Will Dogecoin reach $100
|Current Market Cap||$8.6 B||Lower|
|Trading Volume||$137.8 M||Higher|
|Metric||Last 24 Hours||Trend|
|Net Social Media Sentiment||6.8%||Steady|
- Rank: DOGE: 116th, ETH: 1st
- Last 7 days change: DOGE: +16.4%, ETH: +7.4%
- Last 30 days change: DOGE: +12.0%, ETH: -9.0%
- TVL: DOGE: $1.4M, ETH: $21.2B
- Most Commonly Used Cryptocurrencies for Transactions(August Month)
- Dogecoin ranked 4th with 6.3%; Bitcoin ranked first with 36.2%
- Transactions Count (Last 6 Months)
- Dogecoin ranked fourth with 26,327 transactions; Bitcoin ranked 1st with 169,283 transactions.
Will Dogecoin reach $100? Features and Utility
Dogecoin which was launched as a joke has gained a significant following and community support over time. It operates on a decentralized blockchain network, similar to other cryptocurrencies like Bitcoin, and utilizes a proof-of-work consensus algorithm.
- Low transaction fees
- Fast block time of just one minute
- No maximum supply limit
- It is used for tipping and supporting various initiatives.
- DOGE has been used to fund projects like the Jamaican bobsled team, water wells in Kenya, and even a Dogecoin car.
- Many online stores have started accepting Dogecoin as payment.
Companies that currently accept Dogecoin payments
- AMC Theaters
- Dallas Mavericks
Will Dogecoin reach $100? Calculations
In order for Dogecoin to reach $100, it would need to increase by a factor of 1667. At $100, Dogecoin’s Market Cap will be $13.985 Trillion If Dogecoin were to grow at a rate of 25% each year, it would take about 17.5 years to reach $100. Let us evaluate this data
- Quality of Investment- Good
- Growth required to reach $100- Feasible (Example: Bitcoin was priced at $0.1 in October 2010. 12 years later, It is 22000 times higher)
- Market Cap at $100- Not Feasible
- Time required to reach $100 if Dogecoin were to rise at 25% per annum- Not Feasible
Considering the criteria Quality of Investment, growth required, and time required, Dogecoin has a very low chance of reaching $100. Let us analyze it in a different way:
Is it possible for Dogecoin to rise 1667 times?
Dogecoin would need to increase in value by 1667 times within a period of 17.5 years. Taking the example of Bitcoin, BTC grew by 1400 times in 10 years. Although Bitcoin and Dogecoin serve different purposes and have different utilities, it is indeed possible for a cryptocurrency to experience such growth within the given timeframe.
Can we forecast accurately that a token will grow at a rate of 25% every year for the next 18 years?
No, a token cannot consistently grow at a specific rate, and we cannot accurately predict its growth rate over the next 18 years.
Therefore, while it is possible for Dogecoin to experience a growth of 1667 times when comparing it to Bitcoin’s growth, it is highly unlikely for Dogecoin to reach a value of $100 due to factors such as market capitalization and utility.
Also Read: Dogecoin Price Prediction
Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Stocks or Crypto Coins. Please consult a registered investment advisor to guide you on your financial decisions.
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