Once upon a time the Dogecoin price was $0.000085. And then it rose 870,000% to hit a price of $0.74. Dogecoin is now a top 10 cryptocurrency and with a potential Twitter integration round the corner could be set for glory.
Surely it’s not that far for Dogecoin to hit $1, or $5 or even $20 in the next few years?
The truth is a little tougher to swallow. But a mixture of fortune and adaptation to the changing world of DeFi could work wonders for your Dogecoin investment.
Let’s take a closer look.
Elon Musk has the power to make a $1 Dogecoin – but not $20
It’s hard to imagine Dogecoin without Elon Musk. Anytime the Tesla and SpaceX founder mentions DOGE, the price of Dogecoin either rises or falls – and usually always the former.
The DOGE all-time high of $0.74 was reached when Musk appeared on Saturday Night Live.
In the same way, the price of Dogecoin pumped over 100% in October as Musk walked into the Twitter HQ. If Dogecoin were actually to find itself a place on Twitter in 2023 then there’s every chance that Dogecoin could reach $1.
But can Dogecoin reach $20?
That’s likely too far out of reach. For Dogecoin to be worth $20, its market cap needs to grow to $2.7 trillion. The entire crypto industry is not worth $1 trillion today.
It’s predicted the crypto industry could grow to $4.5 trillion in the next bull market (2024) but with Bitcoin dominating almost half the industry, and strong competitors in Ethereum, BNB, USDT and XRP, it’s not a given that Dogecoin will hit $2.7 trillion market cap any time soon.
Could the Dogecoin supply be limited or capped?
Dogecoin co-founder Billy Markus said this was his most-asked question.
Dogecoin is inflationary. Some 5 billion Dogecoin are added to supply each year as miner’s rewards. Dogecoin inflation is the way the blockchain platform incentives mining and validation, so it’s not something that can be changed.
Compare Dogecoin with a hyper-deflationary token like EverGrow.
EverGrow is on track to burn about 10% of its circulating supply in the next 12 months (using a burn tax and revenue from its DeFi ecosystem) and already created a 43% price pump while the rest of the market flatlined in November.
If EverGrow continues at this rate, it could easily cause the kind of price pump Dogecoin needs to hit $20 – but without needing a $2.7 trillion market cap.
You can read about EverGrow here: https://evergrowegc.com/
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