Dogecoin Analysis: Total Circulation at 100% and a 0.042% Potential Market Cap Decrease as of July 10, 2023
Dogecoin (DOGE), currently ranking 9th in terms of market cap, has been added to 498,422 cryptocurrency watchlists. The current price of DOGE is approximately $0.065, showing a 24-hour increase of 2.1%. However, when compared to BTC, DOGE has experienced a slight decline of 1.7%.
The market cap of DOGE stands at about $9.08 billion, contributing to a market cap dominance of roughly 0.75%. The 24-hour trading volume of DOGE is around $184.88 million, indicating a volume to market cap ratio of 0.0204.
Considering supply metrics, the fully diluted valuation of DOGE, which estimates the market cap if the total supply was in circulation, is approximately $9.079 billion. The circulating supply of DOGE is about 140.11 billion, accounting for 100% of the total supply.
Our analysis suggests that if the total supply of DOGE were in circulation at the current price (which is indeed the case), the potential market cap would be around $9.074 billion. This indicates a potential decrease of roughly 0.042% in the market cap from its current value.
In terms of social media engagement, DOGE enjoys a robust presence with 3,830,780 Twitter followers and 2,412,507 Reddit subscribers. The social engagement ratio, calculated as the number of social media followers per circulating DOGE, stands at approximately 0.000045.
Moving forward, as the total supply of DOGE is already in circulation, future changes in the market cap would primarily be driven by price changes. Assuming continued demand for DOGE and stable or increasing prices, we can expect the market cap to rise, despite the slight potential decrease.
In conclusion, Dogecoin presents a unique case in the cryptocurrency market with its total supply already in circulation. The potential for a slight decrease in market cap highlights the importance of price stability and continued demand for DOGE in the evolving digital currency landscape.
What is Dogecoin (DOGE)?
Dogecoin (DOGE) is a cryptocurrency that was created in 2013 as a fun and lighthearted alternative to Bitcoin. Based on the popular "Doge" internet meme, Dogecoin has since gained a large and active community of supporters. It's often used for "tipping" online content creators and for charitable donations.
What is a meme cryptocurrency?
A meme cryptocurrency is a type of digital currency that started out as a joke or meme but has since gained popularity and value. They're often characterized by an active and enthusiastic community, a light-hearted or humorous brand image, and a less serious approach compared to traditional cryptocurrencies. Examples include Dogecoin (DOGE) and Shiba Inu (SHIB). Despite their origins, meme cryptocurrencies can experience significant price volatility and should be approached with caution by investors.
