On March 6, billionaire Mark Cuban said on Twitter that he could find a way how the price of meme cryptocurrency Dogecoin ($ DOGE) could reach $ 1. Now a financial research firm says it’s even possible the price could hit $ 10.
Cuban is the majority owner of the Dallas Mavericks professional basketball team and one of the “sharks” on the hugely popular reality show “Shark Tank” (which airs on ABC television).
Over the course of 2021, two billionaires – Elon Musk and Mark Cuban – helped the Dogecoin price rise over 1100% (from $ 0.0047 to $ 0.0568) and bring its market cap to $ 7.3 billion (which makes DOGE currently the 17th most valuable cryptoasset by market capitalization). on numerous occasions why they like this cryptoasset.
On February 8, it was revealed what he had said when a Forbes report recently asked him about Dogecoin and whether its popularity with retail investors was a bad thing.
On March 4, the crypto payment processor BitPay announced that it had allowed merchants to accept Dogecoin for payments and that the Dallas Mavericks would be the first to accept Dogecoin.
Two days later, the Cuban wowed Dogecoin holders everywhere when he said his NBA team had paid for more than 20,000 orders in Dogecoin and that Dogecoin price could reach $ 1 if they manage to get more goods worth 6.55 billion DOGE for sale.
The @dallasmavs have made more than 20,000 #Dogecoin in transactions, making them the BIGGEST #DOGECOIN DEALER IN THE WORLD! Thank you all and can only say that #dogecoin will definitely beat $ 1 if we sell more Mavs Merch worth 6,556,000,000 #DOGECOIN
– Mark Cuban (@mcuban) March 6, 2021
Well, on Friday (April 2nd) independent financial research firm InvestorPlace published an article entitled “Inflation and Influencers: How Investors Can Send Dogecoin on $ 10”.
The report began with the words:
“Even without changes in inflation, the price could still reach $ 1. There are 130 billion coins outstanding in the cryptocurrency. At $ 1 a coin, it still remains 55% the size of Ethereum … the second largest crypto in the world. And because only marginal trading is involved in asset pricing, even some large account holders could theoretically send rising values. “
Then it was about inflation:
“Inflation also becomes a minor problem over time – the result of a blanket reward divided by a growing capital base. By 2040, Dogecoin inflation would have dropped to just 2.4%, which is roughly the equivalent of today’s US dollar. By 2060 it would be 1.6%, which makes it deflationary relative to the dollar … However, to send Dogecoin on $ 10, an even more significant change is required: moving to a deflationary system before 2060. “
The report then explained what it would take for the Dogecoin price to hit $ 10 one day:
“If investors want to send Dogecoin prices down to $ 10, it takes a lot more than buying the coin and tweets. It takes a benefactor to fund improvements.
“The coin already has some well-known supporters. On Thursday, Elon Musk promised to literally send the coin to the moon using a SpaceX rocket. He could make an even bigger impact by setting up a Dogecoin Foundation to fund development and promote acceptance among startups and companies. So far he has avoided that and blamed the “Dogecoin Whale”. Regular investors can help by making contributions rather than following developers.
“Dogecoin on $ 10 is more than a dream – it’s an opportunity that is just around the corner when the community unites one day.”
Selected image from “9685995” via Pixabay.com
The views and opinions of the author or the persons in the embedded videos are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading in crypto assets carries the risk of financial loss.
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