On March 6, billionaire investor Mark Cuban said on Twitter that he could see a way for the price of the meme cryptocurrency Dogecoin ($ DOGE) to reach $ 1; a financial research firm says it could even be $ 10.
Cuban is the majority owner of the professional basketball team Dallas Mavericks, as well as one of the “sharks” in the hugely popular reality show “Shark Tank” (which is broadcast on the ABC television network).
During 2021, two billionaires – Elon Musk and Mark Cuban – helped the Dogecoin price rise by more than 1100% (from $ 0.0047 to $ 0.0568) and its market capitalization reached $ 7.3 billion (which DOGE currently making the 17th most valuable cryptoasset per market capitalization) by on several 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 among retail investors was a bad thing.
On March 4, BitPay, the crypto-payment processor, announced that it had started allowing merchants to accept Dogecoin for payments, and that Dallas Mavericks would be the first to accept Dogecoin.
Two days later, Cuban Dogecoin holders rejoiced everywhere when he said that his NBA team had paid more than 20,000 orders for Dogecoin and that if they managed to sell another 6.55 billion DOGE merchandise, the Dogecoin price could reach $ 1.
Well, on Friday (April 2), the independent financial research firm InvestorPlace published an article entitled “Inflation and Influencers: How Investors Can Send Dogecoin Up to $ 10”.
The report began by saying:
‘Even without inflationary changes, the price could still reach $ 1. The cryptocurrency has 130 billion coins outstanding; a price of $ 1 per coin will still leave it 55% the size of Ethereum, the world’s second largest crypto. And because only marginal trading matters in the price of assets, even a few large account owners can theoretically raise values.‘
It then talked about inflation:
‘Inflation will also become a small problem over time – the result of a fixed reward divided by a growing capital base. By 2040, Dogecoin’s inflation rate would have dropped to just 2.4%, or about the same as today. By 2060, it would be 1.6%, which would make it deflationary relative to dollars... However, sending Dogecoin to $ 10 requires an even more important change: a switch to a deflationary system before 2060.‘
The report then explains what is needed to raise the possibility that the Dogecoin price could one day reach $ 10:
‘If investors want to send Dogecoin prices down to $ 10, much more is needed than buying the currency and posting tweets. It needs a benefactor to help fund improvements.
‘The coin already has a few fans with big names. Elon Musk on Thursday promised to literally send the coin to the moon with a SpaceX rocket. He can make an even bigger impact by starting a ‘Dogecoin Foundation’ to fund development and promote the adoption of businesses and enterprises. So far, he has avoided this by blaming the “Dogecoin Whale”. Regular investors can help by making a contribution, rather than hunting down developers.
‘Dogecoin up to $ 10 is more than a dream – it’s just around the corner if the community works together one day.‘
Displayed image by “9685995” via Pixabay.com
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