This year, Dogecoin has made some surprising leaps in value that few investors saw coming. But can Dogecoin reach 1000 and keep its momentum going? Read on to find out!
When Doge coin rose from $0.0002 to over $0.70 in a matter of months — a rise that took the entire economy by surprise — many people were left wondering, “Can Dogecoin reach $10, $100, and even $1000?”
The reality is that what the future holds for Dogecoin is only a guessing game, as its value is heavily tied to speculation.
And that is part of cryptocurrency’s appeal — especially meme coins.
That being said, there are some reasonable assumptions you can surmise by looking at the data and trends.
Let’s start by looking into the history of the canine cryptocurrency, Dogecoin.
History of Dogecoin: The Dogecoin Boom
When Dogecoin was developed, most people hardly realized that the meme coin had a willing audience of supporters ready to invest in it.
Part of its charm was the fact that the founder, Jackson Palmer, made the Dogecoin to make light of the frenzy towards cryptocurrencies.
Many redditors found the coin a comical investment, and its popularity grew from there.
According to its engineers, a week after launching, Dogecoin became the second-largest crypto used for internet “tipping.”
Several months into its unexpected successful launch in 2013, the freewheeling fun lost a bit of its charm, and it fell off the radar in the crypto market.
That was until February 2021, when the self-proclaimed “Doge father”, AKA Tesla’s CEO Elon Musk, sent out a flurry of Dogecoin-related tweets.
The tweets increased Doge’s market price by 31%, with a record high value of 0.083745 per coin.
The Binance coin currently ranks among the top ten digital coins in terms of market value in the cryptocurrency market.
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Can DogeCoin Reach 1000?
If you’re trying to make a Dogecoin price prediction, you’ll want to take into account that one of the primary factors limiting the coin’s trajectory to $1,000 is its coin circulation limit.
This digital currency is printed every second, giving it a near infinite supply.
10,000 more Dogecoins are issued every minute of every day, equating to approximately over 5 billion Doge per year.
This unlimited cap on supply can negatively impact value with time.
The fact that the Dogecoin has no supply limit, and the block reward is way higher (10,000 Doge coins) than other coins, such as Bitcoin (6.25), makes Dogecoin price prediction quite difficult.
However, it’s fair to say that it’s almost impossible that Dogecoin would get to $1,000 in the future.
The 2021 spike in Dogecoin market value was partly subject to celebrity endorsements, Covid-19 panic investment, and other hard-to-pin market events.
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Additionally, there isn’t enough money on planet earth for Doge coins to even reach highs of $100.
By 2030, it would require $180,000 billion for every US dollar that Dogecoin were to gain.
This means that there would have to be $20 trillion invested in Dogecoin.
The GDP of the U.S. alone is $18 trillion, with the total world GDP being $87 trillion.
Even if investors would put that much money in Doge, there is no technical analysis available on whether Doge blockchain technology could handle that amount of volume.
Dogecoin Market Capitalization
A crypto market capitalization, also known as the market cap, is the total market price of a cryptocurrency.
You can calculate the Crypto market cap by multiplying the price of the crypto with the total number of coins in circulation.
The total Dogecoins in circulation are around over 131.88 billion.
So the current market cap of Dogecoin is estimated at $39.55 Billion.
According to Jenny Ta, CEO of CoinLinked.com, Dogecoin will soon reach a market cap of $1 Trillion.
Current Dogecoin Price
Currently, Dogecoin price is around $0.27 per coin — though, there has been some recent fluctuations that have put the coin back up to around 30 cents.
Dogecoin’s price has skyrocketed up to 14,000% in value this year and currently has a total market cap of almost $80 Billion.
That’s to say that if you bought a single Dogecoin in May 2016 at 0.000227, you could now sell Dogecoin at $0.27, an increase of over 105,726%.
Dogecoin Price Prediction
As far as recent patterns are concerned, Dogecoin price could still rise above $0.24.
Though, keep in mind that there will likely be serious price swings in either direction along the way.
Doge initially traded for less than a cent and has been comfortably hovering around 20–30 cents for some time now.
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Is Dogecoin a Good Investment?
If you’re wondering if you should buy Dogecoin, answers will vary.
Those who bought Dogecoin before 2021 have reaped colossal rewards from a sudden hike in Doge price this year.
Anyone who buys Doge within the decade may benefit as well, as other spikes could happen.
It’s important to note that just like any other cryptocurrency, buying Dogecoin involves a level of risk.
Doge price is almost exclusively built on speculation, meaning that it’s very volatile — even by crypto standards.
However, mining Doge does not demand costly instrumentation or complicated expertise.
So while the $1,000 mark might be unrealistic, there could be some reasons to invest in dodge coin.
But you probably shouldn’t treat it like it’s going to be the next Bitcoin.
Should You Buy Doge?
Really, meme coins in general are in a completely different camp that heavily relies on hype to increase the price.
However, you can begin by buying a few Doge coins and familiarizing yourself with the financial system.
This could be a solid introduction if you’re new to investing, and don’t mind testing the waters without worrying about trying to turn a profit.
It’s anyone’s guess when Doge price will rise again, though.
Traders mostly use Dogecoin as an investment vehicle to seek speculative gains rather than a HODL (hold on for dear life) investment.
Can Dogecoin Reach 1000: Final Words
The coin was designed as a joke to poke fun at the crypto hype, as well as how people buy coins without fully comprehending how cryptos work.
The joke obviously backfired: Dogecoin’s value is now undeniable.
Still, you should do your own research and seek financial advice concerning all crypto coins.
Dogecoin value could soar or plummet, so be ready.
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