Can this dogecoin actually rise to unexpected market price? Nah, it's just a memecoin. But it was still a meme coin when it peaked to $0.7 dollars? Yes, you are right. This market questions and answers keep running the minds of investors and crypto enthusiasts especially this meme coin lover.
We all heard that story, what started as a funny meme cryptocurrency growing beyond expectation with reputable names having a share of this crypto. That all time high (ath) day in May, 2021 whendoge was all green candles, looking more like a computer game, but rather this was the financial market showing a pump to an ath of $0.74 dollars. I guess from here, this litecoin forked crypto presented itself beyond joke. I mean who jokes with money in the financial market. You have to see potentials before diving head long or it may just be another 'money and the fool soon part ways'.
We saw the later market price decline as lots of investors turned bearish when the green candle started showing red signs. Adding to the fact that the cryptocurrency ecosystem (digital) was hit, the market dip was so discouraging, it went beyond correction to loss (financial), deterring investors confidence.
We have seen a gradual market bounce back recently during this bull run. Yet one needs to look beyond memes to reality as dogecoin is an investment as long as it's in the crypto markets.
Can dogecoin hit one dollar? If I were to answer wildly I would say yes, it can hit $1, $2, $3, $10 or even $100 dollars. How? Simple, investors just turn bullish on doge and channel all their money into the dogecoin industry, we saw a tip of that move it to $0.74 dollars. So let's get more serious, can dogecoin 'actually' hit one dollar let's say in the next four or five years? This is a different question entirely, pinpointing facts rather than sentiments. To answer this question we need to know more about what doge has to offer.
What is unique about dogecoin?
I personally admired dogecoin from the very first day I came across this crypto project. In short, it is the first coin that made me some bucks in the crypto world. It has a strong community I must say, not bad but there is a need to look deeper. During my research about the unique feature of dogecoin, I came across this statement that quotes 'Dogecoin was not created to fulfill a specific use case. It was inspired by a comedic internet meme featuring a Shiba Inu dog'. We need to be factual when it comes to finance and investing because personally this quote cannot scale doge.
Dogecoin has indeed risen in rank when it comes to market capitalization and has been in the top ten region continuing to draw strength from its faithful community. I personally wish I it had more to offer, this project would have been beyond reach. A lot have pointed to the indefinite supply of doge unlike its counterpart bitcoin to be of disadvantage when it comes to creating a constant market inflation. Can this give investors confidence to invest huge into this community? When it comes to a store of value the first thing is price appreciation, so where does doge sit here?
Yes, we can look into its faster transaction speed, and low transaction fees against bitcoin and many other projects. Bitcoin has been known to operate under a ten minutes block time whereas mining (cryptocurrency) in th doge blockchain occurs every minute. Can this be a hedge? Speed has been almost everywhere in the cryptocurrency industry, yet none is yet to pull down bitcoin and italtcoin seconder ethereum despite the gas price (cryptocurrency). The introduction of Shiba inu also drew some investors attention from the dogecoin industry.
Am I criticizing doge from here? Not at all, sometimes I wish dogecoin was bitcoin itself. Wouldn't just for my personal attraction sake put wrong market prediction into the table.
Is dogecoin worth the time?
Definitely it is but if you are hanging in there for an up to $1 dollar market price within a few years interval, I see a little to zero possibilities. The price of dogecoin may increase to at most $0.3 dollars. Why am I saying so? A lot of dogecoin holders are here to take profit, adding to the infinite supply of dogecoin you know what this means. Rarity cannot be ascertained as it stands and there are no features and innovative projects that these developers are taking on.
The advantage I see here is its transaction speed and fees. If dogecoin could fluctuate within the range of let's say $0.35 to $0.39, it would promote fair transaction fee and also draw in short term traders who can help provide the daily liquidity. If you know what to do at this range, you could bag a fortune.
Speculation is everywhere about a possible adoption of dogecoin by Elon Musk, one of the dogecoin fans, into his upcoming X(formerly twitter) payment system. Understanding how finance works is much better than pursuing hypes and.fear of missing out (fomo) in the crypto market. I feel a lot of work needs to be done in the dogecoin industry by its developing team and it currently seems they are not much interested in that.
To conclude, let me add, the market is beyond affection, it goes into gains and use case when it comes to the crypto industry. With lots of rival coins and projects filling the market, dogecoin chances solely depend on its transaction speed, fees and a strong community. Does this give you certainties of a good investment opportunity?. What are your stands in the dogecoin industry. Do you see potentials of rise or decline. I would also love to hear from you.