Can Dogecoin reach $10000 or $1000?
Dogecoin Statistics And Latest News
- Most Commonly Used Cryptocurrencies for Transactions (October Month)
- Dogecoin ranked 4th with 6.1%; Bitcoin ranked first with 38.5%
- Transactions Count (Last 6 Months)
- Dogecoin ranked fourth with 18,083 transactions (Declined); Bitcoin ranked 1st with 1,07,078 transactions.
- TVL: $3.2M (Rising)
- Last 7 days change: +9.2%
- Last 30 days change: +61.3%
Dogecoin’s DOGE-1 Mission to the Moon has achieved a significant milestone with approval from the National Telecommunications and Information Administration (NTIA). The upcoming Astrobotic’s Peregrine Mission One, launching on Dec. 23, will carry the first physical Dogecoin coin to the moon, with support from various entities, including NASA.
Coinbase International is set to introduce four new Perpetual Future Contracts on December 30 at 10 am UTC. The added assets include Cardano (ADA), Chainlink (LINK), Dogecoin (DOGE), and Stellar (XLM). These futures contracts will be available for trading on both Coinbase International Exchange and Coinbase Advanced.
Dogecoin – Buy or Sell
- Aug 29th: +55.0%
- Sept 22nd: +50.0%
- Oct 25th: +41.2%
- Nov 30th: +43.4%
Can Dogecoin reach $10,000? Analysis of Dogecoin
Dogecoin is a cryptocurrency based on the popular internet meme of a Shiba Inu dog and is often called a ‘meme coin’. It uses blockchain technology to allow for peer-to-peer transactions and has an unlimited supply. The price of Dogecoin is affected by the demand for Dogecoins and the supply of Dogecoins by Miners. Demand in turn is primarily driven by payments. More than 2000 Merchants accept Dogecoin.
How has the Value of Dogecoin changed?
- Jan 2015, 1 Dollar = 5470 Dogecoins
- Jan 2020, 1 Dollar = 493 Dogecoins
- Feb 2023, 1 Dollar = 11 Dogecoins
Over the last 8 years, the Dollar has lost significant value versus Dogecoin. Another way to see it is
- In 2015, a basic iPhone could be purchased with 1.1 Million Dogecoins
- In 2023, a basic iPhone can be purchased with 11000 Dogecoins
Dogecoin’s Price History
Price movements are always one of the crucial factors to determine and predict the price of crypto. Below is DOGE’s all-time graph; we can see that the coin peaked at $0.65 in May 2021.
DOGE’s lowest price was $0.00030 (in January 2014), meaning that it took 89 months for Dogecoin to reach its all-time high price of $0.56. Note that, it was 1866.6x growth from its lowest to its all-time high price.
In the last few years, Dogecoin price has been mostly influenced by the following factors
- Elon Musk’s Tweets
- Well-known merchants beginning to accept Doge as payment currency
- Liquidity in the market is primarily driven by the Fed’s interest rate policies
Can Dogecoin reach $1000?
Let us find out how much time (theoretically) should Dogecoin take to reach a value of $1000. DOGE needs to grow by 13,513 times to reach a value of $1000. At 13,513 times the current price, the market cap of dogecoin would be an impossible $143 Trillion
In theory, this is not feasible but given Dogecoin’s market cap and supply of tokens. Dogecoin will need to be deflationary to be able to reach $1000.
Can Dogecoin reach $10000?
Given the market cap requirements for a price of $10000 reaches thousands of trillions, it is quite impossible for Dogecoin to reach $10000
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view of the likely trends in stocks or coins. Please consult a registered investment advisor to guide you on your financial decisions.