Direct from the desk of Dane Williams.
Can Dogecoin (DOGE) reach $1?
The answer is of course not a chance in a million years.
Oh, that’s 7 million dog years, just in case you were wondering.
But hey, let's humour ourselves and take a look at what it would take for Dogecoin to reach that magical number.
Why am I doing this now, you ask?
Of course it's all because of old mate Elon Musk and his infatuation with the world's favourite meme-inspired cryptocurrency.
In a recent move that sent the crypto world into a frenzy, Musk changed the Twitter logo to Doge.
Lol.
As a result, many people have been asking the question: could Dogecoin finally reach the holy grail of $1?
Well in this post, I’ll give you the cold, hard truth about Dogecoin’s chances of hitting $1… and why you'd have better luck asking your doggo for an informed trading decision.
Oh let's face it, fantasising about the price of Dogecoin like this is just plain fun.
So let's get into it and see what kind of ruff road lies ahead for our favourite Dog themed meme coin (DOGE 4eva, SHIB neva!).
I’ve already made it clear that it won't.
BUT…
…Technically, say if a billion things happened to go right…
…Could Dogecoin reach $1?
Well, remember the market capitalisation (or market cap) of a cryptocurrency is calculated by multiplying its current price by its total circulating supply.
In the case of Dogecoin - which according to our friends at CoinGecko - currently has a circulating supply of 138,808,696,383 coins and a price of around $0.097619, its market cap is around $13.5 billion.
For Dogecoin to reach $1, its market cap would have to increase to around $138.8 billion.
That’s more than 10x its current market cap haha.
While technically this is a possibility and in the batshit crazy world of crypto, you should never say anything is impossible because it’s not.
Let’s just instead say such a massive increase in market cap is incredibly unlikely.
Adding some perspective, let's compare Dogecoin's then hypothetical market cap of $138.8 billion, to that of the largest cryptocurrency in Bitcoin.
Right now, Bitcoin has a market cap of just over $552 billion.
This means that for Dogecoin to reach $1, it would need to achieve a market cap that is nearly a quarter of the size of Bitcoin's current market cap.
Considering that the current number 2 in Ethereum has a market cap less than half of Bitcoin’s it's hard to imagine Dogecoin getting it done.
Oh hey, when did a little dogged determination ever deter anyone?
Get it done you degens.
Best of pawsibilites to you.
