If your time frame is long enough then it's possible. But it would require massive institutional investment and I don't think that will happen. Especially any time soon. It might outpace the market like it has been but I think a penny is highly unlikely in any reasonable amount of time.

Yes and no.

If the value of a dollar plummets then it can happen.

As of now the total circulation at 1 cent is equal to 2.5 times the total dollars in circulation in the us.