Dogecoin Could Reach New Heights Above $2
Dogecoin has gained immense popularity since its 2013 launch, driven by factors including Elon Musk’s significant influence.
Musk’s Impact on Dogecoin
The CEO of Tesla has been a leading advocate for DOGE, referring to it as the “people’s crypto.” After his endorsement, DOGE peaked at $0.7376 on May 8, 2021.
Despite a considerable drop from that peak, many believe Musk’s influence and institutional support could propel DOGE’s price upward.
Comparing DOGE’s Market Cap to Musk’s Net Worth
As of March 8, 2024, Elon Musk is the world’s richest person, boasting a net worth of $342.4 billion, while DOGE stands as the eighth-largest cryptocurrency with a market cap of $28.94 billion, trading at $0.1951 with a 24-hour decrease of 5.37%.
For DOGE to match Musk’s wealth, its market cap must increase by over 1,083%, bringing its price to $2.3 per token if the circulating supply remains around 148.34 billion.
By achieving this price, a portfolio of 100,000 DOGE, currently worth $19,510, could surge to $230,000.
Predictions for DOGE
Crypto experts, including co-founder Billy Markus, foresee potential increases, including a 500% rise taking DOGE to $2.3. Some analysts suggest that this could occur by July 2032, while others, like Telegaon, predict it could happen early next year.
Investors are advised to exercise caution and seek professional guidance before diving into DOGE and other cryptocurrencies.
Comments (0)