Rumors of Dogecoin hitting $1 have been going around the crypto space for a while now, but it got pushed more specifically with the Super Bowl, which took place yesterday.
There were rumors of a Dogecoin ad coming up, but that did not happen, and Dogecoin price is quite huge at the moment, breaking into the top ten while currently at the 7th rank in coin market capital.
For the past couple of weeks, we have seen an increase in new demand in the cryptocurrency space Dogecoin to be specific.
Dogecoin has done up over 800% in the past couple of weeks. Very recently, it was less than a penny; now it is testing 8cemts while currently at a 10billion dollar market capital. It is a meme coin and a cryptocurrency that can be used for transactions, it can be used as payment on some stores, and it is also on a lot of major platforms.
Dogecoin flipped Chainlink, Litecoin, and Binance BNB, and it is possible that it would continue to rise, and there is a lot of support on Dogecoin, generally. Many people are pushing for Dogecoin to get to $1, which would put it over 10x at 10cents; getting in over 10cents and holding out until it gets to $1 would be over a 10x investment. It is possible that it would hit $1 and also likely that it will never. On the bright side, we have Elon Musk and several celebrities pushing this coin.
Dogecoin has a circulating supply of 128 billion coins; there will never be more printed, so it does have a total concrete supply. With cryptocurrencies, some cryptocurrencies burn coins, and the total supply decreases over time as demand increases, so people also lose cryptocurrencies, so, over time, there is less and less circulation.
With 128 billion Dogecoin in circulation to get to $1, you will do an equation of taking circulating supply of coins and multiplying it by the target goal ($1), with a market capital of around 10 billion dollars, it would be around a 12x in market capital for Dogecoin to get to $1.
Despite being 128 billion coins, Dogecoin can get to $1, significantly as the crypto space is growing, and we will be seeing coins going into the multi-trillion market capital soon.
The entire crypto space global market capital barely hit one trillion dollars for the first time, the crypto space has really been kicking off alongside the stock market but a lot of new investors are coming into crypto for the first time.
