Memecoin investors have a common question: Will Dogecoin reach $1? Based on the current DOGE supply, a price of $1 would require a market cap of more than $144 billion. This would make Dogecoin the third-largest cryptocurrency by valuation.
Whether this is possible depends on various factors, including overall crypto market sentiment. Read on as we take a closer look at the likelihood of Dogecoin reaching $1 during the next bull cycle.
Is it possible for Dogecoin to reach $1?
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To answer the question of will Dogecoin reach $1, it is important to explore some key pricing data. First, the current price of Dogecoin is around $0.16. This is nearly 78% lower than Dogecoin’s all-time high of $0.74 in May 2021. Despite this, there are just over 144 billion Dogecoins in circulation, which means that Dogecoin has a market cap of $23.4 billion.
Therefore, for Dogecoin to reach $1, it would need to increase its market cap to $144 billion. However, this is based on the current supply. Every time a new block is mined, 10,000 new DOGE enters the supply, so the market cap required to reach $1 will depend on the updated supply.
Even so, based on Dogecoin’s current price and supply, it would need to rise by about 525%. This is not impossible — especially considering that Dogecoin had risen by 125% in the previous year. Moreover, Dogecoin was previously worth $0.74 — so it would only need to rise by a further 35% to become the next cryptocurrency to reach $1.
Can Dogecoin Reach $1 by 2030?
Some investors have short-term goals when evaluating this question – will DOGE reach $1? Others are prepared to hold for the long term. According to some Dogecoin price predictions, analysts believe that $1 is inevitable by 2030.
After all, Dogecoin only needs to rise 525% from its current price. So even if Dogecoin doesn’t achieve this goal in the next altcoin season, it has a chance to do so within the next six years.
As can be seen from the table above, Dogecoin would need to conservatively grow by 35.72% annually by 2030. To put this into perspective, Dogecoin’s 52-week low was $0.057 and its 52-week high was $0.2266. From the 52-week low, the gain is over 297%.
Prediction: When will Dogecoin reach $1?
So this begs the question: When will Dogecoin reach $1? Some analysts believe that Dogecoin could achieve this feat during the next bull cycle. Historically, bull cycles have lasted at least 12 months after each Bitcoin halving. Bitcoin completed its most recent halving in April 2024.
While the bull cycle has yet to start, the consensus is that 2024 could be a big year for the world's largest crypto asset. This, in turn, should have a positive impact on many memecoins in the cryptocurrency market, including Dogecoin. Take the 2021 bull cycle as an example. At the beginning of 2021, the price of Dogecoin was $0.0002993.
By May 2021, Dogecoin was trading at a high of $0.74. This means that in just five months, Dogecoin had grown by nearly 25,000% and had a market cap of approximately $85 billion. The key question is whether Dogecoin will achieve similar success if the bear market really takes off.
After all, Dogecoin lagged behind other memecoins in the previous year. For example, we mentioned that Dogecoin rose 125% in the past 12 months. In the same period, Shiba Inu grew 188%. The third largest memecoin by market value, Pepe, grew more than 1,000% in the past year.
Then there are dogwifhat and FLOKI, which are up nearly 2,000% and 775%, respectively. So while $1 for Dogecoin is possible in the upcoming bull cycle, other memecoins may be more attractive. That’s why diversification is crucial — especially when investing in memecoins.
What Catalysts Will Cause Dogecoin to Explode?
We have determined that based on the current price and supply, Dogecoin must rise 525% to reach $1. Let’s explore some of the catalysts that could help Dogecoin achieve this goal.
Increased payment adoption
It’s often said that Dogecoin has no use case. However, that’s not entirely true — because DOGE can be used as a payment method. We’re not just talking about standard wallet-to-wallet transfers. Instead, several notable organizations accept DOGE, including Tesla. In fact, Dogecoin is the only crypto asset accepted by the electric car maker.
While Tesla previously accepted Bitcoin, support was suspended due to the network’s heavy energy consumption. Additionally, DOGE can be used as payment on Twitch, Newegg, and AMC Theaters, not to mention GameStop and the Dallas Mavericks.
There are also market rumors about X (formally known as Twitter) adding use cases for Dogecoin. While this has not been confirmed, it is undeniable that X's owner and CEO Elon Musk is a big fan of Dogecoin. If Dogecoin does play a role in X as part of a "super app," this could have significant implications for its valuation and make it a legitimate financial asset.
Major endorsements from influential figures
Another factor that could help Dogecoin reach $1 is further support from influential figures. For example, Elon Musk has often mentioned Dogecoin. Musk has stated that he owns Dogecoin as well as Bitcoin and Ethereum. In addition, Mark Cuban and Snoop Dogg have previously expressed interest in Dogecoin.
Cuban owns the Dallas Mavericks, so the NBA franchise accepts Dogecoin as a payment method. Dogecoin is also a fan favorite with top cryptocurrency influencers on social media. This includes Slumdog Millionaire (formerly Dogecoin Millionaire), who has 300,000 followers on X. 115,00 on YouTube.
Death of Kabosu, the face of DOGE
According to the BBC, the face of Dogecoin, a Shiba Inu named Kabosu, died on May 24, 2024. Considering Kabosu’s connection to Dogecoin for more than 11 years, the news was widely reported by mainstream media. This may encourage new investors to buy Dogecoin.
in conclusion
We’ve covered this question extensively – will Dogecoin reach $1? The simple answer is that $1 is not beyond the realm of possibility – as it is only 35% higher than DOGE’s previous peak price.
