The most remarkable feature about Dogecoin is that the creators, Jackson Palmer and Billy Markus invented the cryptocurrency purely as a joke.
The face of Dogecoin resembles the iconic meme-dog, Shiba Inu, which was one crucial element fueling its popularity.
Although the currency was first released in 2013, its popularity skyrocketed in 2021, increasing its market valuation to more than $85 billion in a short period.
It’s also the jersey sponsor of the Watford football team. Such has been the growth!
While Elon Musk has been tweeting about Dogecoin, its price has fluctuated significantly.
Can Dogecoin Get to $1000?
Dogecoin will never be worth $1000.
Although digital currencies show great promise, they may never replace the US dollar as the primary medium of international exchange and strength.
Several cryptocurrencies are available, each with its pros and cons.
Dogecoin is now valued at $0.19. Many industry insiders feel that despite Dogecoin’s enormous growth potential, its price may never hit $1,000.
They may deduce these facts based on the histories of Bitcoin and Ethereum.
Even though many other cryptocurrencies have emerged, Bitcoin is still seen by many as a way to invest money and multiply it, despite its notorious volatility.
Dogecoin, as of now, does not elicit such feelings among investors. On the contrary, its virality and low price are why many people continue to purchase it.
Although Dogecoin’s transaction fees are lesser than Ethereum and Bitcoin’s supply of 5 billion coins per year, its demand versus supply graph will remain flat at best.
Compare this with Bitcoin, which has a finite quantity of 21 million, which at some time will be filled.
Then, given the scarcity of available funds and the increasing demand, it’s reasonable to expect a price increase.
This approach is not viable in the case of Dogecoin since the supply is too big!
Could Dogecoin Hit $100?
Dogecoin reaching $100 is quite unlikely since there isn’t enough money in the world to support such a high price.
By 2030, the cost would rise by an extra $180 billion for every $1 that was added to the Dogecoin price. A total of $18 trillion would need to be spent on Dogecoin for its price to reach $100 by 2030.
It is estimated that the global GDP is about $87 trillion. US has a GDP of roughly $21 trillion, whereas China’s is about $15 trillion.
For DOGE to be worth $100 in 2030, its market value would need to be more than China’s GDP for an entire year. You don’t need to be a market genius to see this will never happen.
Doubts remain as to whether or not crypto exchanges could accommodate such a large influx of DOGE even if that sum of money decided to make its home there.
There’s something more to think about. As of 2021, mined DOGE is mostly held by a small number of cryptocurrency wallets.
One wallet alone stores more than a quarter of all DOGE, while the top twenty wallets contain more than half of all DOGE.
In what direction may Dogecoin go? Probably not that high is the correct response. The few individuals who control billions of DOGE in wallets are likely to cash out part of their holdings anytime the price of DOGE experiences a strong surge, thereby restricting any further gains.
When will Dogecoin hit $10?
If the price keeps going up, there must be a lot more money moving into DOGE than new coins being created.
It is exponentially more difficult for Dogecoin to reach a greater price over time because of its infinite supply and massive block reward (10,000 coins per block, compared to 6.25 coins per block for BTC).
Dogecoin’s great bull market of 2021, which saw its value soar from $0.0002 to $0.70 in a matter of months, was an exception.
Although it may be difficult to pinpoint the precise causes contributing to any given market occurrence, a confluence of exceptional events undoubtedly boosted DOGE significantly.
It occurred at the peak of the Bitcoin bull market when the price of Bitcoin and other cryptocurrencies was at an all-time high.
It had been less than a year since the 2020 coronavirus epidemic began, and many people still avoided venturing outside. For several of them, it was their first time putting money into the market.
Dogecoin had numerous significant celebrity sponsorships in fast succession with one another. So when these people tweeted about DOGE, the price immediately shot up.
The greatest visible impact on the DOGE price was likely due to celebrity sponsorships. Due to its rapid rise and collapse, DOGE has been called a “giant pump and dump scam” by some.
That said, it’s plausible for DOGE to hit $10, at least momentarily, at some time in the next decade.
Dogecoin Price Forecast Outlook
But despite this flaw, the prognosis for Dogecoin is good, with predicted growth in the following years and decades.
For Dogecoin’s market value to hit $1000 would need an unfathomable $180 trillion.
For comparison, consider that the United States has a GDP of around $23 trillion, and China’s is about $15 trillion. So even if you tallied up every country’s GDP around the globe, you wouldn’t get much more than $90 trillion.
For Dogecoin to be worth $1000, its market valuation would have to be more than double the size of the global economy, which is obviously not conceivable.
Furthermore, note that there will always be some degree of limits and regulations from governments throughout the globe, even though cryptocurrencies are fast-growing and famous worldwide.
Cryptocurrencies are uncontrolled and decentralized; thus, it is exceedingly optimistic and unreasonable to think they would entirely replace fiat currencies.
Final Thoughts on Can Dogecoin Hit $1000?
Dogecoin’s value will never be $1000. Although digital currencies show great promise, they may never be able to replace the US dollar as the primary medium of international exchange and strength.
Several cryptocurrencies are available, each with its own set of pros and cons.
Which cryptocurrency will get widespread adoption is difficult to foresee. More likely, Dogecoin will hit $1 sometime in the following decade.