Led by Dogecoin (DOGE), the meme coin market has generated interest and inquiry among investors, especially around one hot issue: Will Dogecoin hit $1? Many would find that reaching this historic threshold supports DOGEâs legitimacy in the cryptocurrency space. But citing many reasons that point to a longer wait, a top crypto trader has thrown cold water on the idea that Dogecoin could exceed $1 anytime soon. Although the next bull cycle might raise the price of the meme coin, another more exciting prospect for significant returns could be located in initiatives like Rexas Finance (RXS).
đ¶The Reality of Dogecoin Hitting $1
Dogecoinâs price right now is about $0.13, well below its all-time high of $0.73 attained in May 2021. Given the present circulating supply of more than 144 billion DOGE tokens, DOGE would have to have a market valuation of about $144 billion if it is to hit $1. With this, Dogecoin ranks third in market value among cryptocurrencies, behind familiar names like Binance Coin (BNB) and USD Coin (USDC). Attaching such a high valuation is no small achievement. Though during the last bull cycle in 2021, Dogecoin skyrocketed by approximately 25,000%, its current performance has been disappointing when compared to other meme coins. DOGE has increased 109.59% over the previous 12 months, Shiba Inu (SHIB) by 140.83%, and younger meme coins like Pepe (PEPE) by an incredible 991.44%.
Several elements are undermining Dogecoinâs chances of soon reaching $1. First, as fresh blocks are mined, their supply keeps rising by 10,000 DOGE, diluting their scarcity and so restricting the possibility of significant price gain. Second, although there is some acceptance for payments and tipping, Dogecoinâs usefulness is still restricted. It suffers to maintain the momentum required for a $1 price goal without a compelling use case. Finally, although the next bull market might boost numerous cryptocurrencies, Dogecoin is less likely to surpass rivals with better foundations or creative real-world use. This leads us to Rexas Finance, a more recent entry into the crypto scene.
đ¶Final Thought
Although fans of Dogecoin could still dream of the day DOGE reaches $1, the reality is that it might take more time than anticipated, if it happens at all. Rexas Finance, with real-world applications and a growing market for asset tokenization, provides a more interesting route to notable gains in the meantime. Early buyers of Rexas Financeâs presale are setting themselves up for significant returns, so this is a better investment option for anybody trying to make their money work harder in the crypto environment.
