Dogecoin could reach $1 per coin in the near future. It is possible that Dogecoin will reach $10 per coin within the next decade. It’s unlikely that Dogecoin will ever reach $100 per coin. Let’s explain. Dogecoin does not have a cap, unlike other cryptocurrency. To keep the network safe and functional, miners are offered 5 billion coins annually in incentive.
Let’s see…
Dogecoin would reach $1 per token to make its total market capital $180 billion. It’s not too high. There will be 180 billion Dogecoin by 2030. The market capitalization of the second-largest cryptocurrency Ethereum is $200 billion. It currently has around 18 million Bitcoins and a market capital of approximately $900 billion.
Ethereum is similar to Dogecoin in that it doesn’t have any coin cap. Bitcoin is now considered an asset, an investment vehicle to increase money. Over the years, Bitcoin has shown its strengths and weaknesses.
Bitcoin
People now buy Bitcoin and keep it. It is too expensive to be used for daily retail transactions. Bitcoin’s transaction costs are steadily increasing. The Dogecoin transaction fee will also remain low, since miners mine 5 billion coins annually. Ethereum’s transaction fees can be quite high.
However, Dogecoin has very low transaction fees. Dogecoin’s transfer time is 10x faster that Bitcoin. This coin has a huge growth potential. Dogecoin’s $1 price is not impossible. It is possible to have a market cap of $180 million.
Let’s explain
The US has a GDP around $21 trillion and China has about $15 trillion. However, $100 per Dogecoin is quite unachievable. For each dollar increase in Dogecoin price, the market cap would need to rise $180 billion. The total GDP of all countries would be $87 trillion if we add up their GDP. The total market cap for Dogecoin would be $18 trillion if it were $100 per Dogecoin.
This is more than China’s economy, and almost as much as the US economy. It’s absurd. Many Americans don’t trust the US government. Many are dissatisfied with the US government’s reckless spending, printing money from the Treasury, and inflating inflation.
Bitcoin and other cryptocurrency became very popular over the years. They want a financial system free from government control. The regular currency is still more useful and functional than cryptocurrency. These include faster and easier transfers, wider acceptance, and quicker transactions. However, cryptocurrency is still very young. Our entire economy revolves around traditional currency.
Cryptocurrency can also be volatile. However, Bitcoin, Ethereum, as well as other cryptocurrencies, have shown great potential. It’s still not enough to replace US dollars. It isn’t widely known and only a few people are aware of it.
Conclusion
There are many cryptocurrency. Each coin has its pros and cons. Even if Dogecoin becomes the de facto cryptocurrency of the world, it is unlikely that Dogecoin will ever be more valuable than China’s entire GDP. It’s difficult to predict which one will be the mainstream cryptocurrency. It makes no sense.
We have seen Bitcoin and Ethereum perform well, so we expect Dogecoin to reach $1. It has more potential than Bitcoin. Elon Musk, CEO of SpaceX and Tesla, believes that Dogecoin’s potential is undervalued. Dogecoin will never be worth $100 per coin. Elon Musk was the founder of X.com which later became PayPal. He knows what he’s talking about.