if the interest of people subside, and given the infinite supply of coins, the price of Dogecoin may soon go below 1 cent.
In fact, experts believe that if the demand subsides, then within a few months or a year, the price of Dogecoin will drop down by thousands of percent.
It has surpassed 1 cent already.
Of course, it is possible for Dogecoin to drop down to 1 cent.
If you are planning to invest in Dogecoin or any other cryptocurrency, study the coin and the team behind it thoroughly.