Dogecoin (DOGE) is one of the first "meme" cryptocurrencies, which appeared as a joke. But after almost 10 years, it is not so funny anymore, because the price of the asset, although slowly, but growing, the coin enjoys the support of the online community and Ilon Musk, as well as actively implemented in the field of online payments. The average market capitalization of Dogecoin can reach 180 billion dollars at a value of 1 dollar per 1 token. So what could be the price of the meme coin in the coming years?
I think that the coin will rise significantly until 2030, but of course, the probability of reaching a value of $100 per coin is virtually nil. The estimated price of Dogecoin will be in the range of 0.5 to 1 dollar in the next ten years. However, the price of Dogecoin at the end of the year will be approximately $0.14562.
Thus, Dogecoin's much more possible to reach $1 in the next ten years than $100. The possibilities of DOGE reaching $1, or even $100, depend entirely on the coin's market cap and mining dynamics. Therefore, when looking at the market capitalization of Dogecoin, you must consider its maximum supply.
Miners are receiving a reward of 10k DOGE per minute for solving new blocks. As a result, 5 billion DOGE coins are being mined annually. That means there will be 180 billion DOGE circulating by the team we reach in 2032.
So, for DOGE to reach $1 by 2032, it would need to have a $180 billion market cap. It would require a lot of money flowing into Dogecoin, but it's not entirely impossible. Even the creator of Dogecoin, Billy Markus, believes it to be possible.
What Influences DOGE Price?
Demand and Supply. In 2017 and 2018, many took an interest in Dogecoin since it was based on a meme. They invested in this coin primarily as a joke. But, once everyone saw the rapidly increasing price, serious investors took an interest.
News. Trending news, especially social media, also affects the price and investor interest. For example, when Dogecoin was first launched, there was a lot of talk about the new meme coin. This caused many people to invest in Dogecoin so that they could be part of the trend as well.
Blind Follow. In the world of crypto, it's a habit for young investors to blindly follow the financial advice of celebrities they look up to. Elon Musk is one of those celebrities, which is why there was a spike in Dogecoin prices when he mentioned his interest in the coin.
