This post is particularly for those who have little to no idea about Market Cap.
People new to crypto often fall prey to the shillers offering millions of tokens at just $10 or so. The boom of dogecoin and it's peers have just added fuel to the sale of memecoins which are often scams or rugpulls. Even if they aren't, that doesn't mean it's a good investment.
The value and room for growth of any Cryptocurrency is determined by it's Marketcap. The market cap of a token is calculated by multiplying the value of one coin into the total supply of the coin.
If a coin has the value of $0.0001 a piece and the market cap of $100 billion and you buy a million tokens thinking it'll make you a millionaire someday, you are WRONG! This token will NEVER go to $1. For it to reach $1 the market cap of the crypto would have to be $1 Quadrillion Which is IMPOSSIBLE! Even Bitcoin, the OG, doesn't have that marketcap.
That being said, while checking the marketcap is important, if the token is deflationary you should check the minimum supply it will have in the future and then calculate it's highest possible growth.
If there is something I need to add or correct, please comment it.
Edit: Market capitalization is obviously not the only criteria which can help us determine how much a coin's value can grow, but it is a good place to start. There are plenty other things such as total supply and max supply of tokens, fully diluted market cap, volume etc. One should always read the token's whitepaper to find all the details, check social media handles of the dev team and the official handle of the token (if they have any).