In 2021, Elon Musk strongly promoted Dogecoin on X (previously called Twitter), causing Dogecoin to soar to a historical high of $0.7376, with its market cap briefly exceeding $80 billion, making it a legendary surge. However, the situation changed later. Because Dogecoin's supply is unlimited, although its market value may approach that peak again, returning to that price would be quite difficult.
Dogecoin's supply has increased by 40% in three years.
Unlike Bitcoin, Dogecoin has an unlimited supply, meaning that its mining has no cap. This is also one reason why Dogecoin started as a 'meme coin'. Therefore, over time, the supply of Dogecoin continues to increase.
In 2021, Dogecoin's total supply was slightly above 108 billion, with a price of $0.7376 at that time, and its market cap broke the historical high of $80 billion. By 2025, Dogecoin's supply has steadily increased, growing by over 40% in the past three years. As of now, Dogecoin's circulating supply has reached 148.83 billion.
With the constant increase in supply, for Dogecoin to reach the price of $0.7376 again, its market cap would need to increase significantly. If the current supply is multiplied by the historical peak price, the market value would need to reach about $110 billion to return to the 2021 high.
Moreover, as previously mentioned, Dogecoin's supply will continue to increase, and miners will earn more from it. Therefore, over time, for Dogecoin to reach its previous price again, the market cap it requires will also grow larger.
For Dogecoin to break $1, its market cap needs to reach $148 billion.
Currently, Dogecoin's main target is $1, but so far, its increase has been less than half of $0.5, and it has also fallen back due to a market crash. However, this target is still supported by many factors, such as the potential launch of an ETF for Dogecoin, which could greatly impact its price.
Recently, AI predictions have gradually become popular. Among them, Grok AI predicts that Dogecoin may reach $1 by 2026. Interestingly, CoinCodex's algorithm believes that Dogecoin may not break $1 until 2029. This means that in the next three years, Dogecoin's price may remain at a lower expected level.
