To answer the question — will Dogecoin reach $1 — it’s important to explore some key pricing data. For a start, the current price of Dogecoin is about $0.11. This is well below Dogecoin’s all-time high of $0.73, which was recorded in May 2021. Nevertheless, there are just over 144 billion DOGE in circulation, meaning Dogecoin has a market capitalization of $16.35B.
So, for Dogecoin to hit $1, it would need to increase its market capitalization to $144 billion. However, this is based on the current supply. 10,000 new DOGE enter the supply every time a new block is mined, so the required market capitalization to hit $1 will depend on the updated supply.
Even so, based on Dogecoin’s price and supply currently, it would need to rise by about 525%. This isn’t beyond the realms of possibility — especially considering Dogecoin increased +91.14% over the past year. Moreover, Dogecoin was previously worth $0.74 — so further gains of just 35% would be needed to become the next crypto to hit $1.
Can Dogecoin Hit $1 by 2030?
Some investors will have short-term targets when evaluating the question — will DOGE hit $1? Others are prepared to hold on a much longer-term basis. Based on some Dogecoin price predictions, some analysts believe that $1 could be achievable by 2030.
After all, Dogecoin requires an increase of just 525% from existing prices. So, even if Dogecoin doesn’t achieve this goal during the next altcoin season, it has every chance of doing so over the next six years.
A conservative annual increase of 35.72% would be needed for Dogecoin to hit $1 by 2030. To put this into perspective, Dogecoin has a 52-week low of $0.057 and a 52-week high of $0.2266. From its 52-week low, that’s an increase of over 297%.
