Dogecoin, the cryptocurrency inspired by the Internet meme of the same name, has had an interesting year to say the least. Although it started out as little more than a silly joke, the joke became even sillier when the currency quickly gained value. Dogecoin’s total market cap now exceeds $18 billion dollars (compared to Bitcoin’s $873 billion), making it one of the notable cryptocurrencies in the world. Can Dogecoin reach $1000?
Can Dogecoin Hit $1000 Mark?
Well, the answer is NO!
Keeping in mind the supply and demand of Dogecoin, its circulation, mining limit, and various other factors, It’s for sure that the DOGE coin can never hit the mark of $1000.
To give you more perspective on this as to why the DOGE coin will never hit the $1000 mark, read the explanation given below.
For Dogecoin to hit $1000, the total market capitalization has to reach an astounding $180 trillion, which is far away from the reality.
To put it into perspective, the GDP of the US is just $23 trillion and that of China is $15 trilllion. And the whole world combined, it’s just 90 trillion US dollars.
For DOGECOIN to reach the $1000 price point, it has to have a market capitalization of two times the world’s GDP, which is never happening,
While Dogecoin certainly has a passionate fan base, there are still several reasons why it won’t reach $1,000. To start with, DOGE hasn’t shown any hint of growing interest from big financial players. That means it’s unlikely that institutional investors will step in to send DOGE coin prices soaring toward that $1,000 target anytime soon.
And even if all that changes and dogecoin reaches an exchange rate of $1 per token – who is to say it won’t just fall back again? The cryptocurrency market is notoriously volatile, after all. The only thing we can be sure of right now is that no one knows what dogecoin price prediction for coming years holds for us…yet!
What is Dogecoin?
Dogecoin (DOGE) was created in 2013 by programmer Billy Markus from Portland, Oregon, who hoped to create a fun cryptocurrency that could reach a broader demographic than Bitcoin. Thus, Dogecoin was branded as a joke currency, using the popular Shiba Inu Doge internet meme as its mascot; this helped Dogecoin quickly spread online. Since then, the coin has reached great popularity and has had many price prediction articles written about it – with very varying results.
How Many Dogecoins Are There in Circulation Today?
There are currently over 132 billion (132,670,764,300) dogecoins in circulation, and that number is increasing by a very huge margin every month. It’s also worth noting that unlike some other cryptocurrencies like Bitcoin, there is no upper limit on how many dogecoins can be mined. This could lead to a growing supply and help push down the value of each individual coin.
Of course, a constantly growing supply means that a greater number of people will have access to Dogecoins as time goes on, which could contribute to an increase in demand for Dogecoin.
The price of Dogecoin (DOGE) has risen and fallen several times since it was created in December 2013. Taking into account various factors like the unlimited supply, market cap, technology, use cases, demand and a lot more, we can say that the chances of DOGECOIN hitting the $1000 mark is almost Zero.