Dogecoin was initially started as a meme but slowly started getting popular as a cryptocurrency. People have accepted Dogecoin worldwide. The value of Dogecoin, just like any other cryptocurrency, has fluctuated with time. If you have questions regarding the value of Dogecoin and want to know will Dogecoin reach $1, you are on the right track.
Cryptocurrencies have always been risky due to volatility. Dogecoin has also gone through ups and downs but people are still investing in the coin. It is quite difficult to predict whether Dogecoin will reach the $1 mark in the future or not. Many consider Dogecoin to positively respond in the future however, many are against Dogecoin for reaching the $1 mark.
In this post on ‘Will Dogecoin reach $1’, we will provide all necessary details related to Dogecoin. We will discuss the history of Dogecoin and have an overview of the current market situation of Dogecoin.
So, let us answer the question: Will Dogecoin reach $1 or not!
Brief History Of Dogecoin
Dogecoin was not something serious because of a Japanese dog’s logo in the initial days of introduction. However, the popularity of crypto began to increase with each day passing. The coin was created in 2013 and launched by Markus and Palmer.
Elon Musk has been witnessed openly supporting this cryptocurrency. It was also one of the reasons for the huge popularity of Dogecoin. Dogecoin is considered a safer cryptocurrency than others because of its high adoption rate. It is presently ranked at number 13 according to CoinMarketCap ranking. The native currency of Dogecoin is DOGE. The cryptocurrency can be purchased easily from exchanges like Binance, Coinbase, and many others.
Let’s have a look at the details related to Dogecoin and find an answer to the question ‘Will Dogecoin reach $1’.
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Overview Of Dogecoin
Let’s have a look at Dogecoin’s current market position and other details to know will Dogecoin reach $1 or not.
- Cryptocurrency: Dogecoin
- Ticker Symbol: DOGE
- Current Price: $0.1187
- Price Change(24h): -$0.0008616
- Market Cap: $15,750,850,784.71
- Circulating Supply: 132,670,764,300DOGE
- Trading Volume: $500,370,097.07
- ROI: 21146.67%
- All Time High: $0.7376
- All Time Low: $0.00008547
As we have discussed the current details about Dogecoin, let’s see will Dogecoin reach $1 one day or not.
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Will Dogecoin Reach $1 Or Not?
We have witnessed the sale of Dogecoin increasing by 20% when Tesla CEO, Elon Musk, announced accepting Dogecoin as payment for some Tesla merchandise. It can be expected that Musk can push Dogecoin higher. Let’s see if there are any other elements that can push the cryptocurrency higher.
Dogecoin doesn’t distinguish itself from the number of cryptocurrencies present worldwide. For example, if we talk about Ethereum, it offers the users a Blockchain loaded with decentralized applications. It also offers a possibility to reinvent the way of doing business in several industries. Cryptocurrency offers the ability to transfer data from one blockchain to another. However, Dogecoin doesn’t offer anything like this to distinguish itself from its rivals. Though this cryptocurrency is accepted by many big names, the amount taken by these merchants is small.
Another major challenge is the supply of Dogecoin. The cryptocurrency has an unlimited maximum supply. It generates a feeling in the minds of investors that the coin is not at all scarce. The value and price of the cryptocurrency decrease because of this reason.
It is quite difficult to reach the number but let’s see with some mathematical calculation will Dogecoin reach $1.
Let us assume the circulating supply to be 140B in the future to get more realistic results.
So, 140,000,000,000 X 1.00= 140,000,000,000 Market Cap.
Market Cap when it went to 74 cents
So, 132,670,000,000 X 0.74= 98,175,800,000 or 98.17B
If Dogecoin wants to reach $1, it will have to grow by 843%.
It is quite difficult, but not impossible. So, we can say that right now the answer to the question “Will Dogecoin reach $1” is No for now, but it may achieve this mark in the future.
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Our post on ‘Will Dogecoin reach $1’ ends here. We have concluded that Dogecoin will probably not reach $1 in the coming five years with true facts and figures. However, it might reach $1 in the next ten years or so. We have also provided an overview related to the current market situation of Dogecoin. If you are thinking of investing in cryptocurrencies, don’t forget to do research before investing! Share the post if you find it interesting.
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Frequently Asked Questions
Q1. What Happens When Dogecoin Hits $1?
A. If Dogecoin is able to hit $1, the market cap will cross 132 Billion USD.
Q2. Is Dogecoin A Good Investment?
A. Dogecoin is considered one of the cheapest cryptocurrencies. It is a good investment for beginners.
Q3. Will Dogecoin Reach $10 000?
A. There are no chances for Dogecoin to reach $10,000.