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Can Dogecoin reach $1?

Can Dogecoin reach $1?

Dogecoin (DOGE) is leading as the best performer for the day among the top 10 cryptocurrencies by market cap. Meanwhile, each DOGE is currently priced at $0.07368, contributing to a total market capitalization exceeding $10.43 billion at the time of writing.

With a strong momentum for the most capitalized meme coin in the cryptocurrency spectrum, crypto traders and investors dispute controversial opinions on whether Dogecoin could reach the psychological mark of $1 per coin.

Such a price target would mean a surge of 1,257% from current values. Moreover, it would mean a market capitalization of $141.57 billion dollars, considering Dogecoin’s current circulating supply. 

Interestingly, this would place DOGE as the third-largest cryptocurrency, after Ethereum (ETH) with $218.61 billion and Bitcoin (BTC) with a $668.84 billion market cap.

Top 10 cryptocurrencies by market cap.
Top 10 cryptocurrencies by market cap. Source: CoinMarketCap

However, it is important to understand that Dogecoin has one of the highest supply inflations among the top 10 cryptocurrencies, which directly impacts the ability of DOGE to reach higher prices even when its demand (measured by capitalization) grows over time.

Notably, Dogecoin had its all-time high price of $0.73 on May 08, 2021, with a market cap of $88.80 billion. In case DOGE ever reaches its all-time high capitalization, its price would be more than 15% lower, trading at $0.62 with the current — and growing — circulating supply.

Dogecoin price analysis

As for its performance on October 26, DOGE moved from as low as $0.06632 to its current price for 10.58% gains at the time of publication.

DOGE 1-day price chart-
DOGE 1-day price chart- Source: Finbold

Despite not being impossible to reach a price of $1 per coin, DOGE would need to acquire unprecedented demand to overcome its supply increase. This could be triggered under friendly macroeconomics and high adoption scenarios for the leading ‘dog’ coin.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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