Will Dogecoin reach $1?

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Will Dogecoin reach $1?

Direct from the desk of Dane Williams.



Short answer is no… but I take a look at what it would take for Dogecoin to reach $1 anyway.

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.

Elon Musk changing the Twitter logo to a Doge has again sparked the question, will Dogecoin reach $1?

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!).

Could Dogecoin reach $1?

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.

Final thoughts...

Oh hey, when did a little dogged determination ever deter anyone?

Get it done you degens.

Best of pawsibilites to you.

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I don't think it's very likely for DOGE to get to $1. It makes me wonder just how much DOGE Elon has. It makes me wonder if he is one of the top 10 whales that controls most of the supply.

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Hey @forexbrokr If it does, I'll get out of here and move back to using cold hard cash. It would surely suggest we're in a major bull bubble and all hell's about to break loose? Probably the end of the human race? But seriously, having some fun with a meme coin is okay, but an inflating a meme coin would be a very bad thing for cryto's maturity. Some personal random thoughts - hopefully this comment won't harm anyone (that is planning to get a doge super rich!) 😂 All that said, I won't be surprised for it to hit 25c, but even that would be super bad for all the above reasons.

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Would you say all those same things about Bitcoin going to a million dollars?

I don't agree it will happen in the next few weeks, but I do see BTC to a million eventually being inevitable.

Once that happens, I think you underestimate the crazy shit that will happen in the rest of the altcoin space.

Never underestimate the stupidity of people (or their ability to get caught up in hype).

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Yes, I'd agree with that. BTC to a million could and would eventually happen. The crypto market cap will help move in that direction. My hard scepticism of Doge getting to a dollar is that there are no fundamentals. It's not a store of value or of any utility.

But as you say, never trust the human race. And if doge goes to a dollar, I would seriously worry about the entire crypto market.

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Could Dogecoin reach $1?

When? It'll happen when the memes come later 🤣. Well, it's a meme coin 🤷‍♂️

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I didn't realise it has that much of a circulating supply! I wonder how hard will Elon pump it this time. Doge at $1 is definitely unlikely anytime soon.

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Let's not underestimate the power of the bull market. Even though I believe DOGE has a relatively decent chance to reach $1 I actually exchanged mine for EGLD...

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What the heck is EGLD haha??

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The native coin of MultiversX. Romanian project... I being a Romanian pleb thought I should have some. In 2021 I saw it fly from $10 to $500 in just a few months. I knew about it since the launch but thought it was a Romanian scam. I was wrong about it, the team is hard-working and dedicated(over 150 active devs). They are into metaverse shit. Partnered with Porsche and Tencent. I don't know if it is a winning bet but I'm willing to take it.

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Changing Twitter logo to that of dogecoion doesn't push it to that level, Investor's should be very careful, so they don't get pushed in their decision making while investing in dogecoion

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