On March 6, billionaire investor Mark Cuban said on Twitter that he saw a way for the price of the cryptocurrency meme Dogecoin ($ DOGE) to reach $ 1; now, a financial research firm says it is even possible for the price to reach $ 10.
Cuban is the majority owner of the professional basketball team Dallas Mavericks, as well as one of the “sharks” of the popular reality show “Shark Tank” (broadcast on the ABC television network).
Throughout 2021, two billionaires – Elon Musk and Mark Cuban – helped Dogecoin’s price rise more than 1100% (from $ 0.0047 to $ 0.0568) and its market capitalization to reach $ 7.3 billion ( making DOGE currently the 17th most valuable cryptoasset by market capitalization) talking, 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 is a bad thing.
On March 4, BitPay cryptographic payment processor announced that it had started allowing 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 by saying that his NBA team had more than 20,000 orders paid for with Dogecoin and that if they managed to sell another 6.55 billion DOGE in merchandise, the price of Dogecoin it could reach $ 1.
Well, on Friday (April 2), independent financial research firm InvestorPlace published an article entitled “Inflation and influencers: how investors can send dogecoin for $ 10”.
The report began by saying:
“Even without inflationary changes, the price can still reach $ 1. The cryptocurrency has 130 billion pending coins; a price of $ 1 per coin will still leave 55% the size of Ethereum …, the second largest cryptography in the world. And since only marginal trade is important in determining asset prices, even some important account owners could, in theory, send the values through the roof.“
Then he talked about inflation:
“Inflation will also become less of an issue over time – the result of a uniform reward divided by a growing capital base. In 2040, Dogecoin’s inflation rate would have dropped to just 2.4%, or roughly the same as the US dollar today. In 2060, it would be 1.6%, making it deflationary against the dollar... However, sending Dogecoin for $ 10 will require an even more significant change: a move to a deflationary system before 2060.“
The report went on to explain what was needed to allow the possibility of Dogecoin’s price reaching $ 10 a day:
“If investors want to send Dogecoin prices to $ 10, much more is needed than buying the currency and posting tweets. You need a benefactor to help finance the improvements.
“The currency already has some well-known supporters. On Thursday, Elon Musk promised to literally send the coin to the moon on a SpaceX rocket. It could have an even greater impact by starting a “Dogecoin Foundation” to finance development and promote adoption among startups and companies. So far he has avoided that, blaming the “Dogecoin Whale”. Regular investors can help by contributing, rather than chasing developers.
“$ 10 Dogecoin is more than a dream – it’s a possibility that is just around the corner if the community ever comes together.“
Featured image by “9685995” via Pixabay.com
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