Can Dogecoin Reach $100?
[ccpw id=176]
Can dogecoin reach $100?
With all the hype around Dogecoin these days I’ve been asking myself the question, what if or better yet can dogecoin reach 100$. In the past couple years Dogecoin has become one of the most popular cryptocurrencies in circulation. Though it’s possible for Doge to reach $100 per coin, can this really happen? Let’s take a look…
What do the Experts think?
Experts believe this will never happen due to its low hash rate as well as there not being a cap on the coin. Meaning an infinite number of doge can be mined. Also that investors tend to look at other more profitable coins like Bitcoin or Ethereum.
How many Doge can be mined in a year?
Approximately 5 billion Doge coins can be mined per year which means only 180 billion will exist when we reach 2030.
What does this mean?
Well, if doge reaches a $1 valuation, then its market cap would reach about 180 billion dollars. That’s not as crazy of a high when compared to other crypto tokens, but it’s still pretty remarkable considering DOGE has been around since 2013 and is just now coming into popularity.
What if Doge hit $100?
For each dollar increase, the market capitalization would need to rise 180 billion dollars. So if Doge coins are valued at $100, that means there’s over 18 trillion dollars total among all Dogecoin holders combined. This would make it greater than China’s economy or almost equivalent in size to America’s gross domestic product (GDP).
Caps Compared
Bitcoin, Ethereum, and other cryptocurrencies have been showing their strength lately. In fact, they are becoming more popular by the day as countries around the world move toward regulating this new form of currency. Bitcoin currently has a market cap worth about 900 billion dollars. Ethereum comes in second with a market cap of 450 billion dollars. Dogecoin doesn’t have a cap. Where most coins are limited to millions of tokens in total circulation by the time they are fully mined, with doge there will always be an incentive for miners to keep mining the coin.
Retail incorporation
The rising transaction cost of bitcoin makes it ill-suited for daily retail transactions. The low fees and fast transfer times make Dogecoin a better choice for retail applications. It’s also worth reiterating that 5 billion Doge are mined every year. This means there will always be enough Doge in circulation for people who want to use them as well!
Investability
Cryptocurrencies have become popular over the years as people have lost trust in governments’ financial systems. Large numbers of people see the government as being reckless with money printing as well as adding debt recklessly.
Over at Coinmarketcap, their database shows there are over 1 thousand different digital currencies for investors to invest in. Every coin has its pros and cons. Therefore it’s difficult to predict which will become mainstream and which won’t. Even if a single crypto becomes the world’s de facto cryptocurrency, that does not mean Dogecoin could become more valuable than China’s whole GDP. Do you know which one is worth investing in?
Conclusion
The future of cryptocurrency is bright. Bitcoin, Ethereum, and other coins have shown great potential in recent years but, it will still take some time before they can replace our current currencies.
Dogecoin probably will never reach $100 per coin, but from our experience with Bitcoin and Ethereum, the expectation is that it will become valued at more than the current market price. The potential for it to meet and exceed the $1 per coin mark is there.
Even Tesla CEO Elon Musk believes in its potential! He’s responsible for X-com which became PayPal later on. He’s someone who knows what he’s talking about. Dogecoin definitely deserves a look at when considering investing or trading cryptocurrency.