However, there is one problem – a sufficient amount of money should be put into Dogecoin to get the meme coin to the $10 level.
Here’s the math. The current circulating supply of Dogecoin is roughly 131.56 billion DOGE. If Dogecoin were to reach $10 today, its market capitalization would be about $1.32 trillion.
It should be noted that Dogecoin’s circulating supply is increasing by 5 billion every year, which means that some inflation is built into the coin. However, this inflation decreases over time due to the fixed nature of the added supply.
According to CoinMarketCap, the total crypto market capitalization is $2.17 trillion. The market capitalization of the world’s leading cryptocurrency, Bitcoin, is roughly $930 million. The second largest cryptocurrency by market capitalization, Ethereum, is worth $400 million.
Dogecoin’s Success Will Depend On The Success Of The Whole Industry
Second, the Dogecoin price rose as other cryptocurrency prices rebounded. Bitcoin has crossed the important resistance of $50,000 while the total market capitalization of all cryptocurrencies tracked by CoinMarketCap jumped to more than $2.13 trillion. Therefore, there is a likelihood that Bitcoin will keep rising in the coming days.
The Bitcoin price action is notable for Dogecoin and other cryptocurrency prices because of the close correlation that exists among cryptocurrencies.
Still, the Dogecoin price faces a major risk ahead. There is a high likelihood that the American government will default on its international obligations if the Senate will not pass the debt ceiling payments. Such a move will have negative consequences for all assets, including Dogecoin and Shiba Inu.
Dogecoin price prediction
If you are interested in purchasing Dogecoin or want to learn more about it, follow this link to Benzinga Money. Our Benzinga Money team has in-depth educational content that not only explains the details of the coin itself but also how and where you can purchase it.
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- Dogecoin has been created by software engineers Billy Markus and Jackson Palmer.
- It was introduced in December 2013 and it features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake.
- Dogecoin.com promotes the currency as the “fun and friendly internet currency”, referencing its origins as a “joke.”
- On December 25, 2013, the first major theft of Dogecoin occurred when millions of coins were stolen during a hack on the online
- cryptocurrency wallet platform Dogewallet.
- In January 2014, the trading volume of Dogecoin briefly surpassed that of Bitcoin and all other crypto-currencies combined.
- Co-founder Jackson Palmer left the cryptocurrency community in 2015 and has no plans to return.
- Dogecoin started with a supply limit of 100 billion coin and in 2015, 100 billionth Dogecoin had been mined with an additional 5 billion coins put into circulation every year thereafter.
Bitcoin [BTC] had finally hit the $50K mark. After a long and hard struggle, the king coin managed to steer towards its current zone. Simultaneously,
the market cap of the asset rose over a high of $900 billion and was seemingly on its way over to $1 trillion. Ethereum [ETH] had marked its territory at $3K and vowed not to fall back again. Similarly, all the assets noted a major uptrend.
Despite starting out as a meme coin, Dogecoin [DOGE] managed to garner the attention of the entire globe. Its popularity was on par with that of Bitcoin’s for the longest time. With GenZ expressing immense interest in the asset, DOGE became a household name. All this popularity had no effect on the price of the coin. Not only did the asset fail to hit $1, but it also prolonged its downtrend.
At the time of writing, DOGE was trading for $0.23 with an 11.69% surge in the last 24-hours. The market cap of the asset was at $31.3 billion which allowed DOGE a spot as the tenth-largest cryptocurrency.