Dogecoin (CRYPTO: DOGE) is known for its meme-inspired origins and loyal community. Recently, crypto analysts at Finder.com set their sights on the possibility of 100 million daily active users for DOGE.

What Happened: Dogecoin is trading at $0.16, showing a 2% rise in the past 24 hours. However, this follows a 49% drop since January 1.

One key metric to watch is active users. In November 2024, Dogecoin had 1.64 million active users and traded at a high of $0.47. Today, that number stands at just 39,507 daily users.

Crypto analyst Ilja Pitalis said that historically, Dogecoin’s price has moved in tandem with its user activity, making it a better indicator than price.

"If we look at the historical chart, we can see that whenever there was a surge in Dogecoin's user activity, the coin's price followed suit closely. This close correlation suggests that user activity is a better predictor of DOGE's momentum than its price performance alone."

If 100 million daily active users were to be met, then market cap valuations suggest the cryptocurrency would be trading at around $750 billion. With a current circulating supply of 148.81 billion DOGE, this would put the coin's price at approximately $5.04—a 3,025% gain from current levels.

What Is Holding Back Dogecoin?

Dogecoin is largely used for tipping and charitable donations. To break into the mainstream, it must expand its real-world applications and land partnerships with retailers, platforms and financial services.

Another factor is scalability. The Dogecoin network must evolve to handle high transaction volumes with greater speed and security. Without significant infrastructure upgrades, onboarding millions more users could risk slowing down performance.

Recently, there have been signs of institutional interest in Dogecoin. Active DOGE addresses are up 34% month-over-month, signaling a quiet uptick in engagement.

Capital inflows from institutions could act as a catalyst for development, funding the network improvements and partnerships needed for broader adoption.

What Is Next For Dogecoin: Crypto price predictions for April 16, 2025, varied wildly from a low of $0.278 to a high of $0.3983.

These diverse forecasts highlight the high volatility and speculative nature of meme coins. However, they also underscore the potential for significant upside if the right catalysts emerge.

Related Link: Top 5 Crypto Gainers And Losers Today: Meme Coins Lead Rally As Bitcoin, Ethereum Trade Flat