On May 8, 2021, Dogecoin (DOGE) hit an all-time high price of $0.73 and a market worth of $88.80 billion. Due to an annual cap of 5 billion DOGE, Dogecoin’s inflation rate gradually decreases as time goes on.
At the time of writing, one Dogecoin was valued close to $0.63, according to data gathered by Finbold on August 24.
That is, given its decreased supply over time, Dogecoin’s historical values need a steady growth in demand.
However, DOGE is trading at $0.063 at the time of publishing, giving Dogecoin investors the chance to earn 900% on current purchases if the joke currency ever regains its former popularity. When compared to its all-time high, the current price is now 91.42 percent lower.
Whether or if DOGE reaches its all-time high market worth of $88.80 billion is totally dependent on the growth, publicity, and consumer interest in the Dogecoin network. This means that the dominant meme coin has a chance of breaking the record.
Similar to Bitcoin (BTC) and other Proof-of-Work (PoW) cryptocurrencies, Dogecoin inflation is caused by the block subsidy granted to miners who contribute to the network.
In 2014, however, Dogecoin (DOGE) and Litecoin (LTC) implemented a new technique called merged mining,’ in which miners mine both LTC and DOGE simultaneously, contributing to the hashrate of both networks. BitInfoCharts concludes that this describes the connection between respective measures.
Finbold has also projected the price of Ethereum if its market capitalization reaches a record high. In addition to XRP’s price, which has surpassed its previous market value high.
Notably, on August 26, 9.54 million AVAX ($101.14 million) of new tokens will be placed into circulation, which might have a substantial negative influence on the price of Avalanche (AVAX), one of the main layer-1 blockchains for DeFi and Web3.
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