In today’s world, the demand and use of digital currency/Cryptocurrency are increasing rapidly. Though Bitcoin is a very popular and well-known Cryptocurrency there are other digital currencies available like Dogecoin, Litecoin, Ethereum, etc. Dogecoin was launched in December 2013 by software engineers Billy Markus and Jackson Palmer. Over, the years the popularity of Dogecoin has increased and as of May 2021, it has reached a market capitalization of US$85,314,347,523. So with the current market price and trends can Dogecoin reach $100?
Over the last six months or so, the price of Dogecoin has increased gradually and it hit its highest price of $0.73 in May 2021 and now its price is hovering around $0.40. So there is a high probability, that Dogecoin will reach $1 or even $10 within this decade but the chances are very small that Dogecoin will hit $100 any time soon. One of the key reasons Dogecoin’s price won’t increase much is it doesn’t have a cap. For example, currently, there is around 18 million Bitcoin in circulation where there are about 130 billion Dogecoin in circulation.
Jump To A Section
- 1 Overview Of Dogecoin
- 2 Fundamental Analysis Of Dogecoin
- 3 Dogecoin Reward Information
- 4 What Price Will Dogecoin Reach?
- 5 FAQs About Dogecoin
Overview Of Dogecoin
|Circulating Supply||129,881,831,420 DOGE|
|Trading Volume||$ 2,141,702,645.0000|
|All-time high||$0.7376 May 08, 2021|
|All-time low||$0.00008547 May 07, 2015|
Fundamental Analysis Of Dogecoin
Dogecoin is an open-source cryptocurrency and according to many experts and reports, Dogecoin was just a meme when it was launched. This coin has the image of a Shiba Inu dog as its logo. One of the key features of Dogecoin is, it uses a Scrypt algorithm, and it has a low price and unlimited supply. Though Dogecoin’s infrastructure is not as strong as Bitcoin it still continues to operate and trade thanks to the active community of miners. According to Zachary Mashiach of CryptoIQ –
“Numerous Scrypt miners still prefer Dogecoin (DOGE) over other Scrypt PoW cryptocurrencies. Indeed, the Dogecoin (DOGE) hash rate is roughly 150 TH/s. This is just below the Litecoin (LTC) hash rate of 170 TH/s, likely because Dogecoin (DOGE) can be merge mined with Litecoin (LTC), meaning miners can mine both cryptos simultaneously using the same work. Essentially, practically everyone who mines Litecoin (LTC) chooses to mine Dogecoin (DOGE) as well, because merge mining Dogecoin (DOGE) increases profits.”
Dogecoin Reward Information
The Dogecoin reward schedule provides random amounts of dogecoins. Let’s check them out!
|1 – 99,999||0 – 1,000,000 Dogecoin (Random)|
|100,000 – 144,999||0 – 500,000 Dogecoin (Random)|
What Price Will Dogecoin Reach?
This is a very frequent question among Dogecoin investors. Dogecoin is considered a meme coin so it will be a very difficult thing for Dogecoin to maintain its consistency. So if you want to know what price Dogecoin can reach then you have to understand the primary drivers behind the value of Dogecoin. One of the main drivers of Dogecoin’s price is its fundamental value as a unit of exchange. Moreover, the block time of Dogecoin is only 1 minute and it is significantly less than both Bitcoin and Ethereum. Moreover, Dogecoin processes transactions faster than Litecoin. So for a meme coin like Dogecoin, it is very impressive.
The market sentiment also plays a very important role in the price of Dogecoin. For example, the CEO of Tesla, Elon Musk is a major admirer of DOGE and it also influences the price. So when Elon Musk tweeted about Dogecoin a new price barrier for Dogecoin has been smashed. In recent days, Dogecoin has experienced huge trading volumes and many crypto experts have stated to support this cryptocurrency.
If the bullish trend of Dogecoin continues then it will maintain a consolidated trend during the rest of 2021. According to many experts, Dogecoin might complete the year 2021 with a maximum price figure of $0.4. In 2022, Dogecoin might initiate the trade at $0.35 and there is a chance the price might increase up to $0.52 to acquire the attention of marketers. However, if for any reason the price falls into the bearish trap then eventually it might plunge harder and hit levels below $0.4. So it is inevitable that the future of Dogecoin is not strong as other cryptocurrencies. However, the price of Dogecoin might reach a $0.75 mark and in the next 5 years, it might reach a high of $0.98. Therefore, it is quite impossible for Dogecoin to reach $100 in near future.
FAQs About Dogecoin
1. Is Dogecoin A Good Investment?
If you are planning to invest in Dogecoin for a longer period of time then it will a profitable investment for you. However, if you are a short-term trader then investing in Dogecoin is not a great decision.
2. Will DOGE Price Ever Reach $1?
Dogecoin has reached its highest value in May 2021 and many experts are saying that Dogecoin is on a bull run. Moreover, many investors are showing interest in Dogecoin and they are seeing the potential in this currency, so there is a high chance that Dogecoin might reach the $1 mark in 2021.
3. Where To Trade Dogecoin?
There are many exchanges available where you can trade Dogecoin. For example, you can trade Dogecoin on exchanges like Binance, OKEx, HitBTC, Thodex, VCC, and many more.
4. Is Dogecoin Secure?
Yes, Dogecoin is secure. It shares many technical characteristics with the world’s first cryptocurrency, Bitcoin. Moreover, the network of Dogecoin is secure and it also provides real-time consensus.
5. Why Is Dogecoin So Cheap?
There are several reasons the price of Dogecoin is less compared to other Cryptocurrencies. The main reason is Dogecoin has no supply cap therefore Dogecoin is not limited and vulnerable to inflation. According to a recent statistic, about 10,000 coins are added daily to the supply by Dogecoin miners so there are huge numbers of Dogecoin is in circulation and it resulting in a low price for Dogecoin.
6. Who Owns The Most Dogecoin?
One whale owns 28% of all Dogecoin and the wallet is worth $28 billion.
Last Updated on June 22, 2021 by Musa D