Does Dogecoin have the Potential To Hit $100?
The last few years have been interesting and productive for Bitcoin and the crypto space at large. We’ve witnessed the emergence of great digital assets capable of being threats to the importance and value of a fiat currency in the nearest future.
The technology-based currencies have gained prominence and have risen to stardom despite all odds. Bitcoin has experienced an unprecedented rise in value and overall importance in recent years.
It reached an all-time high price of $65,000 in 2021, thereby creating a footprint for other digital assets to follow XRP, ZEC, and Ethereum are also recording a massive increase in price and value, albeit not as huge as the highly-rated Bitcoin.
However, Dogecoin seems to be gaining much attention lately as many questions are being asked concerning the asset. Most potential investors want to know Dogecoin’s owner, its present value, its chances of reaching $100 in the nearest future.
As a result of the asset’s growing fan base, we’ve chosen to write extensively on the Dogecoin digital asset. Kindly pay concrete attention to everything discussed here if you are looking to invest your hard-earned money in the growing volatile cryptocurrency.
What is Dogecoin
Dogecoin is a cryptocurrency created by two software engineers, Billy Markus and Jackson Palmer, in a bid to create a ‘joke’ or ’funny’ payment system. Also known as DOGE, it is an open-source, peer-to-peer altcoin featuring a meme-based Shiba Inu logo.
The coin which started as a lighthearted joke for crypto experts and enthusiasts ends up becoming one of the famous digital assets in the world, thanks for its spiked value and a few valuable investors.
You can buy it or use to purchase a commodity from a supported firm, but it isn’t advisable to store it for value increment because it is very volatile.
It is a crypto asset running on blockchain technology, and all its users must possess an identical copy of the Dogecoin blockchain ledgers and Dogecoin wallet which explore cryptography to provide topnotch security for all transactions.
Does Dogecoin have the potential to hit $100?
According to Coinmarketcap’s rate at the time of this publication, a Dogecoin price is [ccpw id=”971″]. Can it hit $100 this decade? Well, that seems impossible right now. The all-time high price is $0.72.Hence, it’s very difficult to see it increase by over 200% in the next few years.
According to Simon Bishop Kane, a Dogecoin doesn’t have a market cap, thereby leading to excess and uncontrollable supply of Dogecoin which will affect the value in the long run.
Nonetheless, we believe in the “never-say-never” spirit; we won’t completely rule out the currency’s chances of reaching $100 in the next decade.
Can Dogecoin reach $20 before 2030?
Yes. Crypto experts and enthusiasts believe the highly volatile asset can reach $20 per coin before 2030. They suggest that the digital currency has what it takes to hit close to $30 in two decades if the providers work on its volatility and supply policy.
Can Dogecoin reach $100 in the future?
Yes. Dogecoin can reach $100 in the future, but no one knows how soon. Bitcoin’s astonishing rise to stardom is a testament and proves that nothing is impossible.
Ethereum, the second-largest digital asset in the world, has equally shown that the crypto space is on a huge mission. Therefore, we think it is ideal will give Dogecoin the benefit of doubt.
In the same vein, the crypto industry is evolving and a lot of investors have shown interest. Top business moguls and tech-savvy individuals, such as Elon Musk, and Mark Zuckerberg, have invested in the industry which could mean a bright future for Dogecoin and other ‘small’ assets.
In a nutshell, Dogecoin can reach $100 in the future, although it might take two to three decades.
How much will Dogecoin be worth in 5 years?
Dogecoin’s price reached an all-time high of $0.73 in May 2021 but it experienced a massive slump before Elon Musk’s intervention. the Tesla founder decided to accept the coin as a means of transaction/exchange for their products as part of his desire to improve the currency’s value.
Luckily, Elon Musk’s swift move somewhat rescued the situation because the price has improved tremendously, and many online shoppers now pay with the coins. This is to say that the price of a Dogecoin will increase steadily if Elon Musk continues to render invaluable support for the volatile asset.
Meanwhile, the introduction of the much-discussed and rapidly-evolving metaverse is tipped to boost cryptocurrencies’ usage in the future. The metaverse— like cryptocurrency — is a blockchain-based innovation that will positively influence cryptocurrency’s progress and development in the future.
Though we might be unable to predict what will be the specific price of Dogecoin in 2026, we are sure it won’t be less than $1. In summary, we expect a Dogecoin to hit a new all-time high price of not less than $5 in the next 5 years.
Is Dogecoin going to get big?
According to Michael Kamerman, Broker Skilling CEO, the asset is currently experiencing a spike in price and popularity after Musk’s intervention. He believes the decision will go a long way in growing the asset’s reputation and value because people are interested in the number of business owners and celebrities investing in a particular asset before deciding whether to invest or not.
He ended up predicting a brighter and bigger future for the digital coin if Musk and other wealthy business owners continue to invest in it.
In his part, Sam Onigbanjo, the Capital markets academic founding partner, disclosed Dogecoin’s uptrend, claiming that the asset will be big once it breaks the $1 barrier.
Judging by the experts’ opinions and the asset’s recent impressive performance in the industry, it is safe to say that Dogecoin will get bigger in the nearest future.
Will Dogecoin Make Me a Millionaire?
Yes, every cryptocurrency has the potential to make you a millionaire. However, time, asset consistency, and the amount you invest will go a long way in determining if you will make millions or not.
Your chances of making millions as a Dogecoin user is proportional to the amount you invested especially if the price increases steadily over a long period. For instance, buying $1000 worth of Dogecoin gives you more coins than the person who purchases $500 worth of the same asset.
All things being equal, you will make more profit than the other person if the price increases. Asset price consistency is another determining factor because you will become a millionaire if Dogecoin maintains a steady or increasing price value for three consecutive years.
As much as time isn’t a significant determinant, it is still one of the things to consider. The longer your coins remaining the Dogecoin wallet, the higher your chances of making millions because the value will possibly increase with time.
Why is Dogecoin volatile?
There are numerous factors responsible for the Dogecoin’s volatility; they include lack of market cap, uncontrolled coins supply, and unsteady investors.
• Unavailable market cap: Market Cap offers crypto companies or providers a secured platform to save their coins thereby controlling its availability. Unfortunately, Dogecoin doesn’t have a market cap which means every mined coin is readily available for sale. This often leads to a reduction in price value due to excessive coins in circulation.
• Unsteady Investors/Buyers: Digital assets require consistent investors to maintain increasing-price value over a long period. Unfortunately, Dogecoin investors or buyers are neither many nor stable. They aren’t keen on putting their hard-earned money in an asset that doesn’t promise a considerable return in the foreseeable future.
How do I sell my Dogecoin for cash?
Selling your Dogecoin for cash is a simple task if you know how to go about it. So, below is a quick rundown on how to sell DOGE
- • Create an account With Exchange Platform:
You need to create an account with a crypto exchange platform that supports DOGE. Kraken, Robinhood, and Binance app are some of the best places to sell DOGE. You need an email address, username, and a strong password.
- Create a deposit address in your Kraken account.
- Then, you can decide whether to sell your DOGE for Bitcoin or US fiat currency. However, you must follow Kraken’s Know Your Customer (KYC) policies before exchanging your DOGE for fiat.
To sell DOGE in Binance App, create an account and hold DOGE in your Binance account. Click on the ‘trade’ tab in your dashboard and select ‘sell DOGE’ via your choice of order type.
Does Elon Musk own Dogecoin?
The Tesla CEO has never hidden his love for Dogecoin. He once revealed to the public that he owns the asset in a considerable proportion.
He often shows his support for Dogecoin via his verified social media, while his decision to accept the cryptocurrency as means of exchange for Tesla products speaks volumes about his love for the digital asset.
Will Elon Musk buy Dogecoin?
Though the well-regarded CEO always throws his weight behind the volatile asset, it remains unknown if he is ready to buy Dogecoin directly from the individual. However, he has allowed Tesla’s customers to purchase some of the company’s products with Dogecoin.
Is Dogecoin like Bitcoin?
Though both are digital assets, Dogecoin is a bit different from Bitcoin. DOGE is easy to mine than Bitcoin, and it is a better option to process and complete transactions.
Bitcoin’s transaction processing fee ranges from $1.25 to $5.00, while the Dogecoin’s transaction fee ranges from $0.10 to $1.75.
Will Tesla accept Dogecoin?
Yes. Elon Musk confirmed on January 14th in a tweet Tesla is accepting Dogecoin as payment for some of its merchandise, including a “Cyberwhistle,” a “Giga Texas” belt buckle, and a “Cyberquad” four-wheeler for kids.