From bitcoin to Ethereum, XRP and ZEC, cryptocurrencies have experienced massive growth in recent years. Bitcoin, the first digital asset, continues to gain more ground in the business set up while other cryptocurrencies are attracting more buyers and users.
Bitcoin experienced an unprecedented rise in value, reaching an all-time high price of $65,000 in 2021 while Ethereum’s bullish run in 2021 is also worth mentioning. The second-largest digital asset rose from $3,500 to $3,750.37 within 24 hours before the end of the year.
It’s no doubt that both assets can make you a millionaire in no time, but what about Dogecoin? Does it have all it takes to earn you millions? Well, read on to discover the answer.
In this post we shall be discussing all you should know about Dogecoin, including its founders, present value, its chances of reaching $20, and its potential to make you a millionaire. So, kindly pay attention as we dive into action.
Can Dogecoin Reach $20?
Yes, Dogecoin can reach $20 in the nearest future regardless of its fluctuating value. Though you might be tempted to say it is impossible considering its current price of [ccpw id=”971″], you will have a change of mind once you consider its recent bull run.
In the same vein, Crypto experts and enthusiasts are very optimistic about its chance of reaching $30 in the next 15 years if it obtains a secured market cap.
Can Dogecoin reach $20 in the future?
Yes. Dogecoin can reach $20 in the future but we can’t predict how soon. Judging by experts’ opinions and prediction, the volatile digital asset has a bright chance of reaching $20 this decade or next.
Meanwhile, Elon Musk’s undeniable effort towards boosting Dogecoin’s fame will definitely go a long way in helping the altcoin reach and surpass the $20 milestone sooner than expected.
How much will Dogecoin be worth in 5 years?
This question is somehow hard to answer due to its high volatility rate. We aren’t sure it will maintain a steady growth or specific value for a long period of time.
For instance, Dogecoin reached an all-time high of $0.73 in May 2021 before experiencing a significant slump during the latter part of the year.
Nonetheless, we still a bright future for the digital asset because a well-regarded investor, Elon Musk, is more than willing to play all his cards to save Dogecoin from going into extinction.
He earlier permitted eligible Dogecoin users to purchase some of its merchandise with the asset as part of his desire to further bring the coins into limelight. So far, Elon Musk’s decision is paying off tremendously. Dogecoin has bounced back while many crypto enthusiasts now love doing business with the altcoin.
In summary, we are very optimistic about the asset’s chances of reaching an all-time high price of not less $3 in five years if Elon Musk doesn’t withhold his invaluable support for the volatile asset.
Is Dogecoin going to get big?
Yes. Dogecoin will get bigger sooner than later. Crypto experts opined that the coin will experience a bullish run which will skyrocket its value and overall importance in the long run. There is over 129 billion DOGE in circulation as at the time of this report, but experts suggest it will get to the moon with more of the asset in circulation.
In the same vein, highly-rated social media platform Reddit is equally playing a significant role in securing a brighter future for the cryptocurrency. It should be recalled that the platform declared every April 20 as #dogeday in its quest to promote the coin’s popularity among crypto enthusiasts.
Reddit users often celebrate #Dogeday by engaging in many fascinating and interesting online tasks that would earn them more Dogecoin. The initiative has equally attracted more investors and users who are willing to ensure their investment produce desired result.
Will Dogecoin Make Me a Millionaire?
Yes, every cryptocurrency can make you a millionaire if you invest consistently and exercise patience. Your chances of making millions as a Dogecoin owner are proportional to the amount you invest and the coin’s volatility rate.
You can be rest assured to make a significant return from your investment if the digital currency experiences a bullish run over an extended period.
As much as it is advisable to purchase the coin and store it, we advise you keep a close watch on its price before investing your hard-earned money if you can’t exercise pare a low monthly earners.
Monitoring the asset’s performance in the crypto space gives you the opportunity to determine when to invest and when to sell them to make millions. Hence, time is another valuable factor determining your chances of becoming a millionaire. Endeavor to get your timing accurately.
Why is Dogecoin volatile?
Dogecoin’s volatility is caused by many factors, such as unavailable market cap, uncontrolled coins supply, and unsteady investors.
- Unavailable market Cap:
Market Cap provides crypto companies with a secured platform and template to save their coins and control their availability.
Unfortunately, Dogecoin doesn’t have a market cap which means newly-mined doge is up for grab if the owner is ready for business. This is why Dogecoin can’t maintain a steady or increasing price value as there are excessive coins in circulation.
- Unsteady Investors/Buyers:
Digital assets require big long-term investors to thrive and maintain a consistent value over a long period.
It is rather unfortunate that Dogecoin doesn’t feature many consistent investors to boost its price and value. It is disheartening to admit that Dogecoin volatility seems unavoidable in the foreseeable future unless there is a conducive market cap.
How do I sell my Dogecoin for cash?
You can sell your Dogecoin for cash via some renounced crypto exchange platforms that support the cryptocurrency. Kraken, Robinhood, and Binance app are some of the best places to sell DOGE.
Interestingly, selling your DOGE for cash shouldn’t be an uphill task because the platforms feature easy-to-use templates and easy procedures. So, let’s discuss how to sell your Dogecoin for cash using some of the exchange platforms highlighted above.
How to sell your Dogecoin for cash on Binance
- Create a Binance account
- Deposit DOGE in your Binance account.
- Click on the ‘trade’ tab in your dashboard.
- Select ‘sell DOGE’ via your choice of order type to complete the transaction.
How to sell your Dogecoin on Kraken
- Create an account With the Kraken Exchange Platform: You need an active email address, unique username, and a secured password to create an account.
- Create a deposit address in your Kraken account.
- Lastly, decide whether to sell your DOGE for Bitcoin or US fiat currency. However, ensure you follow Kraken’s Know Your Customer (KYC) policies while exchanging your DOGE for fiat.
Does Elon Musk Own Dogecoin?
Yes. Elon Musk owns Dogecoin considering his apparent love for the asset. According to one of his tweets, the Tesla CEO owns Dogecoin because it is the “people’s crypto”
We believe that his decision to accept the digital asset in exchange for Tesla products will leave him with much of the in his wallet. Meanwhile, Elon Musk also has bitcoin and Ether in his disposal.
Will Elon Musk buy Dogecoin?
Though the well-regarded CEO always throws his weight behind Dogecoin, it is yet to be seen if he will purchase Dogecoin directly from the public as part of his desire to boost the coins popularity.
Is Dogecoin like Bitcoin?
Dogecoin is slightly different from Bitcoin in terms of simplicity, price, volatility, investors, and customer base. DOGE is easy to mine than Bitcoin, and it is a better option to process and complete transactions.
Dogecoin’s transaction fee ranges from $0.10 to $1.75, while Bitcoin’s ranges from $1.25 to$5.00. Bitcoin possesses more users, investors. It is more expensive and less volatile than Dogecoin.
Will Tesla Accept Dogecoin?
Elon Musk confirmed that Tesla would accept Dogecoin from buyers intending to pay with the crypto asset. Unfortunately, this option isn’t applicable to all products. They can only explore the option when buying a “Giga Texas” belt buckle; and a “Cyberquad” four-wheeler for kids
What is Dogecoin
Dogecoin is a meme-inspired cryptocurrency created by top software engineers, Billy Markus and Jackson Palmer, in 2013 as part of their desire to create a ‘joke’ or ’funny’ payment system.
Featuring a meme-based Shiba Inu logo, the open-source altcoin can be used to complete some transactions with supported firms or companies.
You can equally invest in the crypto asset by purchasing or mining it before storing it in any supported crypto exchange platform before exchanging it for cash when the values increases.
However, purchasing a large amount of Dogecoin and storing it for a long period isn’t advisable for low-salary earners due to its high volatility rate and unsteady financial value. It means you might have to wait longer than expected before selling it if you must make a significant profit.
Sources
https://www.forbes.com/advisor/investing/what-is-Dogecoin/
https://en.m.wikipedia.org/wiki/Dogecoin
https://coinmarketcap.com/currencies/Dogecoin/
https://www.quora.com/Does-Dogecoin-have-the-potential-to-hit-100
https://www.cryptonewsz.com/forecast/Dogecoin-price-prediction/