Back in 2021, the Dogecoin price reached its $0.7376 all-time high after having a legendary run spurred on by billionaire Elon Musk shilling the meme coin on X (formerly Twitter). At the time, the meme coin hit this peak price after touching an $80 billion market cap. However, things have changed since then and due to the inflationary nature of Dogecoin, hitting this market cp again would not see it hit this peak price again.
Dogecoin Supply Rises By 40% In 3 Years
Unlike Bitcoin, the Dogecoin supply is designed in a way that it is infinite. This means that that there is an endless supply of DOGE tokens to be mined, and this comes back to the fact that the altcoin was created as a joke. So, over the years, the supply has continued to rise as mining has continued.
Back in 2021, the total circulating Dogecoin supply was a little above 108 billion when it hit its $0.7376 all-time high. This put the market cap at all-time high at just a little over $80 billion. Fast forward to 2025 and the DOGE circulating supply has risen steadily risen, recording an over 40% increase in the past three years. At the time of writing, the Dogecoin supply is sitting at 148.83 billion DOGE.
With this increase in supply, it means that the Dogecoin market cap would have to be significantly higher for it to reach the same $0.7376 peak from 2021. Using the current circulating supply and multiplying it by the all-time high price, the market cap would have to hit approximately $110 billion to reach the same highs from 2021.
Furthermore, as already explained above, the DOGE supply is designed to keep increasing and miners receive more rewards from their activities. This means that the market cap that DOGE would have to reach to clock its previous highs will continue to rise with the passage of time.
DOGE Price Hitting $1 At $148 Billion
For this cycle, the major target for the Dogecoin price has been the $1 target, but so far, the meme coin has only managed to go halfway to $0.5 before being pulled down by the market crash. This expectation has been spurred by major developments for the altcoin such as the launch of a potential Dogecoin ETF.
AI predictions have also become increasingly popular and once of those if the Grok AI prediction that the Dogecoin price will likely hit $1 in 2026. But interestingly, the CoinCodex algorithm predicts that the Dogecoin price will not hit $1 until 2029, giving another 3-year runway of low price expectations.
Featured image from Dall.E, chart from TradingView.com