On March 6, billionaire investor Mark Cuban said on Twitter that he could see a way to bring the price of the digital currency Dogecoin ($ DOGE) to $ 1; now, a financial research firm says the price may even reach $ 10.
Cuban is the majority owner of the Dallas Mavericks professional basketball team, as well as one of the “sharks” of the famous reality show “Shark Tank” (which airs on ABC television).
Throughout 2021, two billionaires – Elon Musk and Mark Cuban – have helped the price of Dogecoin rise by more than 1100% (from $ 0.0047 to $ 0.0568) and its market capitalization reaches 7.3 billion dollars (making DOGE currently the 17th most valuable cryptocurrency by market capitalization), on numerous occasions, why they like this cryptocurrency.
On Feb. 8, he revealed what he had said when a Forbes report recently asked him about Dogecoin and whether its popularity among retail investors is bad.
On March 4, cryptographic payment processor BitPay announced that it had begun allowing merchants to accept Dogecoin for payments and that the Dallas Mavericks would be the first to accept Dogecoin.
Two days later, Cubans delighted Dogecoin headlines everywhere when he said that his NBA team had paid more than 20,000 orders with Dogecoin and that if they managed to sell another 6.55 million merchandise in DOGE, the price of Dogecoin could reach $ 1.
Well, on Friday (April 2), independent financial research firm InvestorPlace published an article titled “Inflation and Influencers: How Investors Can Send Dogecoin for $ 10”.
The report began by saying:
“Even without inflationary changes, the price could reach $ 1. The cryptocurrency has 130 billion coins outstanding; a price per coin of $ 1 will still leave 55% the size of Ethereum …, the second largest cryptocurrency in the world. And because only marginal trade matters in asset pricing, even some major account holders could theoretically send rising stocks.“
Then he talked about inflation:
“Inflation will also become a minor problem over time: the result of a flat reward divided by a growing capital base. By 2040, Dogecoin’s inflation rate would have dropped to just 2.4%, or about the same as the current US dollar. In 2060, it would be 1.6%, which will make it deflationary against the dollar... However, sending Dogecoin to $ 10 will require an even more significant change: switching to a deflationary system by 2060.“
The report then explained what it took to allow the Dogecoin price to reach $ 10 a day:
“If investors want to send Dogecoin prices to $ 10, it takes much more than buying the currency and posting tweets. You need a benefactor to help fund improvements.
“The currency already has some well-known sponsors. On Thursday, Elon Musk vowed to literally send the coin to the moon with a SpaceX rocket. It could have an even greater impact by starting a “Dogecoin Foundation” to fund development and promote adoption among start-ups and start-ups. So far he has avoided it, blaming the “Dogecoin whale”. Regular investors can help by contributing, rather than chasing developers.
“Dogecoin at $ 10 is more than a dream – it’s a possibility that it’s just around the corner if one day the community comes together.“
Featured image of “9685995” via Pixabay.com
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