Do you want to know whether dogecoin will reach $1 or not? Please read through.

Hello Everyone,

Hope you are doing well. Let us discuss about doge coin in this blog. Dogecoin is currently ranked at number 44 in coin market cap, with market cap of $290,908,264 and current trading volume of $7,724,110. Current price of 1 dogecoin is
$0.002528/40 Satoshi. There is no total fixed supply of dogecoins or we can say infinite number of dogecoins will be mined over infinite number of years.

All the above figures are as on 1 July 2018 as per coin market cap.

I have seen couple of videos where people claim that dogecoin will go to moon, dogecoin will reach $1. One of the video shows a dog sitting in the rocket and going towards moon adding $1 at regular intervals. Let me tell you guys, it is merely not possible to reach $1.

Dogecoin was created as a joke in 2013. No one knew that it will become this much popular as it is right now. Dogecoin is an open source peer to peer digital currency that allows us to send and receive money online. It is also known as internet currency.

Let us look at current market cap of dogecoin. It is $290,908,264. Also the total supply of dogecoins is not fixed and it is infinite. This clearly shows that dogecoin will never be able to create demand as the supply is infinite. The basic price up down in crypto market is driven by less supply and more demand which dogecoin doesn't follow.

Let us look at below graph of bitcoin in Dec 2016.

Here price of 1 bitcoin was around $746 and market cap was around 11 billions USD. Now take a look at below graph of Dec 2017.

You will huge difference in the price and market cap. In Dec 2017, 1 bitcoin was worth $19497 and market cap was around 326 billion USD. That means from Dec 2016,around 315 billion USD was invested in bitcoin which so market cap increased by 29 times. In the same way, due to this huge investment, price rose from $746 to $19497 which is 26 times increase. Also as the supply of bitcoin is limited, this also had a big impact in price increase. Hence it will very clear that we need more investments with limited supply to put the price in the rocket and moon.

Now let us come to Dogecoin. If we want dogecoin to reach $1, which is 400 times from the current time, then we need around 115 billion USD to be invested in dogecoin. So total market cap will reach $115,290,908,264. As per today BTC rate, this market cap is equal to 17 million bitcoins. There are only 21 million bitcoins will ever been created and we want people to invest 17 million in dogecoin which is highly impossible.

So how long doge can go? As per my opinion, dogecoin will cross it's all time high of 284 satoshi in Feb 2014 for which we need massive bull run. So if you want to invest, this is right time. You can still make more money with doge but don't be greey for $1 and take out profits as and when you feel.

P.S. This is not an investment advise. DYOR before investing in cryptocurrency.

Hope now you understood, why dogecoin cannot reach $1. If you like the article, please follow, upvote and if you still think that dogecoin will reach $1 or if you want to predict yourself, feel free to comment down below.

Best Regards,
@lets-steemit

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