1,340 Interactions, 12 today
On March 6, billionaire businessman Mark Cuban said on Twitter that the price of meme cryptocurrency Dogecoin ($DOGE) could hit $1; now, one financial consulting company claims the price could reach $10.
Throughout 2021, two billionaires — Elon Musk and Mark Cuban — also helped the Dogecoin price climb over 1100 percent (from $0.0047 to $0.0568) and its market value hit $7.3 billion (making DOGE the 17th most valued cryptoasset by market cap) by talking on why they want this cryptoasset on multiple occasions.
On February 8, he revealed what he meant when a Forbes reporter recently asked him about Dogecoin and whether its success with retail investors is a positive thing.
On March 4, cryptocurrency payment processor BitPay revealed that it had begun authorising retailers to accept Dogecoin for payment, and that the Dallas Mavericks would be the first to do so.
Two days later, Cuban amazed Dogecoin investors worldwide when he revealed that his NBA team had earned over 20,000 orders paid for with Dogecoin and that if they sold another 6.55 billion DOGE worth of products, the Dogecoin price could reach $1.
The report started by saying:
“Even without inflationary changes, the price could still hit $1. The cryptocurrency has 130 billion coins outstanding; a $1 price-per-coin will still leave it 55% the size of Ethereum…, the world’s second-largest crypto. And because only the marginal trade matters in asset pricing, even a few major account owners could theoretically send values soaring.“
It then talked about inflation:
“Inflation will also become a minor issue over time – the outcome of a flat reward divided by a growing capital base. By 2040, Dogecoin’s inflation rate would have dropped to just 2.4%, or roughly the same as U.S. dollars today. By 2060, it would be 1.6%, making it deflationary relative to dollars... However, sending Dogecoin to $10 will require an even more significant change: a switch to a deflationary system sooner than 2060.“
The report then went to explain what was needed to allow the possibility of the Dogecoin price reaching $10 one day:
“If investors want to send Dogecoin prices to $10, far more is needed than buying the coin and posting tweets. It needs a benefactor to help fund improvements.
“Already, the coin has some big-name backers. On Thursday, Elon Musk promised to literally send the coin to the moon on a SpaceX rocket. He could make an even bigger impact by starting a “Dogecoin Foundation” to fund development and promote adoption among startups and enterprises. So far he’s avoided that, blaming the “Dogecoin Whale“. Regular investors can help by contributing, rather than hounding developers.
“Dogecoin to $10 is more than a dream – it’s a possibility that’s just around the corner if the community one day bands together.“