DOGE is among the most popular meme coins on the planet, and sports one of the most passionate supporting groups in the digital asset industry. Considering the history of the token, could Dogecoin ever theoretically reach $5? What about even $10?
There has been a lot of excitement around the meme coin in recent years, as it teeters on potential mainstream adoption. With entities like Elon Musk championing the digital asset, just how long could a surge to $5 take for DOGE? And could it ever truly be possible?
A Decade of DOGE
Dogecoin is an immensely popular open-source blockchain that originally started as a joke. A decade after it was launched, it now stands out as one of the most popular meme coins in the industry and a rather popular digital asset within the sector.
Over its last nine years, the price for DOGE has fluctuated, a reality to be expected from the volatile crypto industry. Yet, its highest annual value occurred in 2021, reaching $0.1713 over the course of the year. Overall maintaining status in the positive for four o sits existing years.
Specifically, the coin has increased in price 308 times in its nine years, mostly rising 17x between 2017 and 2022. Conversely, the token lost 74% of its value between 2017 and 2019, showing the immense volatility of meme coins in general. Subsequently, as the quest to reach $1 seems far-fetched, could $5 be possible?
Dogecoin at $5
Realistically, noting that the token took 88 months to hit its all-time high of $0.58 in May of 2021, the math dictates the remarkable journey to surpass $1. According to Crowd Wisdom, the meme coin would have to rise by 12.82 times its current price of $0.0078. Which could theoretically be possible as soon as another 18 months.
However, due to the volatility, and concern over macroeconomic factors, that’s nearly impossible. A realistic forecast lands somewhere between 2027 and 2032 according to the prediction. Moreover, for $5, the math becomes even more interesting. Yet, provides the same difficulty due to volatility. Crowd Wisdom Live notes an optimal growth rate for the purposes of the data could be November 2017 to May 2021.
That would provide a one-month growth rate of 44.44x. Thus, considering the unknown liquidity and economic circumstances surrounding the market, the projection lands somewhere between 2028 and 2039.
Dogecoin at $10
Knowing would likely not hit $1 until between 2027 and 2032, the perspective for $10 seems astronomical. But just stay with us here. Theoretically, the meme coin could reach the heights and is almost guaranteed to continue trending upward. The question is if we follow the volatile market patterns, when could it reach a double-digit price?
The math executed by Crowd Wisdom speaks to the math already executed for both the $1 prediction, and the $5 prediction. Moreover, stating that the most optimistic option for its $10 price could come in almost 16 years. However, they note that- again- macroeconomic factors could lessen this possibility to almost an impossibility.
Conclsuveily, the math assumes a multiple of 15x over the net five years until 2027. Keeping that facet in mind, as well as the previous data of the coin, and determining price prediction for the other landmarks, the prediction for Dogecoin reaching $10 could not occur until at least 2031.
The Outlier
Although the math has taken into account the past performance of Dogecoin, there is one unmeasurable facet that could affect its price. One of the most divisive billionaires on the planet, and the Dogefather himself; Elon Musk.
Musk has long planned a potential integration of Dogecoin into Twitter, a reality that would undoubtedly propel the digital asset to unprecedented heights. Moreover, following reports of SpaceX moving ahead with a mission taking Dogecoin to the moon, it is looking more and more likely.
If an integration plan for DOGE and Twitter was put in place, the math will approach. and incalculable variable. There is no telling how valuable e the meme coin would be if its use case expanded to one of the most popular social media platforms on the planet. However, it certainly makes $5, or even $10 price, a lot more realistic.