How High Could Dogecoin Realistically Go?? Is It too Late to BUY Now? -This The Truth
So now, of course, the question everyone wants to know, How high could Dogecoin realistically go? Is it too late to get in? In the last 48 hours, the market cap of Dogecoin has increased 16 billion dollars, moving itself into the fourth largest cryptocurrency by market cap.
Dogecoin is now worth more than the entire market Cap of the publicly traded company Coinbase. At the same time, the stock market is falling, the only Dogecoin is blowing past expectations, reaching its all time high price of thirty five hundred dollars as JPMorgan claims it’s poised to outperform Bitcoin.
Twitter’s support for Doge sent the price going up
Why aren’t my stocks going up? Just a year ago, Dogecoin was trading at one fifth of one cent. The price of Dogecoin has increased in price forty times more than Bitcoin and 14.5 times more in the last year. CNN’s Jarrett Bellini looks at three catalysts that caused the price of Dogecoin to soar. Twitter’s support for Doge with just one word Doge sent the price up 30 percent in twenty four hours.
Reddit, Wall Street bets and Elon Musk all played a role in Doge’s rally to a dollar on one day. Dogecoin is hovering right now between 50 and 60 cents, which is double from the last time I covered this. Mark Cuban believes that mean coins like Doge only work if they gain utility and users use them for that utility. The only way for it to consistently go up in price or stabilize is for more people to buy in. As long as you could spend Doge because we know it’s annual inflation rate is set to five billion coins, it could gain some value.
Dogecoin as payment
But as it is right now, that growth is not sustainable without mass adoption and mass adoption is needed. In order for Dogecoin to hit a dollar, its market cap would take the market cap of a vat of actual companies that provide services to millions like Boeing, Starbucks, American Express and his former employer, IBM. There needs to be a minimum of seven hundred and twenty thousand dollars buying in and holding every single day in addition to the current inflow just to keep the price from falling.
As more and more people begin to lose trust in the US dollar, combined with more businesses accepting Dogecoin as payment, we could very well see more money pouring into Dogecoin in the near future. A lack of trust with the US dollar, inflation concerns, rising interest rates and more mainstream acceptance of cryptocurrency have really continued to bode well for the price of Bitcoin.
Dogecoin to a dollar it’s certainly possible
The S&P recently released a Bitcoin and cryptocurrency index available on their website. JP Morgan recently released their thoughts, that Bitcoin could very well wind up outperforming Bitcoin due to a wave of institutional investors paying closer attention to Bitcoin alternatives. But remember, right now, it’s still speculation, and I would treat this as something that could either double from here or fall 80 to 90 percent in value.
Dogecoin, to a dollar, it’s certainly possible. It’s really just a matter of supply and demand, and with all of this recent momentum, I would not be surprised if this were to happen. But whether or not it could actually stay, there is going to be a different thing. It will take a lot more money pouring in every single day, and a lot of mainstream adoption if this is expected to stick. By May 7, you’ll automatically be entered for a chance to win a completely free stock of Tesla.