Dogecoin (DOGE) has been quite popular in 2024, with a price surge of 426%, but now it has dropped back to a 243% increase. Despite such a wild rise, we still need to talk about whether Dogecoin can really reach $50 or $100.
To be honest, Dogecoin was originally a joke, created in 2013 just for fun. It doesn't have any particular investment value, lacks a strong development team, and has no clear growth plan. The price of Dogecoin has risen mainly due to speculation and people's enthusiasm. So, to say it could rise to $50 or $100, the possibility is really slim.
Looking at the numbers, Dogecoin's market cap is currently about $49 billion. To reach $50 per coin, the market cap would have to increase by 149 times, reaching $7.3 trillion! If it were to rise to $100, it would need to increase by 299 times, with a market cap of $14.7 trillion! This is simply a fantasy.
Additionally, the competition in the cryptocurrency market is so fierce, with many coins being stronger than Dogecoin, having better technology, more professional teams, and clearer use cases. As a result, funds may flow to those more reliable coins, making it even harder for Dogecoin to rise.
Moreover, Dogecoin itself doesn't have any particular investment value; it's just a meme coin. With the rapid development in the cryptocurrency field, investors are certainly more inclined to invest in coins that are more valuable and have higher returns.
So, to say Dogecoin could reach $50 or $100 is just wishful thinking. To achieve that goal, the market cap would have to increase by more than 100 times, how is that even possible! According to the current market situation, price predictions for Dogecoin also indicate that it simply can't rise that high.
