Can Dogecoin Reach $10? Will Doge Start to Moon (2024)?

Published: 11th April, 2023 | Last Updated: 10th January, 2024

Markos Koemtzopoulos

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

As I glanced at my computer screen, I couldn’t help but chuckle. “Dogecoin,” I mused, “the meme that turned into a crypto sensation.” It’s a digital currency that started as a joke, yet has garnered a serious following. But now, the real question looms: Can Dogecoin reach $10? Like any ambitious investor, I’m on a mission to uncover the answer.

can dogecoin reach $10

So, buckle up, as we explore the whimsical world of Dogecoin and its potential ascent to the glorious $10 mark.

How much woud DOGE need to grow to hit 10 dollars?

The price of Dogecoin has been hovering under 10 cents for more than a year now. It hit an all-time high of 70 cents in May 2021 and has not recovered since. For DOGE to move from here back up to its all-time high we are looking at a 10-fold increase. Then from there for it to go to $10 we are looking at another 17x.

Overall for Dogecoin’s price to hit $10 would require it to grow 111 times from its current price levels.

Can Dogecoin really reach $10? How likely is it for DOGE to see such massive growth?

First, let’s check if other coins have done this.

Have other coins grown 111 times?

The prime candidate to make this comparison is Bitcoin. So yes in June 2016 the price of one bitcoin was about $570. Bitcoin’s all-time high was $64,000 in November 2021. So that is 111x growth over 4 years.

Pretty impressive.

Could DOGE do the same? Could it really go to 10 over the 5 years like Bitcoin managed to do?

Well, my friend, we’ve been looking at the wrong metric. It makes no sense to look at price without looking at the total value of Dogecoin as a whole. And we have a metric for this. It is called market cap.

What’s market cap and how is it connected to DOGE’s price?

In the world of cryptocurrencies, market cap (short for market capitalization) is a metric used to determine the size and relative value of a particular cryptocurrency. It is calculated by multiplying the current price of the cryptocurrency by its circulating supply. The resulting figure helps investors and traders compare and rank different cryptocurrencies.

A higher market cap generally indicates a more established and valuable cryptocurrency.

The reason you want to look at market caps is each cryptocurrency has a different amount of coins. For example, Bitcoin has a fixed supply of 21M while Dogecoin has a supply of $138B that inflates at 4% per year.

Oops, those two stats change the picture a lot.

Dogecoin’s market cap is $11B.

If Doge were to go to $10 that means its market cap would need to reach $1.4 trillion at its current supply.

If it were to grow to $10 over 5 years it would need to keep up with inflation which means by the end of 5 years DOGE’s market cap would be a whopping $1.6 trillion!!!

Let’s compare that to other things in the world

What would the world look like if Dogecoin were to reach 10

  1. Apple: One of the most valuable companies in the world, Apple’s market cap was around $2.5 trillion as of 2021. Dogecoin’s market cap at $10 per coin would amount to more than half the value of Apple.
  2. Amazon: Another global giant, Amazon had a market cap of approximately $1.7 trillion as of 2021. Dogecoin at a $1.61 trillion market cap would rival Amazon in terms of value.
  3. Bitcoin: As the most prominent and largest cryptocurrency, Bitcoin had a market cap of around $1 trillion at its peak. Dogecoin’s market cap of $1.61 trillion would be significantly larger than Bitcoin’s peak value.
  4. US M2 Money Supply: M2 is a measure of the money supply that includes cash, checking deposits, and easily-convertible near money. As of 2021, the US M2 money supply was around $20 trillion. Dogecoin’s market cap at $10 per coin would be equivalent to roughly 8% of the entire US money supply.

ok, those stats indicate it would be really hard for DOGE to reach $10. Let’s try an understand what’s propelled DOGE’s success.

Dogecoin’s secret to success

The best thing that Dogecoin did for itself is that it made itself look cheap. It started off with such a massive supply that each DOGE costs only fractions of a dollar.

Dogecoin to the moon. can it reach 10
Dogecoin to the moon

If you take DOGE’s price out of the context of its market cap it feels affordable. Why buy an expensive BTC of ETH when you can own a whole DOGE for just a few cents?

The problem is one of perception.

Because you can easily own a fraction of a BTC.

Say you have $100.

For many people owning 1,111 DOGE is way cooler than owning 0.004 BTC. This faulty thinking enrages many of the Bitcoin maximalists.

Nowadays, Bitcoiners talk about satoshis.

1 BTC = 10Mn Satoshis.

This way your 0.004 BTC is worth 400,000 Satoshis. Ha! See what happened there.

So is it possible that Dogecoin reaches $10? Yeah, it is possible.

Is it likely? No, it is highly unlikely.

There are two further factors that are driving Dogecoin’s adoption. The success of Dogecoin relies on these two factors. Let’s take a look at them and see if they can move the needle.

Factors driving DOGE’s adoption

Factor number 1: Doge’s counter-culture

The first thing you need to consider is Dogecoin’s culture.

This is a meme-based coin that started out as a joke. “Serious” crypto investors look down upon Doge and are irritated by its success because it misses the true ethos and spirit of cryptocurrencies. It has barely any developers working on it and lacks strong fundamentals.

Yet, because it is snubbed by the crypto elite it has become extremely popular amongst Gen-Z on social media. It’s kind of like telling your teenage child, “Hey don’t waste your time with that, it’s nonsense” and then embracing it even more just to spite you.

Dogecoin has developed this greedy-less culture marked by an underdog spirit. The Dogecoin community often uses humor, memes, and jokes to discuss the coin. They often collaborate on initiatives and charitable causes.

For this reason, some companies already accept payment in DOGE.

If this culture goes even more viral it could spread adoption.

Factor number 2: Elon Musk

Elon Musk, the top dog at Tesla and SpaceX, has a thing for Dogecoin. His tweets and quips about the meme coin get gazillions of eyeballs, sending prices soaring. Is Elon serious or just yanking our chains? Who knows! But either way, he’s got folks talking about Dogecoin and jumping on the bandwagon.

Elon Musk Tesla CEO
Elon Musk

Musk drives Dogecoin’s publicity. The price of Doge skyrocketed and reached its all-time high after Musk started tweeting about it and promoted DOGE on Saturday night live. More recently the price of Doge shot up 30% after Elon switched out the Bird logo on Twitter for the Shiba Inu logo.

If Musk lends further credibility to DOGE then this could drive the price higher. For example, say he announces that you can buy a Tesla with DOGE.

Other celebrities influencing Dogecoin’s price

  1. Vitalik Buterin, the founder of Ethereum has a lot of sway in the crypto community. Vitalik has often expressed opinions in favor of Doge. For example, he believes that DOGE should move to a more eco-friendly proof of stake consensus mechanism and that inflation should be used to fund public good projects such as schools.
  2. Gene Simmons: The KISS frontman has tweeted about his investment in Dogecoin, referring to himself as the “God of Dogecoin.”
  3. Mark Cuban: The billionaire entrepreneur and owner of the Dallas Mavericks has been a proponent of cryptocurrency, including Dogecoin. The Mavericks started accepting Dogecoin for merchandise purchases.
  4. Snoop Dogg: The rapper has expressed his interest in Dogecoin and even created a meme with the Dogecoin logo and the caption “Snoop Doge.”
Snoop Doge
Snoop Doge

What would it take for DOGE to reach $10

The first thing that needs to happen is for the crypto to enter a bull market. In this scenario, DOGE like all other coins will pick in value. The second thing that needs to happen is that more celebrities need to start endorsing the coin. And Elon Musk needs to start doing some weird antics. But even after all of that, there is no reason for the price of Dogecoin to go well beyond its previous all-time high of 70 cents. For that to occur the following need to happen:

  1. Widespread adoption: An increase in the adoption of Dogecoin as a payment method by major businesses and retailers could bolster its credibility and create more demand for the coin.
  2. Technological improvements: If Dogecoin’s developers make significant upgrades to the coin’s underlying technology, such as increasing transaction speed, improving scalability, or enhancing security, it could become more attractive to users and investors.
  3. Reduced inflation: Dogecoin has an inflationary supply, with new coins minted continuously. Implementing measures to reduce or cap its inflation rate could create scarcity and potentially increase its value.
  4. Tokenomics changes: Adjusting Dogecoin’s tokenomics to include mechanisms such as token burns or rewards for holding the coin could positively impact its price.

Ok so if Dogecoin reaching 10 is highly unlikely what is a more plausible scenario? To understand that let’s take a look at DOGE’s price history first

Dogecoin price history

Launched in December 2013, Dogecoin started as a joke, with a very low price of close to zero. Its early years saw minor price fluctuations.

In 2017, during the broader cryptocurrency market bull run, Dogecoin experienced its first substantial price increase, reaching a peak of about $0.017 before retracing its gains. It then entered a prolonged bear market that lasted until 2020, with the price hovering around fractions of a cent.

Dogecoin price history

2021 was a transformative year for Dogecoin. It gained substantial attention and support from celebrities and influencers, most notably Elon Musk, who frequently tweeted about the meme coin. This led to multiple price surges throughout the year, with Dogecoin reaching an all-time high of over $0.70 in May 2021. Many people made a lot of money which is why there is so much excitement about the coin.

However, the price later retraced, and Dogecoin experienced significant fluctuations in the following months.

Today Dogecoin is hovering at much lower levels. Over the past year, DOGE has reached a minimum value of $0.07 and a maximum value of $0.14.

Given its past performance, what is a plausible scenario for Dogecoin’s future?

Dogecoin price prediction

In the short term, Dogecoin is up against the broader macro trends. Central banks around the world are taming inflation by raising interest rates. As a result, most economists are expecting a recession with high unemployment and a drop in the stock market. Up until now, the crypto market has mostly followed what the stock market does. Crypto and especially DOGE are considered risk-on assets and in a recession, there are fewer people willing to take a risk.

DOGE vs BTC
Dogecoin follows Bitcoin’s pattern

However, there is a counter-narrative that is pushing bitcoin up and lifting all other coins. This narrative says that US banks are insolvent and that the US dollar will hyperinflate. This helped boost the value of bitcoin which in turn has bolstered Dogecoin a little

Doge price prediction: a round up of wether other’s think Dogecoin can reach $10

Below roundup is a round of what the top crypto experts have to say about Dogecoin’s price target.

CoinCodex

They offered a somewhat varied short-term Dogecoin price forecast for 2023, predicting that the cryptocurrency might dip to $0.085693 by April 9th, only to surge back to $0.195448 by March 24th. Their technical analysis appeared optimistic, with 25 indicators exuding positive vibes and a mere three exhibiting bearish sentiment.

Wallet Investor

On the other hand, Wallet Investor took a more pessimistic view, projecting that Dogecoin’s value could plummet to a meager $0.00813 by April 4th, 2024.

Ambcrypto

In a recent analysis by AMBCrypto, Dogecoin (DOGE) is projected to reach $0.19 in 2023, with the most bearish scenario valuing DOGE at $0.066 for the same year. Despite slight bearish sentiments in the market, Ambcrypto’s long-term predictions remain bullish, with DOGE potentially hitting $0.13 in 2024.

DigitalCoinPrice

DigitalCoinPrice provided a Dogecoin price estimate averaging $0.19 in 2023, $0.23 in 2024, and $0.34 in 2025, drawing from historical data. According to their 2030 Dogecoin price forecast, the crypto could touch the much-anticipated $1 price point, delighting the coin’s ardent supporters.

CoinPriceForecast

These guys adopted a more conservative stance in their Dogecoin valuation. They anticipated that the meme coin could hit $0.14 by the end of 2023 and provided a 2025 price estimate of $0.20. The platform then suggested that Dogecoin could potentially reach $0.30 by the close of 2030.

As you can see, none of these sites think that Dogecoin can reach $10 despite their fancy AI prediction models.

Short-term price forecast based on technicals

Oscillators:

Most of the oscillators, such as the Relative Strength Index (RSI), Stochastic %K, Commodity Channel Index (CCI), and Average Directional Index (ADI), are showing neutral signals. The MACD Level indicates a buy signal, while the Momentum oscillator suggests a sell signal. Overall, the oscillators do not present a clear direction for Dogecoin’s price.

Moving Averages:

The majority of the moving averages, including exponential moving averages (EMAs) and simple moving averages (SMAs), are signaling a buy. However, the short-term EMAs and SMAs (10-day period) suggests a sell signal. The Ichimoku Base Line and the Volume Weighted Moving Average (20) are also showing neutral signals.

In conclusion, the technical analysis does not provide a definitive direction for Dogecoin’s price at this time.

Long-term price prediction for DOGE

I am not at all bullish on DOGE. Personally, I do not think it is worthy of the attention it currently gets. But it would be naive to ignore the power of communities.

The long-term outlook will largely depend on the community’s ability to maintain enthusiasm, engagement, and support for the coin.

If developers improve it technologically and if it starts becoming accepted as a payment method then more people would invest in DOGE. If it were to reach half the value of Ethereum then Dogecoin would be worth 80 cents on the dollar. I think this is a much more plausible scenario but it really would depend on Dogecoin becoming a different coin so to speak. One that is better technologically and does not inflate.

In the meantime, I will be keeping an eye out for Dogecoin. If I catch an Elon Musk tweet in time I might trade it for a quick profit. If I see larger structural changes I may reconsider my approach. But until then I have bigger fish to fry.

How to be careful

Whatever you do, make sure to do your own research. This article is not investment advice and is intended for entertainment only. Buying Dogecoin is a high-risk financial decision. Betting that Dogecoin will reach $10 is even risker. I would recommend you don’t invest too much money in a meme token unless you are an experienced swing trader.

However, if your mind is made up then please make sure to check out my guide on how to buy Dogecoin. That will teach you how to buy DOGE the right way.

How to Buy Dogecoin: Best Guide for Beginners

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After reading this article, most people are interested in reading my analysis on whether DOGE can reach $100. Check it out below.

Can Dogecoin Reach $100 and Prove the Naysayers Wrong?

can doge reach 100

The rise of Dogecoin has been anything but conventional. But can Dogecoin reach $100? In this article, I am going to fully explore this angle and break the numbers down. Read more

Will Dogecoin Ever Reach $1: a Price Prediction for 2023

Will Dogecoin Ever Reach $1

In this article, I look at what it would take for Dogecoin to reach $1. Many people are convinced this will happen. Me? Not so much. Read more.

FAQs about whether Dogecoin can reach $10

Is Dogecoin a good investment?

Investing in DOGE is highly risky. Its proponents argue that DOGE is a top 10 coin and has the support of celebrities like SpaceX CEO Elon Musk. Its detractors say that the coin is inflationary and lacks strong fundamentals.

How much will Dogecoin be in 10 years?

Most crypto analysts forecast Dogecoin to be just over a dollar in 10 years' time. Ambcrypto predicts $1.13.

Can Dogecoin reach $20?

For that to happen Dogecoin's market cap would need to be $2.6 trillion. This means it would be worth as much as Apple. This is extremely unlikely to happen.

Can Dogecoin reach $5?

For Dogecoin to reach $5 it would require it to grow 7 times its previous all-time high. This scenario is very unlikely.

What will $100 Dogecoin be worth in 2025?

If Dogecoin were to reach half the market cap of Ethereum then $100 would turn into $1,000. This scenario is extremely unlikely and won't happen unless DOGE addresses its structural issues.

Does DOGE have a future

Dogecoin has a vibrant community and a strong culture. However, it is inflationary, it lacks strong fundamentals and most people see it as a joke. Also, ownership is highly concentrated. If big investors start to reduce their position it would bring the whole thing crashing down.

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

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