Dogecoin has been one of the most popular cryptocurrencies in recent years.
Launched in 2013, Dogecoin started as a joke currency based on the popular “Doge” meme.
However, despite its humble beginnings, Dogecoin has grown to become one of the top 10 cryptocurrencies by market capitalization.
So, will Dogecoin ever reach $100? Let’s take a look.
The Price of Dogecoin
Since Dogecoin is not backed by any assets or government, its price is entirely based on supply and demand. At the time of writing, there are approximately 129 billion Dogecoins in circulation with a market capitalization of over $6 billion.
What Needs to Happen for Dogecoin to Reach $100
In order for Dogecoin to reach $100 per coin, several things would need to happen.
The demand for Dogecoin would need to increase dramatically. This could be due to an increase in buying pressure from investors or actual usage of Dogecoin as a currency.
Elon Musk is known as a prominent supporter of Dogecoin. It needs additional kinds of support and promotion to inflate its price.
Federal Reserve policy is also important.
Will the Fed ease policy to get more liquidity into the markets? This boost all assets (with the main exception of cash and bonds).
It’s also important to note that reaching $100 per coin would give Dogecoin a market capitalization of over $12 trillion, which is more than double the size of the entire cryptocurrency market today. This seems unlikely in the near future, but stranger things have happened in the world of cryptocurrency.
Conclusion
So, will Dogecoin ever reach $100?
It’s possible, but it seems very unlikely at this point. However, stranger things have happened in the world of finance, so never say never!
