Here is everything you need to know about investing in Dogecoin, whether or not it can hit $1, and the untold truth about how much it would take to get there. Enjoy! Add me on Instagram: GPStephan
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My Thoughts On Dogecoin:
Well, as it stands now, Mark Cuban believes that, “Meme coins like Doge only work if they gain utility and users use them for that utility. As long as you can spend Doge , because we know it’s annual inflation rate is set at 5b coins, it can gain SOME value as the utility grows. It becomes like any other currency…”
To put it in a different perspective, in order for Dogecoin to reach $1 – the market cap would need to increase by $75 Billion Dollars, during a time where 5 billion new coins are entering circulation – and, during a time where people are holding on to it without letting it go. It would require a CONSIDERABLE, persistent influx of money into Dogecoin keep it at that level…which, isn’t impossible…but, it’s also not an easy task.
The creator himself, Bill Markus, said that $1 Dogecoin would take it’s market cap above that of “actual companies that provide services to millions” like Boeing BA (NYSE:BA), Starbucks Corp. (NASDAQ:SBUX), American Express Company (NYSE:AXP), and his former employer IBM.”
On the one hand, it’s hard not to believe that the market is just getting ahead of itself, because – intrinsically, not MUCH has changed for Dogecoin besides the ability for more people to buy it through exchanges. But, I also see the appeal, it’s a WAY better transactional currency than Bitcoin…and, if more retailers actually begin to accept it…then, absolutely, it could very well hit $1 and stay there, assuming more people buy in.
But, remember…right now, it’s all speculation, and I’d say the majority of people are buying in either because they think it’s fun, or because they want to make money. I doubt very few people are holding on to this because they want to buy things with it other than the novelty of buying something.
I’m certainly more open minded when it comes to calling these investments than I was a few years ago….but, in my entire life, I’ve never seen something increase 21,000% in a year that doesn’t eventually fall a considerable amount, at some point in the future. Just be careful, and if you’re up a significant amount of money – take some chips off the table just so that you can lock in profit.
So, Dogecoin to $1? I think it’s possible, given that it’s just an equation of supply and demand at this point….and with the recent momentum – I wouldn’t be surprised if it happens. But whether or not it can stay there is another thing, and it will take a consistent push to keep it there, along with WAY more functional mainstream adoption, considering that 10,000 new dogecoin enter circulation every minute.
And let me know your thoughts on this – it’s certainly been fun to watch, and if there’s anything I’ve learned by following cryptocurrency over these last 5 years…it’s just: to expect the unexpected, and anything can happen.
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