On March 6, billionaire investor Mark Cuban said on Twitter that he could see a way to bring the price of meme cryptocurrency Dogecoin ($ DOGE) to $ 1; now a financial research firm says it’s even possible for the price to go up to $ 10.
Cuban is the largest owner of the Dallas Mavericks professional basketball team, as well as one of the “sharks” on the hugely popular reality show “Shark Tank” (which airs on the ABC television network).
During 2021, two billionaires – Elon Musk and Mark Cuban – helped increase Dogecoin price by more than 1100% (from $ 0.0047 to $ 0.0568) and its market cap hit $ 7.3 billion (currently making DOGE the 17th most valuable cryptoasset is based on market cap) by talking, on countless occasions, about why they like this cryptoasset.
On February 8, he revealed what he had said when a Forbes report recently asked him about Dogecoin and whether its popularity with private investors is a bad thing.
On March 4, crypto payment processor BitPay announced that it had begun to allow merchants to accept Dogecoin for payments, and that the Dallas Mavericks would be the first to accept Dogecoin.
Two days later, Cuban delighted Dogecoin holders everywhere when he said his NBA team had received more than 20,000 orders with Dogecoin and that if they managed to sell an additional 6.55 billion DOGE in merchandise, the Dogecoin price would be $ 1 could achieve.
Well, on Friday (April 2), independent financial research firm InvestorPlace published an article entitled “Inflation and Influencers: How Investors Can Send Dogecoin to $ 10”.
The report began by saying:
Even without inflationary changes, the price could still hit $ 1. The cryptocurrency has 130 billion coins outstanding; with a price per coin of $ 1, it still remains 55% the size of Ethereum …, the world’s second largest crypto. And because only marginal trading matters in asset pricing, even a few large account owners could theoretically push values ​​up.
It talked about inflation at the time:
Inflation will also become a minor issue over time – the result of flat pay divided by a growing capital base. By 2040, Dogecoin’s inflation rate would have fallen to just 2.4%, or about the same as today’s US dollars. By 2060, it would hit 1.6%, making it deflationary against dollars. However, sending Dogecoin to $ 10 requires an even more significant change: a switch to a deflationary system earlier than 2060.
The report then explained what it took to allow the Dogecoin price to one day hit $ 10:
If investors want to send Dogecoin prices to $ 10, it takes a lot more than buying the coin and posting tweets. It needs a benefactor to help fund improvements.
The coin already has a number of major carriers. On Thursday, Elon Musk promised to literally send the coin to the moon with a SpaceX rocket. He could have an even greater impact by creating a “Dogecoin Foundation” to fund development and promote adoption among startups and businesses. So far he has avoided that by blaming the “Dogecoin Whale”. Regular investors can help by contributing, rather than chasing developers.
Dogecoin up to $ 10 is more than a dream – it’s an opportunity just around the corner when the community gets together one day.
Featured image by “9685995” from Pixabay.com
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