Analysis on the price of Dogecoin in the future
Cryptocurrencies are growing in popularity. I have observed in various crypto markets from January to the first week of April 2021 that there are some cryptocurency assets that have such promising movements. I'm not talking about Bitcoin and Ethereum because these two cryptocurrency are already very well known and their prices are also getting higher. But I want to share the prospect of Dogecoin (DOGE), the value of which I will discuss regarding the opportunity for traders to gain profit if they store this asset for a long time.
Increase in Dogecoin Price and Capitalization
Quoting the coinmarketcap (1/5), trading Dogecoin is in the sixth order with the highest price being $ 0.393 per doge. Dogecoin's market cap is $ 50,860,335,491 and the token circulation is $ 129,433,561,915.
Early in 2021, Dogecoin was able to attract crypto asset investors to buy it. The lowest price of Dogecoin since 2013 was $ 0.00008690 and when compared to today's price (2/5) it was $ 0.3879 443511.7%. Of course, the price increase outweighed the price growth of other tokens.
The Cause of The High Price of Dogecoin
One of the contributors to the increase in the price of Dogecoin is because billionaire Elon Musk uploaded a post about the asset on Twitter. I have discussed this in this post. Not only Elon Musk, other well-known employers who also highlighted Elon Musk's uploads finally made the price of Dogecoin skyrocket.
Here I also need to remind you one thing; Crypto asset investment requires analysis due to volatile price movements. Crypto asset traders must be careful and do not let investors lose in terms of investment. The function and price sustainability of a good crypto asset on the market should be carefully studied. The fundamentals of a crypto asset project also have to be looked at.
In my opinion, the liquidity of Dogecoin is very high and there is no need to doubt it. Although there are still opinions from many crypto asset traders regarding the long-term liquidity of this coin.
Dogecoin Growth Prospects Still Good
Judging from the market movement, Dogecoin still has good growth. The sentiment is positive due to the limited supply while the demand for Dogecoin continues to increase.
I dare say that Dogecoin is one of the investment assets of the future. Indeed, the supply of Dogecoin is large, namely 129,433,561,915 and the maximum supply is unlimited.
This is different from Bitcoin, whose supply of 21 million bitcoins is projected to run out in 2149. Almost everyone stores Bitcoin because they think the prospect of investing in bitcoin will still be attractive because the supply issued is gradually in accordance with a regulated computer algorithm.
I am very confident to say that the Dogecoin price will continue to be high going forward. It won't drop below the $ 0.05 price again.
My question is, based on the analysis I made in this post, would you dare to invest in Dogecoin?