Cryptonews Cryptocurrency

Will Dogecoin Reach $1 in 2025 or in The Future?

Author

Kane Pepi

Author

Kane Pepi

About Author

Kane Pepi is a financial, gambling and cryptocurrency writer with over 2,000 published works, including on platforms like TraderHQ and Motley Fool. He specializes in cryptocurrency guides, exchange...

Author Profile

Last updated:

December 6, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Editor’s Note: This article is archived and exists for reference and historical context. It may contain outdated information or practices that no longer reflect current editorial standards. Please keep that in mind while reading.

Meme coin investors have a common question: Will Dogecoin reach $1? Based on the current DOGE supply, a $1 price would require a market capitalization of over $144 billion. This would make Dogecoin the third-largest cryptocurrency by valuation.

Dogecoin fans are starting to believe that the major $1 milestone could actually become a reality, as DOGE has seen astronomic gains following Donald Trump’s election victory in November 2024. While it still needs to surpass its former all-time highs to be able to challenge the $1 mark, it is currently trading at an impressive $0.23.

Whether or not it can hit that $1 mark depends on various factors, such as how long the current crypto bull market will carry on for. Read on as we take a much closer look at the likelihood of Dogecoin hitting $1 during this current bull cycle or in the future.

Is It Possible for Dogecoin to Hit $1?

The current price of Dogecoin is about $0.23, which still considerably below Dogecoin’s all-time high of $0.73, which was recorded in May 2021. Nevertheless, it is a monumental improvement over where it was in October 2024 when it stood at a measly $0.12.

This rapid ascent in price has restored hope among long-term DOGE holders that the meme coin could do the unthinkable and cross the famed $1 mark, which doubters have deemed to be impossible for years.

There is roughly over 147 billion DOGE in circulation, meaning Dogecoin has a market capitalization of $35.56B. Therefore for DOGE to hit $1, it would need to increase its market capitalization to $147 billion, which is more than double where is currently stands.

While this is certainly not impossible, attaining a market cap as high as this would make it the #3 biggest cryptocurrency according to current prices, surpassing the market cap of both USDT and Solana. A further setback to DOGE’s ambitious $1 goal is its inflationary tokenomics. 10,000 new DOGE enter the supply every time a new block is mined, so the required market capitalization to hit $1 will depend on the updated supply.

24h7d30d1yAll time

Considering Dogecoin increased +93.65% over the past year, this is good reason to believe it could defy the odds and continue its incredible trajectory. Moreover, Dogecoin was previously worth $0.74 — so further gains of just 35% would be needed to become the next crypto to hit $1.

Can Dogecoin Hit $1 in 2025?

If we were to go back as late as October 2024, there were very few who would have believed that $1 would be a feasible target for Dogecoin, which was trading at a paltry $0.12 at the time.

Nevertheless, a combination of an emphatic win for Donald Trump in the U.S. Election in November 2024 and the creation of the Department of Government Efficiency (DOGE) with Elon Musk at the helm sent the market into a complete frenzy, with Dogecoin experiencing levels of enthusiasm not seen since its last high in 2021.

With Dogecoin currently trading at $0.23, the goal of hitting $1 in 2025 has become a real possibility. In order to achieve this, Dogecoin would have to increase its market capitalization from $35.56B to over $147 billion, which would be an increase of more than 100% of its current valuation.

Our most bullish estimate suggests that Dogecoin could indeed hit $1 in 2025, but it would require the euphoric market sentiment to continue long into 2025 and it likely would not be sustainable for very long.

The new Department of Government Efficiency (DOGE) spearheaded by Musk and named after Dogecoin is set to be active until July 4th 2026, meaning that it will continue to drive attention towards Dogecoin throughout the whole of 2025. This could help fuel the market hysteria to help push Dogecoin over the hyped $1 mark in the next year, but it certainly won’t be easy.

Can Dogecoin Hit $1 by 2030?

Dogecoin could hit $1 long before 2030, but the question is whether it can sustain it. The biggest challenge facing Dogecoin is whether demand can continue to increase faster than its rate of inflation, which is currently just over 3% with roughly 5 billion tokens added to the supply each year.

Our Dogecoin price prediction estimates that $1 could certainly be achievable by 2030, if not sooner. However, it would require interest in meme coins to continue to grow and for mainstream crypto adoption to continue.

There are also questions over whether Dogecoin has sufficient utility to justify a price of $1. While an increasing number of retailers and companies are now accepting Dogecoin payments, with Elon Musk leading the way with Tesla and potentially SpaceX, this isn’t unique to Dogecoin and hundreds of other cryptocurrencies are being used in the same way.

Nevertheless, if Dogecoin doesn’t manage to hit $1 during the current altcoin season, it has every chance of doing so over the next six years.

Year	Potential Low (ROI)	Average Price (ROI)	Potential High (ROI)
2026	$0.29 (24.93%)	$0.41 (76.90%)	$0.54 (128.88%)
2027	$0.48 (104.67%)	$0.95 (302.87%)	$1.58 (567.54%)
2028	$0.75 (220.31%)	$2.03 (758.95%)	$4.27 (1,702.28%)
2029	$1.13 (378.08%)	$4.05 (1,608.89%)	$10.62 (4,383.90%)
2030	$1.61 (579.40%)	$7.49 (3,060.96%)	$24.22 (10,127.43%)
2031	$2.17 (817.58%)	$12.82 (5,314.36%)	$50.37 (21,166.09%)
2032	$2.78 (1,075.50%)	$20.25 (8,450.55%)	$94.88 (39,955.10%)
2033	$3.38 (1,325.50%)	$29.35 (12,289.48%)	$160.72 (67,752.69%)
2034	$3.87 (1,532.75%)	$38.80 (16,282.87%)	$242.88 (102,439.58%)
2035	$4.17 (1,662.18%)	$46.55 (19,551.90%)	$324.42 (136,866.23%)

Prediction: When Will Dogecoin Hit $1?

So that begs the question: When will Dogecoin reach $1? Some analysts argue that Dogecoin could reach this feat during the next bull run. While the current bull run has only recently started in November 2024 and it is unknown how long it will continue, crypto prices have increased hugely in an incredibly short period of time. If this momentum continues, Dogecoin stands a great chance of hitting $1 in 2025 or 2026.

If history is a teacher, then the 2021 bull cycle is a prime example of how meme coins can go into sudden frenzies during positive market conditions. At the start of 2021, Dogecoin was priced at $0.0002993 – yet May 2021, Dogecoin was trading at highs of $0.74. This means that in just five months, Dogecoin increased by almost 25,000%, giving it a market capitalization of about $85 billion. The key question is whether or not Dogecoin will see similar success if a raging bull market really takes off.

Compared to other meme coins, Dogecoin’s performance has been mixed. Dogecoin has increased +93.65% in the past 12 months. Over the same period, Shiba Inu has risen -27.56%. Meanwhile, the third-largest meme coin by market capitalization — Pepe, has increased +10.61% in the past year.

And then there’s dogwifhat and Floki Inu, which are up -51.62% and -27.94%, respectively. Therefore, while $1 is more than possible for Dogecoin in the coming bull cycle, other top meme coins could be more appealing. This is why diversification is crucial — especially when investing in meme coins.

What Catalysts Could Cause Dogecoin to Explode?

We’ve established that based on the current price and supply, Dogecoin must increase by 525% to hit $1. Let’s explore some of the catalysts that can help Dogecoin achieve this goal.

Success of the Department of Government Efficiency (DOGE)

The newly announced Department of Government Efficiency (DOGE) that Donald Trump has placed Elon Musk at the head of has the potential to help Dogecoin reach the coveted $1 mark.

This new government agency, which is clearly named after Dogecoin, is likely to continually be in the media spotlight as radical changes are announced; Dogecoin will likely be the beneficiary of this heightened media spotlight as more new investors flock to buy the meme coin.

The extent to which this new agency is successful will have a large influence over Dogecoin’s price, as media attention and price action are intrinsically linked. If this new government task force is going to play as big of a role as many think, it could serve as a catalyst to take DOGE’s price to new all-time highs.

Increased Adoption for Payments

It’s often said that Dogecoin has no use cases. However, that isn’t strictly true — DOGE can be used as a payment method. And we’re not just talking about standard wallet-to-wallet transfers. On the contrary, some notable organizations accept DOGE, including Tesla, which accepted this crypto asset as payment briefly in January 2022 before the option disappeared.

While Tesla previously accepted Bitcoin, support was suspended due to the network’s significant energy consumption. Additionally, DOGE can also be used as payment with Twitch, Newegg, and AMC Theaters, not to mention GameStop and the Dallas Mavericks.

There have also been market rumors about X expanding Dogecoin’s use cases. While this hasn’t been confirmed, there’s no denying that Elon Musk — X’s owner and CEO — is a huge fan of Dogecoin. If Dogecoin does play a role in X as part of a ‘Super App,’ this could be significant for its valuation and make it a legitimate financial asset.

Major Endorsements by Influential Figures

Another factor that could help Dogecoin hit $1 is further endorsements from influential figures. Elon Musk, for example, frequently refers to Dogecoin. Musk has stated he owns Dogecoin alongside Bitcoin and Ethereum. In addition, Mark Cuban and Snoop Dogg have previously expressed interest in Dogecoin.

Cuban owns the Dallas Mavericks, hence why the NBA franchise accepts Dogecoin as a payment method. Dogecoin is also a fan favorite, with top crypto influencers on social media. This includes SlumDoge Millionaire (previously the Dogecoin Millionaire), who is followed by 300,000 people on X. And 115,00 people on YouTube.

The Death of Kabosu, the Face of DOGE

As per the BBC, the face of Dogecoin — a Shiba Inu dog called Kabosu — passed away on May 24th, 2024. Considering Kabosu was associated with Dogecoin for over 11 years, the news was widely reported by the mainstream media. This could encourage new investors to buy Dogecoin.

After all, meme coins like Dogecoin often see price increases when they secure global media attention. Therefore, this is another aspect to consider when exploring the question: Will Dogecoin reach $1?

Other Ecosystem Expansions

In 2024, Dogecoin has seen several key developments and ecosystem expansions that are bolstering its functionality and reach.

The release of LibDogecoin 0.1.3, an updated version of the core C library, adds Android support and additional features to help developers build applications on top of Dogecoin. It enhances security and cross-platform compatibility, providing a stronger foundation for future innovations.

Moreover, GigaWallet, the backend service for Dogecoin transactions, is being expanded to integrate with major platforms like Shopify. This aims to simplify Dogecoin payment integration, increasing its adoption for online transactions.

This year, Dogecoin also introduced its first Layer 2 solution, Laïka, designed to improve transaction speed, reduce fees, and add smart contract functionality. This development enhances Dogecoin’s capabilities and its interoperability with other blockchain networks.

Lastly, RadioDoge is a unique initiative aimed at enabling Dogecoin transactions in regions with poor or no internet connectivity by leveraging LoRa technology and the Starlink satellite network. This project continues to develop in 2024, potentially expanding Dogecoin’s accessibility to remote areas.

The Road to $1: What Obstacles Does Dogecoin Face?

Dogecoin will also face challenges on the road to $1. Let’s take a closer look at some of the key risks.

Theoretically Infinite Supply

We briefly mentioned earlier that 10,000 DOGE enters the supply every time a new block is mined. Dogecoin has an average block time of 1 minute, which means that approximately 14.4 million additional DOGE are created every day.

While this is minute when compared to Dogecoin’s current supply of about 144 billion, there is no upper limit or fixed supply cap. This means that Dogecoin is an inflationary asset. As such, it must rise by at least the rate of inflation for holders to increase their investment value.

Lack of Unique Use Cases

We also mentioned that some analysts argue that Dogecoin has no use cases. Sure, Dogecoin is accepted by several merchants as a payment method, including Tesla and the Dallas Mavericks.

But other cryptocurrencies, including meme coins like Shiba Inu, are also accepted by select merchants. This means that Dogecoin’s use cases aren’t unique. Meme coins are among the most speculative digital assets, and without unique use cases, many cannot sustain growth over time.

However, this could change if the RadioDoge Project is successful. This initiative, started in 2024, would make DOGE the only cryptocurrency capable of facilitating transactions in areas with little to no internet connectivity, thanks to the integration of LoRa technology and the Starlink satellite network.

Conclusion

We’ve explored the question extensively — will Dogecoin ever reach $1? The simple answer is that $1 isn’t beyond the realms of possibilities — as it’s just 35% above DOGE’s previous peak price. Even so, there are many other meme coins with a much higher upside potential.

This includes Crypto All-Stars — a new platform where all the top dog meme coins can be staked. $Stars tokens will be listed on exchanges after the presale, so investors still have a chance to secure a discounted price.

FAQs

Will DOGE ever hit $1?

DOGE has every chance of hitting $1, considering it’s just 35% more than its former all-time high of $0.74. However, based on current prices, DOGE must rise by by over 100% to hit this target

How much will Dogecoin be worth in 5 years?

We estimate that Dogecoin could be worth between $1.17 and $1.39 in 5 years. However, this prediction is purely speculative.

What’s stopping Dogecoin from reaching $1?

Nothing is stopping Dogecoin from hitting $1, although it would need to increase by 525% from current prices to reach that goal. This would translate to a market capitalization of $147 billion based on the current supply.

How much upside does Dogecoin have?

Although Dogecoin is the largest meme coin by market capitalization, it’s worth just a small fraction of Bitcoin, Ethereum, and other large-cap leaders. Therefore, as the crypto markets continue to increase global adoption levels, Dogecoin’s upside could be huge.