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Can Dogecoin Reach $1, $5, or $10 ?
An analysis on Dogecoin
Disclaimer: The material in this article is purely educational and should not be taken as professional investment advice. Invest at your own discretion. Some external links in this post are affiliated.
In this article, I will analyze Dogecoin to answer the question “can Dogecoin reach $1, $5, or $10?”. Please take this analysis with a grain of salt as I do not have a crystal ball to see crypto prices in the future. Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is instant, fun, and free from traditional banking fees (a meme crypto currency).
Market Cap Analysis
Market capitalization or Market cap for short is just another way to measure a cryptocurrencies value, it could indicate the growth potential of a cryptocurrency. It is basically used to indicate how popular a cryptocurrency is. Although market cap may be seen as important to some, it’s importance is often criticized. Note that many people believe cryptocurrencies with a large capitalization are generally considered to be safer investments compared to other cryptocurrencies.
According to coinmarketcap.com, as of this writing (Feb. 02, 2022), Dogecoin has a Market Capitalization of $18,184,954,659 that’s about $18.18 billion dollars with a circulating supply of about 132,670,764,300 DOGE which is about 132.67 billion Dogecoins and a current price of $0.1372 USD per coin or 13.72 cents.
To calculate the market cap, we just need to take the current price and multiply it by the circulating supply. So, to calculate Dogecoins market cap just take its price (0.1372) and multiply it by its circulating supply (132,670,764,300) to get 18,202,428,861.96 or about $18.2 billion. You may notice that number isn’t the market cap that coinmarketcap.com is showing in the image above and you would be correct, the reason for the market cap difference could be a rounding error, but the numbers are relatively close. For more information on this check out https://coinmarketcap.com/faq/.
