Can Dogecoin reach $10000, or $1000?
The latest price of Dogecoin
Dogecoin Performance in the Last 6 Months
- Last 1 Month: +7.2%, Underperformer*
- Last 6 Months: +20.7%, Outperformer
- Last 12 Months: -45.8%, Outperformer
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
Is Dogecoin a good investment? Read here
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 $0.56 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 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 11000 times to reach a value of $1000. At 11000 times the current price, the market cap of dogecoin would be an impossible $129 Trillion
In theory, also 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 on the likely trends in stocks or coins. Please consult a registered investment advisor to guide you on your financial decisions.