Dogecoin has the potential to reach higher levels, but with a circulating supply of 146 billion tokens, proponents ponder where its ceiling could be.

The crypto market is one of opportunity, and investors often leverage this to anticipate rapid price surges. 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’s Historical Market Movements

Particularly, Dogecoin claimed a peak market cap of $98.4 billion in May 2021, when its price reached the all-time high of $0.7376 during that period amid persistent endorsements from Tesla CEO and billionaire Elon Musk.

The meme coin dropped from this lofty position as the bear market creeped in. However, it appears to be recovering. Notably, the closest Dogecoin has been to reclaiming its top valuation was when it rose beyond $0.43 last week, reaching a market cap of $64.4 billion.

An important aspect to note how its growing circulating supply would translate to higher market caps even with lower prices. Dogecoin’s inflation model adds 5 billion new tokens a year. As a result, the asset’s supply, which now sits at 146.84 billion, according to CoinMarketCap, could pose a problem to higher price spikes.

Notably, for the Dogecoin price to reclaim its previous highs, it would need higher capital now that its supply has increased. For instance, the $0.7376 all-time high price would require a market cap of $108.3 billion, no longer $98 billion, at the current supply.

Can Dogecoin Hit $1, $5 or $10 with Current Circulating Supply?

This has triggered concerns around the feasibility of Dogecoin reclaiming this peak. However, the prospect has not stopped some predictions around a possible Dogecoin rally to higher levels. One analyst recently discussed a price rally to $1 for Dogecoin.

However, with its 146 billion token supply, how technically possible is it for Dogecoin to claim the $1 mark or greater levels such as $5 and $10? At the $1 price, Dogecoin’s market cap would soar from the current $54 billion to a whopping $146 billion. Reaching this could prove difficult, but it remains feasible for the meme coin.

Meanwhile, the $5 might be more challenging. At its circulating supply of 146 billion tokens, Dogecoin’s valuation would spike to $734 billion, surpassing Ethereum’s market cap of $373.58 billion. This would make DOGE the second-largest crypto asset.

Further, the $10 price would take the meme coin’s market cap to a massive $1.46 trillion, close to Bitcoin’s 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.