While going through the present chaotic situations, leading the meme token Dogecoin to reach $1 is tough even after its influencing support
Different years, different colors – cryptocurrencies across the crypto market have seen one of their golden phases during 2021 but it’s the following year 2022 where all went down drastically. It was last year when cryptocurrencies have seen massive gains that made huge returns. Cumulative value of whole crypto sectors went up to $3 trillion that was its highest peak of all time. But this year has not been similar where 2022 has been quite opposite where the overall market cap figure went almost half.
Dogecoin has been a controversial meme coin, that was last year among the best performing assets that made a staggering gain of more than 15,500% from its initial and all time high price of $0.74. Unfortunately those who have bought the meme coin at the point hoping its rally to be continued, have fallen into trap and lost about more than 88% in its value while currently trading at $0.08.
CEO of Tesla and SpaceX like multi billionaire companies, Elon Musk contributed to initial spark for Dogecoin price surge when he announced the meme currency as payment option for company’s merchandise. Even when another announcement came out that space exploration company SpaceX will also start accepting Dogecoin soon. Such claims and the journey that it came through, keeps the anticipations high of Dogecoin gaining its all time high again or even could reach upto $1 mark.
The $1 mark however is not something that is impossible but it’s unlikely to be gained by Dogecoin. Currently Dogecoin has 134 billion tokens in circulation right now. Right now the currency price of meme currency is about $0.08 that stands for $11 billion in its combined value. Just to tell you the difference, if the price of DOGE would reach $1 then the total value of all the tokens combined would be simply $134 billion.
However no matter how lofty this figure seems to be, meme cryptocurrency will have to figure out and discover some actual utilities to reach such levels. While in comparison with its core competitor Shiba Inu this figure however seems somewhat possible to achieve. Take the current supply of Shiba Inu tokens that accounts for about 589 trillion, so in case in future SHIB would be valued at $1 in future, then it would be standing at a tremendous market capitalization of $589 trillion. So, in comparison to this, Dogecoin reaching $134 billion seems far less ridiculous and possible.
Source: https://www.thecoinrepublic.com/2022/06/10/what-are-the-possibilities-from-here-for-dogecoin-to-reach-1/