Is a $10 Valuation for Dogecoin Possible? Here’s What It Would Take for the Memecoin to Get Closer to the Moon
The meme-based cryptocurrency, Dogecoin (DOGE), is currently priced at $0.065. However, the question arises as to what would happen if Dogecoin were to reach $10. If this were to happen, it would signify a massive gain of approximately 15,246.15%. Dogecoin’s circulating supply currently stands at 140.13 billion, which means that if it were to reach $10, its market cap would skyrocket to $1.4 trillion. In comparison, Bitcoin’s market cap is currently at $594.75 billion.
Dogecoin was originally created as a joke in 2013 by software engineers Billy Markus and Jackson Palmer as a playful response to the cryptocurrency craze. It used a well-known internet meme featuring a Shiba Inu dog as its logo and was playfully named “Dogecoin.” However, Dogecoin has surpassed its origins and has become a bona fide cryptocurrency with a committed community.
Elon Musk, the CEO of Tesla and SpaceX, has had a significant influence on Dogecoin. His tweets about the cryptocurrency have directly impacted its popularity and price surge. Unlike Bitcoin, Dogecoin does not have a scarcity issue since it currently has an unlimited supply. This means that more Dogecoins can be created at will. However, according to Mark Cuban, the owner of the Dallas Mavericks, Dogecoin’s inflation does not undermine its value; instead, it solidifies its usefulness as a digital currency.
In conclusion, the potential for Dogecoin to reach $10 would result in a massive gain and a significantly increased market cap. While Dogecoin may not face the scarcity issue that Bitcoin does, its inflation does not necessarily undermine its value. Elon Musk’s influence and the committed community surrounding Dogecoin have played a significant role in its popularity and price surge.