Dogecoin Would Have to Skyrocket by Astronomical Margins to Transform Modest Investments into Million-Dollar Fortunes

The crypto market has presented some of the biggest opportunities for investors to turn their modest investments into fortunes. Notably, the meme coin market is one particular sector that holds the most promise in this regard.

Investors in the crypto market have witnessed firsthand the remarkable potential of meme coins to transform modest investments into substantial fortunes. Dogecoin, being the pioneer of this movement, has played a pivotal role in shaping these narratives.

After kicking off 2020 at a price of $0.002010, Dogecoin experienced a significant correction that lasted throughout Q3 2019. However, as the COVID-19 pandemic unfolded and impacted the crypto asset, DOGE began to regain its lost ground from November 2020.

During this period of recovery, Dogecoin soared to an all-time high price of $0.7399 by May 2021, marking an impressive 36,710% appreciation from the January 2020 price. This historic event has fueled optimism among investors, who anticipate another round of massive gains under the right market conditions.

As a result, investors have been flocking to the market, with whales notably increasing their balances. According to data from Santiment, addresses holding between 10,000 and 100,000 DOGE (roughly $4,000 to $40,000) have increased in number since mid-November amid Dogecoin’s recent uptrend.

Most of these new entrants are hoping for a scenario where their Dogecoin investments yield large returns, with some ambitious ones aiming for the $1 million mark.

However, for DOGE to generate $1 million in yield from small investments, it must rally at a massive rate.

For instance, investors who put $1,000 into Dogecoin now will get about 2,500 tokens at the current price of $0.40. For these tokens to reach a value of $1 million, DOGE would need to rally to a price of $400 per token, which is a distant dream in the current market conditions. Such an uptick would mark a 99,900% rally.

Meanwhile, those holding $5,000 worth of DOGE are currently sitting on 12,500 tokens. Dogecoin must rally to $80 for these 12,500 tokens to increase to $1 million. This appreciation, which would represent a 19,899% upsurge, could also pose difficulties for Dogecoin.

Further, an investor that splashes $10,000 on Dogecoin today would amass about 25,000 coins. Should Dogecoin’s price increase 9,900% from the current value to $40, these 25,000 tokens would hit a worth of $1 million.

As noted earlier, confidence in Dogecoin’s potential stems from historical data. For context, DOGE began 2020 with a price of $0.002010 in January. This price position was the result of a correction that impacted the meme coin from Q3 2019.

However, the crypto asset recovered its losses from November 2020 as the COVID-19 pandemic persisted. Amid the rebound process, DOGE soared to an all-time high price of $0.7399 by May 2021, marking an impressive 36,710% upsurge from the January 2020 price.

If Dogecoin reaches the above prices, its estimated market capitalization would be $56.82 trillion at $400, $11.36 trillion at $80, and $5.68 trillion if Doge reaches $40. All these market caps are not feasible.

While such an upsurge demonstrates its potential, Dogecoin could find it challenging to even surpass $4 in the near future due to supply constraints.

Nonetheless, analysts at exchange platform Changelly are extremely optimistic. They expect DOGE to reach $40 in June 2040 and then claim $80 in December 2040. However, they don’t believe the meme coin is capable of reaching the $400 mark before 2050.