There’s no doubt Dogecoin will reach $1 within the next few years. But Dogecoin holders have to be patient about it. It’s not going to happen overnight. There’s a saying; the stock market is for circulating money from the impatient to the patient.
Let’s explain why we believe Dogecoin will reach $1.
Those who believe that Dogecoin will never reach $1/coin says that Dogecoin has too many tokens in circulation and has a 5 billion per year coin supply for eternity. As a result, Doge is inflationary, loses value over time, and worse crypto.
Many of the critics forget that the world’s second popular cryptocurrency Ethereum also has an unlimited supply. However, no one attacks Ethereum for having an endless supply because many people are already invested in this coin.
Furthermore, we have to remember that not all Bitcoin is in circulation. There will be a total of 21 million Bitcoin. So far, only 18 million Bitcoin has been mined. Therefore, if people stop buying Bitcoin today, Bitcoin will automatically lose value over time. Until all the Bitcoins are mined, this crypto also has inherent inflation.
Someone working in an industry does not mean he or she knows everything. If someone claims to be an industry veteran does not mean he can accurately predict his industry’s future.
When SpaceX announced that they would make reusable rockets, every rocket scientist said it can’t be done. There’s no way an orbital class rocket can land on earth in one piece. But SpaceX proved everyone wrong.
When SpaceX announced that they would carry humans to the International Space Station (ISS), almost everyone, including Neil Armstrong, opposed this idea. They said a private company couldn’t ferry humans to and from ISS safely. To maximize profit, SpaceX would disregard human safety. But SpaceX proved everyone wrong.
When Steve Jobs announced the iPhone, everyone laughed at Apple. Microsoft CEO Steve Ballmer and Blackberry executives announced that there’s no way people would buy an expensive iPhone. Microsoft said their phones are far superior to Apple’s phones. Blackberry said no company executives would use the iPhone because it does not have a keyboard. Thus, it’s not an excellent emailing machine. Now, we know that the iPhone proved everyone wrong.
Ford, GM, and other car companies have been making cars for hundreds of years. So, when Tesla came with their electric car, everyone said that Tesla would go bankrupt once Ford and GM started making electric vehicles. Unfortunately, it never happened. No other traditional companies can make a compelling EV that can compete with a Tesla vehicle. Now, Tesla is the best selling EV in the world.
You may be wondering why we are talking about these. It does not correlate with Dogecoin. Unfortunately, there’s a correlation.
Those who are following cryptocurrency since 2009 consider themselves crypto veterans. We have met many. Some of them are immensely arrogant. According to them, Dogecoin is the worst cryptocurrency on earth, and it has no future. They say Doge is nothing but a pump and dump coin. It’s a second-tier cryptocurrency.
They say that this coin has no use case except for online tipping. No one accepts it; so, Dogecoin will vanish. According to them, this coin will never reach $1.
But we disagree with them.
The first criticism of Dogecoin is, There are around 130 billion Dogecoin in circulation. Each year, 5 billion more coins will be added to the Dogecoin network by miners. So, critics argue that there’s no way Dogecoin will reach $1 per coin. However, if you analyze closely, you can see that there’s a very high probability that Dogecoin will not only reach $1, it may even reach $10 per coin in this decade.
There are 18 million Bitcoins in circulation. The current market cap is around $900 billion. Ethereum’s current market cap is about $200 billion. On the other hand, Dogecoin’s current market cap is around $10 billion.
So, if Dogecoin reaches $1 per coin this year, the market cap would be around $135 billion. Compared to Bitcoin and Ethereum market cap, it’s nothing.
Dogecoin is more functional than Bitcoin. As Bitcoin has a limited supply and its price is increasing steadily, nowadays, people buy and hold on to this coin for profit. Moreover, over the years, we found that Bitcoin is not the best crypto for online retail transactions. The transaction fee and time are high compared to Dogecoin. So, the price of Bitcoin will continue to rise until the drawbacks outweigh the benefits of these coins.
Dogecoin is fast, has a cheap transaction fee. Therefore it’s far more useful for retail transactions.
Bitcoin has the largest community. Dogecoin is the second largest crypto community on earth. Therefore, there’s no doubt Doge would become a major crypto in the world.
Every day new businesses are accepting Dogecoin. As we move forward and more people get to know about this coin, acceptance would rise.
We can’t judge crypto through past history. Many businesses do not accept Dogecoin. They only accept Bitcoin and Ethereum. That doesn’t mean those businesses would never accept Dogecoin in the future.
It’s backward thinking.
Many claim that Dogecoin was created as a joke, thus it has no utility, and no one values it as legitimate crypto.
It’s also a ridiculous claim.
Up until 2010, many failed to realize the potential of Amazon. When Amazon started in 1997 to sell books online, no one took it seriously. For many years, investors dismissed Amazon as an online bookseller.
eBay started as a platform to sell used products. No one took it seriously because it allows people to trade second-hand products. Many people said that craigslist is better than eBay.
Similarly, crypto started as a joke does not mean it has no future. Over the years, we have seen that Dogecoin is one of the least volatile cryptocurrency. Moreover, because of its simplicity, it has many advantages over other cryptocurrencies.
Because of the large following and gradual increase in acceptance, Dogecoin will spread. Thus, its valuation would rise. The $135 billion valuation of Dogecoin may seem unusual, but in 2 to 3 years, it would feel natural when Doge becomes widespread.
If Doge becomes the de facto crypto of the internet, a $1000 billion market cap is a matter of time. Therefore, $10 per Dogecoin is achievable within this decade.
Moreover, many criticize Dogecoin for having inflation. But they don’t realize, this inflation reduces each year and eventually will become 0. Here’s a table that shows Dogecoin’s inflation over several decades.
|Year||Estimated Dogecoins||Inflation rate|
As you can see, though Dogecoin has an unlimited supply, the actual inflation rate goes down, making this coin deflationary. So, those who criticize Dogecoin for having an endless supply are wrong. They are missing the bigger picture.
In the case of other cryptocurrencies, everyone only cares about money. If the price goes up, some people can become millionaires. This is all they care about. It has nothing to do with the success of the crypto project. That’s why they always criticize Dogecoin because it rewards 5 billion coins to miners per year.
Most people don’t realize; miners are the backbone of every cryptocurrency network. If we don’t pay for their operating cost, why would they spend tens of thousands of dollars to keep the crypto network operational and secure?
If we impose a cap, then the only earnings for miners would be through transaction fees. We already see that Bitcoin and Ethereum fees are relatively high. Soon, these fees would go higher once Bitcoin and other cryptos reach their cap.
If we care about ourselves and don’t care about miners, it’s cruel and selfish thinking. We want to make money and would not reward the miners’ anything for their investment? It’s infuriating.
Dogecoin was created to tackle these issues. It’s why there’s always a fixed number of coins for miners for their hard work. As a result, the Dogecoin network will continue to be operational and safe.
Please forgive us for saying it. Those who want a cap on Dogecoin are selfish. They only want money for themselves at the expense of others’ work. They don’t want to give anything to miners who are keeping the Dogecoin network running 24/7.
In conclusion, most of the criticism of Dogecoin is not valid. It has a massive following that will make this coin successful. Soon, Dogecoin will overtake Ethereum and other cryptos. As a result, Dogecoin will eventually reach $1 and get to $10 within this decade.