Will Dogecoin Reach $1 in 2024? Dogecoin Price Prediction

Will Dogecoin hit $1? is a recurring question among investors in meme coins. A $1 price would necessitate a market capitalisation of more than $144 billion based on the existing DOGE supply. In terms of valuation, this would place Dogecoin as the third-largest cryptocurrency.

This is achievable or not relies on a number of variables, including the mood of the cryptocurrency market as a whole. Continue reading as we examine in greater detail the possibility that Dogecoin will reach $1 during the upcoming bull cycle.

Will Dogecoin Reach $1?

In order to determine if Dogecoin will hit $1, it is necessary to examine several crucial pricing statistics. To begin, one can buy Dogecoin for around $0.095. The all-time high for Dogecoin was $0.73 in May of 2021, so this is far lower. The market valuation of Dogecoin is $13.88B, however, there are a little more than 144 billion DOGE in circulation.

We can see that Dogecoin needs a market worth of $144 billion if it wants to reach $1. Nevertheless, this is contingent upon the present inventory. The updated supply determines the necessary market capitalisation to reach $1, as 10,000 DOGE are added to the supply with each new block produced.

Still, a 525% increase would be required given the present price and supply of Dogecoin. Considering Dogecoin’s +48.91% gain over the last year, this isn’t completely out of the question. If Dogecoin were to become the next cryptocurrency to reach $1, it would need to gain 35% from its previous value of $0.74.

Will Dogecoin Reach $1 in 2030? 

When considering the topic of whether DOGE will reach $1, some investors will have short-term goals in mind. Some are willing to stay for very longer periods of time. According to certain Dogecoin price forecasts, $1 might be within reach by 2030.

Given that Dogecoin just needs a 525% gain from its current values, it’s quite reasonable. The upcoming altcoin season may not be the best time for Dogecoin to accomplish this, but the following six years should be plenty.

For Dogecoin to reach $1 by 2030, its value would need to conservatively climb by 35.72% each year. To give some context, Dogecoin’s price has ranged from a 52-week low of $0.057 to a high of $0.2266. There was a gain of more than 297% from its 52-week low.

When Will Dogecoin Reach $1?

Is the issue of when Dogecoin will reach $1 therefore inevitable? During the next bull run, Dogecoin, according to some experts, might accomplish this. Every time Bitcoin has been divided in half, there has been a bull cycle that continues for at least a year. In April of 2024, Bitcoin’s most recent halving was finished.

Even if the bull market hasn’t started yet, most people think the biggest cryptocurrency in the world might have a banner year in 2024. So, this is good news for Dogecoin and a lot of other meme coins on the cryptocurrency market. To illustrate this point, consider the bull cycle of 2021. In the beginning of the year 2021, one Dogecoin was worth $0.0002993.

In May of 2021, Dogecoin reached a high of $0.74 per coin. With a market cap of almost $85 billion, Dogecoin saw a growth of nearly 25,000% in just five months. Whether Dogecoin will experience a comparable surge in value in the event of a severe bull market is the central question.

Indeed, compared to other meme coins, Dogecoin’s performance over the past year has been disappointing. We brought up the fact that Dogecoin’s value has risen by +48.91% in the last year as an example. This same time frame has also seen a +73.35% increase in Shiba Inu prices. The market capitalisation of Pepe, the third-largest meme coin, has climbed more than +792.56% during the last year.

Additionally, FLOKI is up +592.86% and dogwifhat is up about +31803.50%. Hence, other meme coins may be more desirable, even though $1 is certainly within Dogecoin’s reach during the next bull cycle. Because of this, it is essential to diversify your investments, particularly when dealing with meme currencies.

What Affects Dogecoin Price To Reach $1?

Dogecoin needs a 525% increase in price to reach $1, according to our calculations using the present supply and pricing. Dogecoin can accomplish this, so let’s look at some of the things that can push it over the edge.

Growing Acceptance of Payments

A common criticism about Dogecoin is that it is useless. But that’s not quite accurate, because DOGE can really be used as a form of payment. And we’re not referring to the usual kind of money transfers between wallets either. Contrarily, DOGE is accepted by a number of well-known organisations, one of which is Tesla. The electric vehicle manufacturer actually only accepts Dogecoin as a form of payment.

Due to the network’s high energy consumption, Tesla halted support for Bitcoin, even though it had previously accepted it. In addition to GameStop and the Dallas Mavericks, Twitch, Newegg, and AMC Theatres accept DOGE as payment.

X (formerly Twitter) enhancing Dogecoin’s use has also been the subject of market speculation. Elon Musk, owner and CEO of X, is obviously very fond of Dogecoin, even though this hasn’t been officially confirmed. The potential inclusion of Dogecoin in X as a ‘Super App’ might greatly enhance its valuation and establish it as a genuine financial asset.

Significant Endorsements from Prominent People

One more thing that could help Dogecoin reach $1 is if more prominent personalities endorse it. Dogecoin is a term that Elon Musk uses quite a bit. Along with Bitcoin and Ethereum, Musk claims to own Dogecoin. Not to mention that Dogecoin has already garnered the attention of Mark Cuban and Snoop Dogg.

Since Cuban is the owner of the Dallas Mavericks, fans can now purchase tickets using Dogecoin. Popular cryptocurrency social media influencers also love Dogecoin. For example, SlumDoge Millionaire (formerly known as the Dogecoin Millionaire) has 115,000 YouTube subscribers and 300,000 X followers.

The Face of DOGE, The Death of Kabosu

The BBC reports that on May 24th, 2024, Kabosu, the Shiba Inu puppy who served as the face of Dogecoin, died. Since Kabosu had been linked to Dogecoin for more than a decade, the news was covered extensively by the national media. As a result, more people may be interested in purchasing Dogecoin.

Indeed, when meme coins like Dogecoin gain international media attention, their prices tend to rise. Consequently, this is an additional factor to think about when investigating the question: Is $1 the end goal for Dogecoin?

FAQs

Is Dogecoin a good investment?

As is known, Dogecoin doesn’t appear to have any significant use cases that would lead to demand from a large audience. Due to this, DOGE lacks the basis for a good long-term investment, meaning the coin is likely more suited to casual or risk-seeking investors.

Will Dogecoin hit $1 in 2023?

No. As per our prediction, Dogecoin is expected to reach a maximum price of $0.094 in 2023. At the time of writing, DigitalCoinPrice forecasted that Dogecoin could reach $1 in 2031, but the majority of sites did not see it reaching $1 dollar.

How much will 1 Dogecoin cost in 2025?

Our Dogecoin price prediction 2025 suggests that 1 Dogecoin could be worth $0.19 in 2025.

What will Dogecoin be worth in 5 years?

Based on the rising popularity of Dogecoin, a long-term investment in DOGE could see the coin price rise to $0.48 within the next 5 years.

Could Dogecoin reach $10?

To reach $10, Dogecoin needs to rise 130x. This would translate to a market cap of 1.4 trillion for DOGE, which is completely unrealistic.

Let’s take the example of the No. 1 cryptocurrency – Bitcoin. At its absolute peak, BTC had a market capitalization of $1.27 trillion. If Dogecoin were to reach $10, it would have a market capitalization of 1.4 trillion, which would be larger than Bitcoin at its very peak.

Therefore, as per our analysis, there seems no possibility for Dogecoin to reach $10 dollars in the future.

Where can I buy Dogecoin?

Notable options for purchasing Dogecoin include Binance, BTCC and Coinbase. Among these, BTCC is one of the best exchanges as it witnesses a large trading volume of DOGE. Compared to another two big exchanges, BTCC has no regulatory concerns and is available in U.S., Canada and many other countries in Europe. Furthermore, BTCC exchange is highly recommended due to its favourable attributes such as extremely low fees, user-friendly interface, excellent customer support, and robust security measures with no reported hacks or security breaches to date.

In order to trade DOGE/USDT on BTCC, you need to first register an account. And you need to have some USDT in your crypto wallet, or you can directly buy it on BTCC. Once you have USDT, you can trade DOGEUSDT Perpetual Contracts on BTCC with a leverage up to 50x. The transaction is safe, cheap, and fast with VERY easy steps. You can also choose to deposit DOGE with a minimum single deposit of 4000DOGE.