Dogecoin (DOGE) value gained 426% in 2024 but is currently down to 243%. Despite this massive uptrend, can DOGE price hit the $50 or $100 mark? Let’s explore.
Will Dogecoin Price Hit $50 or $100?
Dogecoin is the original top meme coin, created in 2013 as a joke. DOGE’s initial purpose was not to be a serious investment opportunity. Hence, Dogecoin, a dog-based crypto, does not have a unique value proposition, a robust development team, or a clear roadmap for growth. Its price appreciation is mostly driven by cycles of hype and frenzy. Hence, the chances of Dogecoin price hitting the $50 or $100 mark are highly unlikely.
The second reason is that DOGE’s value would need to surge by an unprecedented amount. To be precise, with the current circulating supply of 147 billion, the market capitalization needs to shoot up 14,900% from the current $49 billion for Dogecoin’s price to hit $50. This would put DOGE’s hypothetical market cap at $7.3 trillion.
In the second scenario, where Dogecoin’s value would hit $100, its market capitalization would need to surge 29,900% and hit $14.7 trillion.
To conclude, both outlooks where Dogecoin price hits $50 or $100 are highly unlikely.
Other Reasons Why DOGE Will Never Hit $50 or $100
The cryptocurrency market is highly competitive, with plenty of other tokens that showcase robust technology, stronger development teams, and clearer use cases. Hence, capital rotation could occur, preventing DOGE from surging higher and reaching the theoretical values of $50 or $100.
As noted above, Dogecoin’s fundamental value proposition, a meme coin, is lacking. In an ever-evolving crypto space, coins that offer more value and higher returns are investors’ first choice. Therefore, it is highly unlikely that DOGE will hit the double—or triple-digit marks.
The nominal rise in market caps for Dogecoin’s price to hit $50 or $100 is absurd. To reach the aforementioned values, the market cap would have to multiply by 105-210.
Furthermore, the Dogecoin price prediction suggests DOGE would increase by 15,661% and $31,422% to hit the desired targets, which is impossible considering the market conditions.
The post Here’s Why Dogecoin Price May Never Hit $50 or $100 Mark appeared first on CoinGape.
