Predicting the next crypto to hit $1 is on every crypto enthusiastâs mind. As of Q4 2024, only dogwifhat (WIF) has been able to achieve such a featâŠhowever with the next explosive meme coin cycle on the horizon, investors have their attention firmly fixed on a few special tokens.
đ¶Dogecoin (DOGE) â The OG Meme Crypto Under $1 Backed By Elon Musk
Total Supply: Unlimited
Circulating Supply: 146.67 billion
Market Cap: $26 billion
Explosive Potential: 5x
The original meme coin DOGE has experienced a turbulent year. While itâs achieved a 140% increase compared to the performance of last year, the tokenâs current $0.1938 valuation still sits around 76% below its 2021 all-time high of $0.73.
Dogecoin unexpectedly rose to prominence in 2021, becoming one of the top ten cryptocurrencies by market cap with a peak valuation over $20 billion. Despite individual coins holding minor value, Dogecoinâs vast supply contributes to its substantial market position. As of November 2024, there are more than 146.67 billion Dogecoins in circulation, with 10,000 new coins mined every minute. In contrast, only 6.25 Bitcoins (BTC) are mined every ten minutes.
Despite hosting a relatively low price of $0.1938 at the time of writing, some analysts caution against selling DOGE right now, because if it surpasses and holds above the $0.20 mark, it can trigger a significant rally. Historically, Dogecoin has achieved impressive gains under similar conditions, meaning with its loyal community and strong meme culture, it could even have the momentum for a potential 5x increase in the future, especially as meme coin interest explodes in 2025.
This support is discovered in the DOGE community, which is known for being inclusive and enthusiastic, frequently organizing fundraisers for various causes, including disaster relief and athlete sponsorships.
Other developments in Dogecoinâs ecosystem are also worth noting, such as the 2024 launch of the DRC-20 token standard. Of course, thereâs also the understated endorsement from tech mogul Elon Musk, who has built a strong affiliation with dog-themed token over the years.
Given these factors, DOGE may once again defy expectations, with a $1 valuation a real possibility during the upcoming meme coin rush of 2025.
đ¶Factors Influence Shiba Inuâs Path to One Dollar
The goal of Shiba Inu (SHIB) reaching one dollar requires a perfect alignment of multiple factors. Achieving this high target necessitates significant changes in market conditions and challenges SHIB to reach new heights. However, some experts express skepticism, indicating that the likelihood of this goal materializing remains low.
đ¶SHIBâs Large Supply and Market Capitalization
SHIB possesses a notably large supply and market capitalization. To reach one dollar, SHIBâs market value would need to exceed 589 trillion dollars, a sum that far surpasses the total size of the world economy, which stands at 91 trillion dollars. This situation complicates the prospect of SHIB maintaining a consistently high price.
đ¶Insufficient Global Adoption Rate
For SHIB to achieve the one dollar mark, widespread acceptance and the development of real-world use cases are crucial. This includes integration into various financial systems and recognition as a legal payment method by global businesses and consumers. However, the current adoption rate appears insufficient to support this ambitious target.
Market speculation plays a significant role in SHIBâs price movements. Nevertheless, the overall negative market sentiment hinders SHIB from reaching the one dollar target. Analysts suggest that market speculation alone will not suffice to elevate SHIB to this level.
An analyst from InvestingHaven remarked, âThe scenario of Shiba Inu reaching one dollar is quite unlikely.â Long-term value retention for SHIB may require close scrutiny by regulators and financial communities, which could negatively impact the tokenâs value and popularity.
Recently, SHIB has shown signs of breaking out of a downtrend with upward movement. However, these trends are typically short-lived and may not be adequate for achieving the one dollar goal.
Given the current market conditions and challenges facing SHIB, the likelihood of reaching one dollar remains low. Yet, potential future changes in the market may lead to some positive movements in SHIBâs price.
