Can Dogecoin Reach $10?
Yes. DOGE is backed by billionaire crypto bulls Mark Cuban and Elon Musk plus it has good enough tokenomics to reach $10 within the next couple of years.
Everyone wants to know more about Dogecoin and the DOGE community continues to grow by leaps and bounds everyday. I wrote a previous article calling Dogecoin one of the best cryptocurrencies to invest in because the DOGE movement is just beginning.
The DOGE subreddit has over 2 million followers and Elon Musk updated his profile pic with a Dogecoin image on his sunglasses.
While I believe Bitcoin is the hardest, safest cryptocurrency out there, I must admit I was initially wrong about the potential of Dogecoin in the future.
I’ll share with you several reasons why Dogecoin will reach $10 in the near future and could even be accepted as payment across the world.
Dogecoin Increases its Supply by 5 Billion Coins Annually
Many DOGE critics point towards the ever increasing supply of DOGE as an argument towards why DOGE can never increase substantially in price.
According to Coinmarketcap, there are currently 130 billion DOGE tokens in circulation with a $26 billion marketcap.
5 billion new DOGE enter the network every year but the inflationary affects decrease over time.
DOGE is a better form of currency for small transactions than Bitcoin because people like to HODL BTC.
By 2025, there will be 153 billion DOGE tokens in circulation so we can simply calculate what the marketcap would be if Dogecoin reached $10.
Using simple math. Dogecoin’s marketcap would be around $1.5 trillion if Doge reached $10 within the next 3 to 5 years.
Dogecoin Army Continues to Grow
The number of people holding Dogecoin is growing and billionaire celebrities like Mark Cuban and Elon Musk want Dogecoin to succeed as a cryptocurrency.
During the B Word Conference, Tesla CEO Elon Musk revealed he holds Dogecoin along with Ethereum and Bitcoin.
Musk also tweeted that he is working with Doge developers to expand the payment network and reduce fees.
All of these signs point towards Tesla accepting Dogecoin in the future as payment for Tesla cars & solar panels.
More companies will follow suit most likely.
Mark Cuban started accepting Dogecoin as payment for Dallas Maverick games and he is also actively involved in the cryptocurrency movement.
If more NBA teams and major professional owners follow suit then Dogecoin will be an excellent crypto payment alternative to Bitcoin in the future.
100% CAGR Could Send Dogecoin to $10 by 2028
Compounded annual grow rates (CAGR) allow us to estimate future crypto prices assuming growth remains stable.
Dogecoin traded at 0.0008 in 2013 and now trades around $0.20. I plugged in those numbers to my favorite CAGR calculator and calculated a 100% CAGR over the last 8 years.
If Dogecoin continues growing at a similar rate, I believe DOGE will reach $10 by 2028.
According to the chart above, Dogecoin could reach as high as $12 in the next 6 years. Regardless of what the haters say, Dogecoin made its holders a lot of money and many people believe in the project.
Earn Interest on Your Dogecoin While You Wait for $10
If you’re getting impatient while waiting for Dogecoin to soar in value then consider earning interest on your Dogecoin.
Voyager pays 2% APY on Dogecoin if you deposit at least 1,000 DOGE into your account. You’ll earn 20 DOGE for free every year at these current rates.
Voyager is a crypto interest savings account app that pays monthly interest on Bitcoin, Ethereum, Cardano, Dogecoin, and many other altcoins and stablecoins.
HODL Dogecoin and Ignore the Noise
I truly believe we are in the early stages of cryptocurrency adoption. It’s extremely important to hold onto your coins and see how things play out. Dogecoin has a bright future but you won’t benefit if you panic sell.