What started out 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?
Yes, that is indeed a realistic possibility for Dogecoin can reach 1 dollar. The highest value of Dogecoin so far has been $0.70, so $1 is less than 50% higher than that. So, it is possible.
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.
According to reports, there are around 5 billion new Dogecoins that are mined every year. By the end of this decade, that is 2030, there will likely be 180 billion Dogecoins in circulation.
If the price of each Dogecoin has to be $1, then the total market value of the cryptocurrency will be $180 billion.
At the time of writing, the total market value of Dogecoin is $37 billion and there are around 130.8 billion Dogecoins in circulation.
If the value of Dogecoin has to touch $1, then the market cap has to increase by more than three times. In other words, there has to be a lot of investments and commercial money flowing into Doge.
But it is possible, considering the interest in the currency recently and ease in regulations for cryptocurrency trading in many countries.
What makes Dogecoin so popular is that it is so low in cost for a single coin, that any form of cryptocurrency investor will be happy to spend money on it.
Yes, Dogecoin can reach $1. Maybe, by the end of this decade or during the next decade. But if the community endeavors to keep the blockchain active, then the rising interest may up the value.
If you are planning to invest in Dogecoin or any other cryptocurrency, study the coin and the team behind it thoroughly.