Can Dogecoin (DOGE) Hit $1, $5, or $10 with Its Current Circulating Supply?

Dogecoin (DOGE), the original meme coin, pioneered the market genre in 2013 and was able to reach impressive heights during the 2021 bull run.

Dogecoin (CRYPTO: DOGE) has the potential to reach higher levels, but with a circulating supply of 146 billion tokens, it's important to consider where its ceiling could be.

What Happened: Dogecoin's inflation model adds 5 billion new tokens a year. The asset's supply, which sits at 146.84 billion, could pose a problem to higher price spikes.

For example, the $0.7376 all-time high price would require a market cap of $108.3 billion, no longer $98 billion, at the current supply.

Some predictions include a possible Dogecoin rally to $1. At the $1 price, Dogecoin’s market cap would soar from the current $54 billion to a new high of $146 billion.

Reaching this level could be difficult, but it remains feasible for the meme coin.

However, the $5 price target might be more challenging. At its circulating supply of 146 billion tokens, Dogecoin’s valuation would spike to $734 billion, surpassing Ethereum's (CRYPTO: ETH) market cap of $373.58 billion.

This would make DOGE the second-largest crypto asset.

The $10 price would take the meme coin's market cap to a massive $1.46 trillion, close to Bitcoin's (CRYPTO: BTC) current valuation of $1.788 trillion.

While the $1 mark remains possible, higher prices like $5 and $10 might not be feasible in the current market cycle due to the massive capital required to reach the resulting market caps.