Can Dogecoin Reach 1000$? Lets Explore Is It Possible

Can Dogecoin Reach 1000$? Lets Explore Is It Possible

campurro Analysis August 5, 2021

Can Dogecoin Reach 1000$?

It is quite expected the Dogecoin will reach up to $1/coin soon. However, you are welcome to explore whether Dogecoin can reach 1000 or not. Compared to other digital currencies, this cryptocurrency does not possess a market cap. To ensure the functionality and safety of the network, five billion dollars are kept for miners. It is estimated that in ten decades, there will be 180 billion for use. If the value of this digital money reaches 1$/token, the total circulation of Dogecoin is supposed to reach 180 billion. This cap is not considered that high. The number of cryptocurrencies is quite high in the current market. Bitcoins, Ethereum has higher potential to lead the crypto world in the world. However, many entrepreneurs such as Elon Musk consider that Dogecoin is not valued as it is supposed to be. Anyway, the possibility of Dogecoin ever reaches 1000$ sounds like an unrealistic dream. 

How high could Dogecoin get?

Can Dogecoin reach $1000? This is a hotly debated question. After some period of stable downturn, it has shown a gradual increase in the recent years. Some experts state that Dogecoin is attractive for investors in terms of its volatility. Still, the issues connected with security, scalability, and intrinsic value should be dealt with as soon as possible. Dogecoin was founded as a parody of cryptocurrency, and such digital money appeals to celebrities and famous people thanks to its popularity on social media. Many investors are not prone to take a risk, which gives the background to guess that Dogecoin and other cryptocurrencies will stay stable for a while. However, how high Dogecoin could go is still difficult to guess.

Dogecoin strengths and weaknesses

Like any other cryptocurrency, Dogecoin also has its benefits and drawbacks. Therefore, before attempting to invest with this digital money, you are encouraged to get acquainted with them.

Pros: 

  • A Day Trading with this cryptocurrency is quite beneficial. Later on, you will exchange it with more stable currencies. For example, you may change your 1000 Dogecoin to USD, which is a more stable currency. 
  • It is much more popular on social media. You may use this advantage to earn more money. Moreover, it is used to sponsor many popular events like sports, and so on,
  • It has an inexhaustible supply. Unlike other cryptocurrencies, it is limitlessly mineable, 
  • In terms of scale, it is faster than Bitcoin, 

Cons: 

  • It relies on the fun nature, not innovation, 
  • Too much reliance on Elon Musk,
  • Infinitely mineable. 

Should I buy DOGE as a long-term investment?

In terms of scalability and sustainability, Dogecoin is not the best cryptocurrency to use for investment. Its value fluctuates, and the recent downturn discouraged many investors from using this digital money. However, as stated above, one of the advantages of this cryptocurrency is it is profitable for day trading. Later on, you are encouraged to exchange this value with other stable coins like Tether or USD. 

Conclusion

How long did it take for Bitcoin to reach 1000? More likely, one day, there will be a chance for Dogecoin as well. Dogecoin has an important place in the current cryptocurrency world. Compared to the scale of other digital money, it is much faster. Moreover, its popularity among celebrities and famous figures makes it quite beneficial to use. Elon Musk is one of such people who passionately advertises this cryptocurrency and makes others believe it is underestimated. Although Dogecoin has a high potential to increase its value over time, it is currently impossible to imagine that one day it will reach 1000$. It has some issues connected with stability and scalability, which are essentially important for investors. Addressing those problems and improving its innovative nature may create a possibility on how big Dogecoin can get. 

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