During the bull market of 2021, Dogecoin (DOGE) gained popularity, but it has since lost the majority of its gains. The question of whether it will ever reach $0.7 again is raised by the fact that it is currently 90% below its all-time high from May 2021. There is no way to decrease the supply of dogecoin because it has an unlimited supply. To put this into perspective, the current rate of growth in the DOGE supply is approximately 5 billion coins annually, which equates to a 4% annual inflation rate. The meme coin, however, is driven by hype and so relies more on how the community feels about it than it does on its tokenomics.
March was a rollercoaster for Dogecoin (DOGE), with some gains in the middle of the month, but the downtrend over the last two weeks has erased most of those gains, putting Dogecoin back in the red. At the time of writing, DOGE’s price is $0.0843, down 0.97% from its previous close and down 0.88% from one week earlier. Given that Elon Musk and Burger King continue to support DOGE, the likelihood of it recovering $0.7 remains high.
