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 10 Cents?
Dogecoin has already reached 10 cents.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 10 cents in December 2020.
That point marked the beginning of a surge in Dogecoin prices and since then, the peak of Dogecoin value has been 70 cents.
Dogecoin is currently trading at $0.19 or 19 cents per coin.
The price of Dogecoin may even fall to 10 cents if the demand reduces even slightly.
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 10 cents in a matter of days.
It has surpassed 10 cents already.
Of course, it is possible for Dogecoin to drop down to 10 cents.
If you are planning to invest in Dogecoin or any other cryptocurrency, study the coin and the team behind it thoroughly.