Will Dogecoin reach $5, $10, $100 or $1000?
Will Dogecoin reach $10?Going by a growth rate of 44.44x in 1 month, it can take roughly 20 years for Dogecoin to reach $1000.
Dogecoin (a meme-based token) is an altcoin whose total supply is not capped i.e., there is no limit on the number of DOGE tokens to be minted.
Now, the crucial question that comes to our mind, while investing is “Will Dogecoin reach $5, $10 or even $100?” If yes, then how much time will it take to reach those levels? Let’s find out the answers to these questions in this report:
There are various factors that need to be considered while predicting the price of a crypto, such as its price movements, competitor analysis and market trends etc. Let’s analyze those individually:
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.
Keeping in mind, its current price of $0.09, we can safely say that DOGE’s price has declined by more than 2.44 times in just 12 months, though it has faced many ups and downs in between.
Growth Curve of Dogecoin’s competitor- Shiba Inu
Listed on ShibaSwap, Shiba Inu is another meme token and is one of the notable competitors of Dogecoin. The goal of Shiba Inu is to be the Ethereum-based counterpart to the Srypt-based algorithm of Dogecoin. Let us also analyze, SHIB’s growth curve:
Shiba Inu’s all-time high price was $0.000079 which it achieved in October 2021. Its price was $0.000000001 initially, meaning it took SHIB nearly 14 months to reach its all-time high value. Meanwhile, it grew by 79,000 times.
The reason behind SHIB’s sudden increase was it caught the headlines and tweets by some famous personalities (including Elon Musk). Since then, the price has declined by nearly 8.5 times to reach a current price of $0.0000092.
Will Dogecoin reach $5?
DOGE is 6.22 times down from its all-time high value of $0.56, considering its current price of $0.09. Now, keeping in mind its growth rate of 1866.6x in 89 months (as discussed above), its one-month growth rate is 20.97x. It means that in the next 12 months, DOGE’s market price can reach a theoretical value of $22.64.
But, as the price of DOGE was stagnant till November 2017 and started to increase by then only, it would be more logical to consider November 2017 to May 2021 to be the period of its 1866.6x growth. So, the price grew by 1866.6 times in 42 months. Hence, the one-month growth rate is 44.44x.
It would mean that DOGE’s price can reach a value of $47.99 in the next 1 year, keeping in mind its current market price of $0.09.
However, the current macroeconomic factors and liquidity are not similar to that of the previous times. In other words, DOGE’s price can reach that value in an ideal scenario, but the conditions are not yet ideal. Hence, Dogecoin will certainly not going to reach that value in the next 1 year.
So, Will Dogecoin reach $5? Well, certainly yes, but not soon.
Will Dogecoin reach $10?
Considering the current price of $0.09, DOGE needs to grow by 111.1x to reach a value of $10.
Hence, going by a growth rate of 44.44x in 1 month, it can take roughly 2.5 months for Dogecoin to reach $10. But, again, the situation and the macroeconomic factors & liquidity are not in favour of cryptocurrencies as of now. Therefore, it will not reach that value in the specified time.
So, Will Dogecoin reach $10? Probably yes, but not as expected. It will certainly take DOGE a little longer to reach that value.
Will Dogecoin reach $100?
DOGE’s current market price (of $0.09) suggests that it needs to grow by 1111.1x to reach a value of $100. If DOGE continues to grow at 44.44x in one month, it will need just 25 months to reach $100, which is practically impossible (keeping in mind the current factors).
Will Dogecoin reach $1000?
Let’s find out how much time (theoretically) should Dogecoin take to reach a value of $1000. Considering the current price of $0.09, DOGE needs to grow by 11,111.1x to reach a value of $1000.
Hence, going by a growth rate of 44.44x in 1 month, it can take roughly 20 years for Dogecoin to reach $1000, which again depends on the factors in the future.
Note that DOGE is already accepted by more than 300 businesses and online stores and one of them is Tesla. It means that DOGE can be used as a mode of payment on compatible platforms. Also, the coin can easily be swapped on many popular crypto exchanges across the world. Therefore, Dogecoin will certainly reach a value of $5 or $10, but not sooner. It will indeed take much more time to reach that value as the current factors are not in its favour.
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Index or Individual Stocks. Please consult a registered investment advisor to guide you on your financial decisions.