Let’s figure out the true potential and question whether Dogecoin reach $100 ever. We have done some math which will help you to decide.
In recent days, we may go through many news about Cryptocurrencies and their surge in the market. Bitcoins, Ethereum, Dogecoins are some of the popularly known crypto coins.
Dogecoin (DOGE) is first invented in 2013 as an alternative to Bitcoin. Billy Markus and Jackson Palmer were renowned software engineers who invented DOGE.
This coin was named after a popular meme Shiba Inu Dog and created abundantly. One can mine up to 10,000 new coins every minute with no maximum supply.
As per the latest stat, 130 million DOGE were in circulation. In this article, we will discuss whether this lighthearted alternative coin can go as high as $100 in the investment market.
Also, crypto mining and trading is a lucrative business model when you do it with utmost care.
Disclaimer: This article is written and published just for information purposes only. OnlineHomeIncome, its administrators, and employees are not involved in trading, selling, or buying bitcoins or any other cryptocurrencies. Also, we do not endorse or promote this system by any means. In India, a bill is under process to regulate crypto transactions, and you are advised to obey our constitutional law.
Can Dogecoin Hit $100?
It is a question that many Dogecoin investors ask frequently. Dogecoin is regarded as a meme coin. It will be exceptionally hard to keep its stability.
So, Do you want to know what price Dogecoin can achieve as a trader on one of the mass regulated forex brokers in Singapore?
You must first comprehend the primary determinants of Dogecoin’s worth. The staple value of Dogecoin as a unit of exchange is one of the primary determinants of its price.
Furthermore, Dogecoin’s block time is under 1 minute and is much smaller than other coins. Additionally, Dogecoin is faster than Litecoin in processing transactions.
So, it’s quite impressive for a meme coin like Dogecoin. Dogecoin is likely to hit $1 per coin shortly, according to traders on FCA regulated brokers in the UK. $10 per Dogecoin might also be possible according to them.
However, Dogecoin, on the other hand, is unlikely to ever reach $100 per coin. Continue reading to know why? Unlike other coins, it does not have a cap.
5 Billion coins are mined per year to ensure network security and operation. These signals confirm the tremendous growth of this coin with a cap of $18 trillion.
We will furthermore evidence stats Dogecoin reach $100 in this decade.
Dogecoin As Tipping Money
In January 2014, the price of Dogecoin soared from roughly 10 Doge per dollar to a Doge per dollar, prompting several media organizations to call Doge the next giant cryptocurrency.
Dogecoin has been utilized as a tipping money since its launch. A new price rise occurred recently, bringing the worth of Dogecoin from roughly 100 Doge per USD to 300 to about 500 Doge per USD; this caused several people to keep asking if Doge will ever hit $100.
Dogecoin is mostly used as tipping money on websites that accept peer-to-peer currencies. However, many new cryptocurrency enthusiasts have chosen DOGE as their preferred currency.
DOGE continues to rise in reputation. It is also simpler to mine than some other cryptocurrencies, attracting newcomers to this mining community.
Dogecoin, unlike many other cryptocurrencies, does not have a limit. Miners are always given a yearly incentive of 5 billion coins to ensure the network is secure and functional.
There will be approximately 180 billion Dogecoins by the year 2030. If Dogecoin becomes $1 per token, its total market capitalization will be $180 billion. It isn’t quite that high.
Bitcoin vs Ethereum vs Dogecoin
There are roughly 18 million Bitcoins in circulation now and a market capitalization of around $900 billion. Whereas, Ethereum has a market capitalization of about $200 billion.
Ethereum can be compared to Dogecoin in that it is a cryptocurrency that does not have a coin cap either. Not all currencies are created on the same volume, and sometimes it might be difficult for you to choose.
Bitcoin and Ethereum have demonstrated their strengths and shortcomings throughout time. Bitcoin is now generally regarded as an asset by many. It is also a means of accumulating wealth by investing in it.
As a result of this, people are now purchasing Bitcoin and storing it. The transaction fees are continuously increasing. It’s already too expensive to be helpful for everyday retail transactions.
The transaction costs for Ethereum are also quite expensive. Dogecoin, on the other hand, offers very few transaction costs that look promising. Furthermore, miners will receive 5 billion coins per year.
The transaction fee will remain cheap. In addition, the transfers are about 10 times faster than Bitcoin. Dogecoin has a lot of room for advancement.
A market capitalization of $180 billion is not out of the question. As a result, $1 per Dogecoin is not an unattainable goal. However, $100 per Dogecoin is quite hard to achieve.
Economical Market Impact of Dogecoin
The GDP of the United States is roughly $21 trillion, while China’s is around $15 trillion. If all of the countries’ GDPs were added together, the overall GDP would be $87 trillion.
The market capitalization of Dogecoin would have to expand by $180 billion for every dollar price increase. So, at $100 per Dogecoin, the overall market capitalization of Doge would be around $18 trillion.
It is bigger than China’s economy and nearly equal to the United States. It’s ridiculous. Many people do not trust the government of the United States.
Many individuals are unhappy with the Treasury’s creation of money, uncontrolled debt accumulation, and escalating inflation.
They want a free-market financial system that is not controlled by the authorities. That is why Bitcoin, Ethereum, and other cryptocurrencies have become increasingly popular.
DOGE has no supply limit, and the block reward is as high as 10,000 coins per block. At this position, it will be hard to achieve a higher price over time.
But, in 2021, DOGE saw a sharp increase from $0.0002 to $0.70 in a few months was a unique event. People also started focusing on DOGE while on the other hand supports price spike.
Mainly the celebrity endorsements have a large effect on its price. Only a few merchants accept DOGE.
Digital Transaction Made Quicker
Our entire economy is built on the foundation of traditional money. On the other hand, cryptocurrency is still in its infancy.
Only a few individuals are aware of it, and it is not widely accepted. Furthermore, cryptocurrency is quite volatile.
Bitcoin, Ethereum, as well as other cryptocurrencies, on the other hand, have shown a lot of promise. However, it is insufficient to displace the US dollar.
There are hundreds of different types of cryptocurrencies. Cryptocurrencies have many advantages and disadvantages. It’s tough to predict which cryptocurrency will become mainstream.
Dogecoin will never be more valuable than China’s overall GDP, even if single crypto becomes the world currency. It’s a complete blunder.
As there is not enough money in the world, it will be difficult for Dogecoin to reach $100. By 2030, every $1 increase in the Dogecoin price will need an additional $180 billion.
By 2030, you’ll need $18 trillion in Dogecoin investments to accomplish so. Dogecoin, on the other hand, might reach $100 if it begins to be utilized globally for purchasing goods and services other than tipping.
DOGE needs to be treated as a real and functional currency that can be used in daily life. Nevertheless, even some users of the DOGE community regard Dogecoin as a joke.
It discourages big investors from investing in DOGE despite its superior functionality to other cryptocurrencies.
Key Takeaway – Will Dogecoin Reach $100
Many key reasons make it difficult to predict the value of DOGE in the future.
- DOGE can be seen as a growing currency when you compare the mining frequency and its volume along with its usage.
- And the transaction is quicker and cheaper, which makes it a better choice by the people.
- Merchants from western countries started accepting DOGE as their payment method.
- DOGE can’t reach a $100 valuation, but with supply-and-demand dynamics, the chances are high.
- A recent survey by the website Finder revealed that DOGE can hit $1.21 by 2025 and $3.60 by 2030.
This result is based on polling 42 crypto experts across the globe. Many market giants like Elon Musk’s tweets also have a positive impact on its price surge.
Is Dogecoin Ever Going to Hit $100?
The dogecoin price will likely hit $100, but then only time can tell what improvements the DOGE team is making to get there.
Even though DOGE began as a joke, it offers some advantages such as low transaction fees and quick confirmation times that other cryptocurrencies miss.
Basic supply-and-demand principles are a significant component in assessing whether Dogecoin’s $100 objective is realistic.
Because the DOGE mining process is quite tough, achieving a price of $100 for one DOGE is extremely challenging.
However, $1 per DOGE is very conceivable, and $10 per DOGE isn’t completely out of the question.
How High Can Dogecoin Go?
This coin is back in the headlines in recent days and gaining attention from investors. At the beginning of this year, the price seems to be falling.
But the most recent tweet of Elon Musk pushed the price to a new height. DOGE is backed up with an active community and creative media presence.
The traditional investors started expanding their portfolio investments paved a way for its growth. Many new investors entered into the altcoin space surged the price of DOGE.
It may be tough to justify the price, but people still believe it will go high.
What is the Future of the CryptoCurrency?
It is bright as a lot of developments are in a course that led to dramatic improvements.
- Many banking institutions, corporates, and investors have started mining and trading Dogecoin.
- DOGE claims its unique top position over 9,000 existing cryptocurrencies.
- It already crosses the $2 trillion market cap.
- Many national governments started regulating the flow of the crypto market.
- Innovative developments such as Decentralised Finance, Non-Fungible Tokens, Central Bank Digital Currency are on their course.
Thus, the above evidence ensures the bright future of digital currencies and dogecoin reach $100. Successively, the Indian Government is embracing regulations towards crypto space.
The ten top cryptocurrencies to consider were Ethereum, Litecoin, Cardano, Polkadot, Bitcoin Cash, Stellar, Dogecoin, Binance Coin, Tether, Monero.
It has become a global phenomenon in recent years. But there is still a lot to learn from this evolving technology which has something in it.