DogeCoin Price: When will Dogecoin reach $1?

Muhammad Naeem

Blogger

Meme coins were created to make fun of how crypto works but their insane gains encouraged many to invest and expect even bigger gains. Dogecoin is the pioneer meme coin loved by Tesla CEO Elon Musk who keeps hyping it up now and then. Dogecoin gained popularity among crypto tokens and soared to an all-time high of 0$.73 on May 7, 2021. Dogecoin is one of the reasons why many decentralized exchanges are so popular today.

Though the current Dogecoin price is below $0.1, some optimistic hodlers believe that Dogecoin price can reach $1, when? That’s the real question here.

Dogecoin Price Today

Dogecoin Price today is swinging between $0.1 and $0.09 after a bullish wave. Dogecoin gained more than 23% in one month and its price doubled in the last 3 months. However, the current Dogecoin price is not different than the price of Dogecoin a year ago.

Dogecoin stands at the 10^th position in the crypto ranking with respect to marketcap. The marketcap of Dogecoin is $13.3 billion and the circulating supply is 142.25 billion coins with infinite maximum supply.

Dogecoin DOGE price today

Factors Affecting Dogecoin Price:

Cryptocurrencies are volatile and their price is dependent on many factors. Some factors are generic like the price of Bitcoin, bearish or bullish market trends, regulatory trends, etc. Nevertheless, each crypto token has some specific factors that are played to affect the price in a bullish or bearish direction. The following factors impact the price of Dogecoin:

Elon Musk DogeCoin Effect

On April 4, 2023, after taking up Twitter ownership, Elon Musk briefly changed the Twitter logo to Dog causing a price increase of over 30%. He allegedly manipulated the price of Dogecoin to sell his holdings of the meme coin at a better price.

This was not the only time he did that. Musk has been pumping the price of the meme coin through his tweets since 2020. The Twitter community named him Doge-Father as he has been pumping the price of Dogecoin up to 300% with his tweets and shows.

Elon Musk and DogeCoin price prediction

Fundamental Factors:

Usually, meme coins don’t live much. They are just a passing fad and die soon after their hype period is over. However, Dogecoin completed its 10 years of existence in December (it was launched on 19 December 2013).  Following are some of the fundamental factors that make Dogecoin stronger:

• Dogecoin is the copy of Bitcoin as it emerged from the hard fork of the Bitcoin Network.
• Being the first meme coin, Dogecoin has a history of huge gains as it gained 300% in the first 72 hours of its launch. The tokens record long green candles.
• Dogecoin is the people’s coin as it was introduced as a joke and therefore huge companies and institutions are less likely to manipulate its price.
• It’s been a decade since the launch of Dogecoin and it is still here that speak for its long-term goals and commitments.
• Dogecoin has a fair launch which means all tokens to the community are launched at the same price.
• Dogecoin has a strong community on social media which is mainly responsible for its major price movements. Social sentiments play a key role in the price action of doge coin.

Technical Indicators:

Dogecoin has been recording green candles for the last 3 months and still, the position looks very promising. The technical indicators point to a ‘Buy’ indication which means the price is already soaring and it has entered the Greed zone. Since the price of Bitcoin is above $40,000, almost all altcoins are pumping including Dogecoin. If Bitcoin Spot ETF gets approved, it can act as a catalyst to further push the price of Dogecoin.

Will Dogecoin Reach $1 Dollar: Technical Indicators

Consequently, we ask ourselves only one question: Will Dogecoin reach $1 after this event or in 2024? If not what else it requires to touch that target? Let’s try to find it out.

When Will Dogecoin Reach $1

The price of crypto and other assets depends on some specific factors how much is the buying pressure or the demand, how much is the supply, and whether the supply appreciates or not. Considering the supply of a token constant, if there is a buying pressure or increase in demand, the price of the token appreciates and vice versa. Let’s now see how this applies to Dogecoin.

Can DogeCoin reach $1 in 2024?

Dogecoin price follows the pattern of the rest of the market and as we know that Bitcoin halving is approaching, the price of Bitcoin should go down in the coming months. To attain an equilibrium and gather momentum the price of Bitcoin remains slightly bearish and less volatile.

In such circumstances, it will be hard for Dogecoin to reach $1 in 2024. From the current price level, Dogecoin requires get 975% price gain or 9.87x to reach the target price. Though this meme token has been soaring to the moon with huge candles, it still requires extra extraordinary situation to hit that target. Does that mean Dogecoin can never touch $1? No, it can but it needs time and the right momentum for that.

When will DogeCoin reach $1?

To answer when will Dogecoin reach $1 dollar, we first need to understand the inflationary nature of the token. There are $142.2 billion Dogecoins in circulation. The price of Dogecoin can be calculated as:

Current Circulating Supply = 142.2 billion DOGE

Current Price = $0.093

Current Market Cap = Circulating Supply * Price

Current Market Cap = 142.2 billion * $0.093 = $13.23 billion (rounded off)

Required Market Cap = 142.2 billion * $1 = $142.2 billion

With the current supply, Dogecoin requires a $142 billion marketcap to reach $1. However, there’s an additional factor to consider. Dogecoin is an inflationary token and 5 billion new tokens are added to the supply every year.

At the highest point of the crypto price cycle, the market has the highest marketcap. The next Bull Run is expected in 2025. It is expected that Bitcoin and the entire market will be at the highest point in November 2025. Considering the inflation of 10 billion Dogecoin, how much marketcap is required to reach the $1 goal?

New Circulating supply= 152.2 Billion DOGE

Updated Required Market Cap = Updated Circulating Supply * Desired Price

Updated Required Market Cap = 152.2 billion * $1 = $152.2 billion

DOGE must have insane buying pressure with a $152.2 billion marketcap to reach $1. That’s the same marketcap Ethereum had on January 2023 when its price dropped to $1250. The current marketcap is $13.23 billion and it requires 11.6 times this marketcap to reach the target price.

Note that this is a simplified calculation and does not account for factors such as market dynamics, demand, or other potential variables that could affect the price. Nevertheless, it gives us a rough estimation of price predictions.

Can Dogecoin reach $1: Price Prediction

The average price prediction for DOGE for the year 2025 is $0.22645 however, according to Digital Coin Price prediction, the price may touch a high of $0.34. They also predict that the price of Dogecoin will reach $1 by 2030.

Should I invest in Dogecoin in 2024?

Dogecoin has no actual utility besides the promise of being accepted as a payment method. The price of Dogecoin decreases by 4% every year due to inflation.

Should I invest in Dogecoin?

The price is purely moved by speculations and social sentiments. You must consider these factors before making your investment decisions and invest in Dogecoin in 2024. The occasional price pumps might cloud your investing decisions but you must face the harsh reality to avoid any losses in the future.

Takeaway:

The price of Dogecoin is extremely volatile and it moves both ways. One can profit from its major moves in the short term. However, in the long run, the huge supply and the inflationary nature of the token make it harder for the price to appreciate. Do your own research before investing.