Although DOGE has shown impressive growth over the past year, the path to $1 is fraught with significant challenges, primarily due to the inflationary mechanics of supply and high market capitalization requirements, according to analyst and investor Jordan Major.
Currently, Dogecoin is trading at $0.32, having decreased by 21.26% over the past week and by 26.51% over the last month. However, it remains 238.47% higher compared to last year, demonstrating its long-term resilience.
Despite the recent decline, on December 9, 2024, DOGE reached a yearly high of $0.46, nearing the $1 mark. By that time, its market capitalization had reached an impressive $68.7 billion, supported by a circulating supply of 147.33 billion DOGE.
One defining characteristic of Dogecoin is its fixed annual issuance of 5 billion DOGE, which creates a constant inflationary pressure on its price.