Dogecoin: How high can its price go?
Speculation on the memecoin has certainly peaked as it looks DOGE could go up
After rising from around $0.0002 to more than $0.70 in a matter of months, many people have wondered, “How high will Dogecoin go?”
Many people who are investing in cryptocurrency for the first time are interested in DOGE and other altcoins. Despite the fact that the DOGE price dropped by more than 70% all the way to $0.20 before recovering somewhat, Dogecoin remains one of the top ten cryptocurrencies by market cap.
There are several reasons why the odds are stacked against DOGE going much higher. Theoretically, values as low as $1 or even $10 are possible. However, given the way DOGE works, a price target of $100 or more is not realistic.
While it is impossible to predict the price of DOGE or any other investment in the future, we can make a reasonable guess as to whether DOGE will ever reach $100.
Because there isn’t nearly enough money in the world, it would be nearly impossible for Dogecoin to reach $100.
Every $1 increase in the Dogecoin price would necessitate an additional $180 billion in 2030. To reach $100 by 2030, Dogecoin would need to have $18 trillion invested in it.
The global GDP is estimated to be approximately $87 trillion. China’s GDP is around $15 trillion, while the United States’ GDP is around $21 trillion.
In other words, a $100 DOGE price would necessitate a market capitalization greater than the entire nation of China’s annual GDP by 2030. It doesn’t take a market genius to figure out that this is not going to happen.
Even if that much money wanted to invest in DOGE, it’s unclear whether or not crypto exchanges could handle the volume.
There’s one more thing to think about. As of 2021, the total holdings of all the DOGE that has been mined are centralized in the hands of just a few crypto wallets.
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