Dogecoin price has struggled in 2025, and with active user numbers collapsing alongside its market value, fresh debate is emerging over what the meme coin might be worth if it saw mainstream adoption.

According to the latest data from Benzinga Pro on Monday, 07, DOGE is currently trading at $0.1620. That puts the meme coin down 49% year-to-date from its 2024 highs above $0.47.

According to a recent analysis by Santiment, Dogecoin’s on-chain activity has dropped drastically in recent months.

As of Monday, DOGE is seeing around 39,507 daily active addresses, according to the crypto analytics firm. Just a month ago, that number stood at 391,450. The sharp decline in user activity has coincided with DOGE’s slide from $0.1723 to under $0.17.

The picture was very different in late Nov. 2024. On Nov. 22, daily active Dogecoin wallets peaked at 1.64 million. At the time, DOGE was trading near a three-year high above $0.412. A week later, the price surged to $0.4700.

Since then, DOGE has dropped more than 66% in value, while its user base has shrunk by 98%.

This correlation between user activity and price action has sparked new discussions about the impact of utility-driven demand on Dogecoin’s valuation.

What Happens If 100 Million People Use Dogecoin Daily?

In a hypothetical scenario where 100 million people use Dogecoin daily, the market dynamics would shift drastically. Assuming a fixed supply of 148.81 billion coins and a $750 billion market cap, we would arrive at a price of $5.04 per DOGE.

This would constitute a 3,025% increase from current levels.

While this remains a hypothetical projection, the essence highlights a longstanding aspect of crypto economics: demand drives price.

A surge in daily users could naturally increase network activity, trade volume on exchanges, and ultimately, exert upward pressure on valuation through the principle of rising utility.

However, market analysts are urging caution against overly optimistic forecasts in the short term.

Ali, an on-chain analyst, pointed out that Dogecoin whales have stayed quiet over the past 96 hours, with no significant accumulation or selling behavior observed. This lack of large-player activity in the last four days might indicate limited bullish or bearish conviction in the immediate term.

Key Support Levels And Technical Roadblocks

From a technical standpoint, Dogecoin is currently testing the 50-day exponential moving average (EMA) at $0.188, with the price attempting to break above a falling wedge formation.

Chart analysis indicates that a confirmed breakout from this wedge could pave the way for a retest of the $0.25-$0.30 range, previously touched by Fibonacci retracement levels. The Relative Strength Index (RSI) stands at 47.5, suggesting neutral momentum.

Independent analyst @PeloSwing highlights the 200-week moving average as a crucial level of support for DOGE.

Meanwhile, World Of Charts1 claims that Dogecoin could be en-route to a "3X move" like the one observed in October 2024.

This massive breakout saw DOGE rally over 200% in a matter of weeks. A similar move from current levels would take Dogecoin to the $0.50-$0.60 range.

Long-term forecasts vary. Telegaon projects that DOGE could reach $5 within three years. However, data from Changelly suggests it may take until 2034 to hit that milestone.

On social media, Javon notes that Dogecoin is showing signs of another bullish performance. He predicts an at-least 200%-330% breakout from the $0.73 level, setting the stage for a continuation of the previous bull market.

However, this projection would require a significant shift in market sentiment and a return of retail trader interest.