The 10th most valuable cryptocurrency, with a market cap of $8.9 billion as of this writing, is none other than Dogecoin (CRYPTO: DOGE). However, after peaking at almost $0.74 per token in May 2021, the popular meme token has been absolutely crushed, losing 91% of its value. This poor performance mimics what has happened with the broader crypto market.
Die-hard supporters of this dog-inspired crypto, including Tesla CEO Elon Musk, are hoping for Dogecoin to one day reach $1 per token. Let's take a closer look at if this lofty goal, which would represent a 15-fold increase from today's price, is even possible by the end of this decade.
Created as a fun competitor to the world's most valuable cryptocurrency, Bitcoin (CRYPTO: BTC), Dogecoin is simply just a peer-to-peer payments network. This means that DOGE has no purpose other than to transfer value between two parties in a decentralized manner.
Source Fool.com