As of now, on September 23, we are in the bear market. The bull run might start anytime soon, many coins will likely give over 10x ROI in the following years, and in my opinion, dogecoin will be among the top runners in this bull run.
Today, I have discussed why dogecoin’s price will go up and how high it will go. I have also answered the frequently asked questions (FAQs) like can dogecoin reach $1, $10, $100, or higher? And if it’s a good investment or not.
Here we go.
First of all, you should understand that while investing in any coin, you should first consider two things.
If the coin is safe, its price can go up.
Let’s understand what makes any cryptocurrency safe. If the coin has a strong community and has much utility, it’s definitely a good investment. (Keep in mind that anything like Luna can happen anytime.)
Secondly, if the coin has a limited supply. The reason is that the price depends on circulating supply and market cap.
Here is the formula to find out the price of any coin.
Price = Circulating supply over the Market cap
Here the problem with dogecoin is that it’s highly inflationary. Its supply increases by 5 billion each year. However, over the years 5 billion increase might not significantly impact the total supply. Makes sense?
Now let’s understand why I believe dogecoin is a better investment than Shiba Inu and how high it will go in the following bull run.
What makes dogecoin a good investment?
The pillar that makes dogecoin the best investment is Elon Musk’s support. Elon Musk is working hard on dogecoin to give it utility and adoption.
For instance, he started accepting it for some Tesla products, and now he is more likely to accept it for Twitter payments.
Elon Musk’s Twitter 2.0 might have its wallet, and if the payment method is dogecoin, it will be one of the biggest pushes for dogecoin adoption.
Once Twitter uses dogecoin for payments, many other websites might also start accepting dogecoin as their payment method.
Elon Musk says it’s the future cryptocurrency of the earth. And I am sure he will make it happen in his life.
He doesn’t want to do it for no reason. He holds a large amount of dogecoin along with Bitcoin and Ethereum.
So overall, we can say that dogecoin is a good investment for the long term. It can go many times higher than the current prices. But make sure to buy in the bear market to get some good returns in the bull market.
Is this the right time to buy dogecoin?
I think dogecoin has bottomed; its bottom for this bearish market was 5c. It will move upward in the following 3 years until the next bull run ends. So it’s the right time to buy dogecoin.
You can read these cryptocurrency investment tips to know why I believe dogecoin has bottomed.
However, to complete all the patterns (daily, weekly, monthly), it will move in both directions. So make sure to buy low and sell high in your day trading.
Now let’s move forward to FAQs about dogecoin. The following answers are practical, but there are many factors that I have kept in mind. For instance, the following price predictions will come true if Elon Musk keeps supporting and the adoption keeps increasing.
If any coin has no utility or adoption, it will never show crazy moves.
So if we don’t see the adoption of dogecoin in the following years, the following predictions might not come true. Although, I strongly believe that Elon Musk will give utility to Dogecoin at any cost.
You can buy dogecoin on any centralized exchange like Binance or decentralized wallets like Metamask. After FTX collapse, keeping your coins out of exchanges is best.
By the end of the last bull run, dogecoin reached 73c. As in the history of cryptocurrency, prices are always moving forward in the following bull runs. So, according to the patterns, dogecoin is expected to cross $1 in the next bull run.
As the dogecoin supply keeps increasing and the price of any coin depends on supply, so dogecoin might require over $130 billion to reach $1. According to many experts, the next bull run will be epic, so $1 won’t be a big deal.
Dogecoin can reach $4. It will require over $500 billion market cap. In the last bull run, the dogecoin market cap had reached $70 billion, so it doesn’t sound impossible to reach $500 in the following bull run.
Elon Musk might accept it as a payment method for Twitter and any other to give people a reason to buy dogecoin.
To reach $5, dogecoin will require about a $700 billion market cap. I don’t see this price in the next bull run. The reason is that crypto always follows a pattern to move in any direction. There are pullbacks at each level to complete the pattern, from a minute to a month.
So we might not see a $4, $5, or $10 price of dogecoin before 2030.
The pronunciation of dogecoin is “Dohj Coin.” Elon Musk also pronounces dogecoin the same way.
As long as Elon promotes dogecoin, we might see dogecoin reaching $10 in the following decade. I don’t expect a price more than that in dogecoins lifespan.
Many beginners who have no idea how the price of a coin is calculated believe that the dogecoin price might reach a hundred dollars.
Many ask whether dogecoin can reach $10, $100, $500, $1000, or even $10,000.
The simple answer is no.
The reason is that to reach dogecoin to $500, it will require over 50 trillion dollars in investment with the current supply. That’s not even possible to imagine; It’s 50 times the current market cap of the total cryptocurrency industry.
Can you imagine this happening?
Secondly, you need to burn the dogecoin supply at least 50 times or maybe 500 times; that’s also not possible in the current mechanism. So I think it won’t go above $4 in the following bull run. And it won’t reach $100, $500, or higher in its life. In short, it’s not a 100x coin.