When will DOGE rise to 1 dollar? Let's first see how far we are from this goal.
Honestly, the Dogecoin community's obsession with 1 dollar might be deeper than any other price target.
Since the last bull market, every time the market shows a bit of improvement, 1 dollar reappears in the discussion forums.
But the data from October 12 is somewhat discouraging.
At that time, DOGE was priced at about $0.0868, with a market cap of approximately $13.57 billion, still down over 88% from the all-time high of $0.7316.
To rise from $0.0868 to 1 dollar, it needs to increase by about 1052%, which is nearly 11.5 times.
Even more astonishing, based on the current circulating supply estimate, for DOGE to reach 1 dollar, the market cap would need to hit about $156 billion, and there is new supply added every year.
After doing the math, it's indeed not so easy to be optimistic.
But I've always thought the most special thing about DOGE is that it often makes unexpected moves. Before 2021, who would have thought a dogecoin born from an internet joke could really rise above $0.7?
Of course, just because it happened in history doesn't mean it will repeat in the future.
Now $DOGE faces competition, funding environment, and supply scale that are completely different from five years ago.