DOGECOIN Prediction of $10 in ONE Night? | Crypto Doge News

dogecoin to ten dollars in one night is it possible let's watch dogecoin has experienced a phenomenal run over the past few months the price is up by more than five thousand five hundred percent since the beginning of the year and more than twelve thousand eight hundred percent over the past twelve months sure enough dogecoin's competitors cannot really compete with that level of growth but the question remains can dogecoin achieve the unthinkable and hit ten dollars in a single day hi welcome to crypto doge news where we publish the most up-to-date cryptocurrency news every single day but before we go any further don't forget to check out our webshop at www.crypto for some amazing t-shirts featuring dogecoin and what's more we're also giving away a t-shirt to a random subscriber every week all you have to do is subscribe to the channel if you haven't already like the video and share it with your friends now let's get right into it dogecoin's been around since 2013 but it rose to fame only a few months ago so why the sudden interest from investors while the sudden growth was mostly owing to retail investors artificially inflating the price to earn some quick money let's be honest dogecoin does not have the strongest fundamentals it has little utility right now and its competitors outshine it in several ways however because it's a cheap investment investors can easily stockpile it and drive up the price then once the prices increase substantially investors can sell their tokens and make a quick buck furthermore dogecoin's price increases have also been fueled by celebrities like elon musk and mark cuban promoting the cryptocurrency online this has encouraged more investors to jump on the bandwagon driving up the price even further yes musk and cuban are still advocating the cryptocurrency but predicting that it'll hit 10 overnight is way too optimistic why to begin with dogecoin has an unlimited supply supply and demand are the two fundamental drivers for determining the fair market value of goods services and assets it's generally accepted that assets in high demand and scarce supply are likely to rise in price whereas assets in poor demand and high supply are likely to fall in value dogecoin however is a bit of an anomaly the demand for the coin is currently higher than the number of coins entering the market so the price is rising even with an unlimited supply if buyers continue to purchase coins at a pace that's equal to or greater than the rate at which they enter the market the price will continue to climb or achieve a level of equilibrium so to sustain price levels dogecoin buyers will need to continuously purchase all coins being created because there's no scarcity to support the price imagine sweeping snow off your driveway in an endless blizzard yes you might claim that if everyone on the street pitched in you could keep the road clear but the snow will eventually win and to top it off there are other cryptocurrencies out there that are much stronger than dogecoin bitcoin for example has more name recognition and is more widely accepted by merchants while ethereum's open source blockchain technology creates a variety of uses for the cryptocurrency dogecoin on the other hand has little in the way of competitive advantage in the industry this means that if nothing changes it'll have a tough time staying competitive over the long run once retail investors move on to a different investment they'll need some sort of edge to stay in the game however despite all these clear downsides dogecoin may well continue to ride high for a time on social media hype celebrity endorsement and rapidly breeding meme culture in fact experts believe that dogecoin is here to stay suzao the ceo of crypto hedge fund three arrows capital has recently outlined a bullish thesis for dogecoin speaking on august 25th episode of the game theory of crypto podcast zoo stated that he's optimistic about dogecoin because the meme coin has captured more interest from blue-collar traders than any other crypto on the market zeus says i'm very bullish on dogecoin i delved into the community delved into what's been happening and what's kind of the broader thesis for people that own doge both in terms of normal people as well as investors the best way to understand doge i think is that if you look at robin hood which is sort of the most blue-collar style of crypto investing dodges 60 of their crypto revenue and crypto is 40 of robin hood's revenue so robin hood is basically a doge proxy and i think that doge has four times the name brand recognition over ethereum in many communities in the us not talking about like smart people but talking about people zoo also believes that dogecoin has a simple message of being dog money that makes it more accessible to the average person i think that there's something just very understandable about doge it's just like the dog money you put your money in dog money i don't think that doge is really underestimated in terms of that sheer virality and sort of quality of the memes and the organicness of that is it the coin that people can own whole amounts of is it the coin that can be sent around among people and also its memes are simple like the man who drinks beer can understand it the girl who posts selfies can understand it and she can just put her money in it and outperform everybody while more sophisticated traders stay away from doge due to its mean coin status and volatility many experts including zoo believe that dogecoin will thrive this became even more evident when robin hood recently released its report as per the report a larger share of new customers placed their first trade in crypto rather than equities and what's more dogecoin accounted for a staggering 62 of all crypto trading volume while dogecoin is seen indeed a massive surge in popularity with so much demand dogecoin is unlikely to reach ten dollars but it's absolutely feasible that it will reach one dollar before the end of the year if it does not undergo a significant crash the dogecoin upgrade is also coming very soon which could potentially boost its price even further since jackson palmer's withdrawal in 2015 the meme based cryptocurrency has been left in the hands of a few community developers however little has been done with the code over the last six years prior to the current release of dogecoin core 1.14.3 on february 28 the most recent substantial development occurred on november 8 2019.

There was also a significant gap between november 10 2015 and february 4th 2018 when no updates were released to put things in perspective the bitcoin network's code is updated almost every day that's why with upcoming major upgrade the dogecoin community is aiming for a massive increase in price to hit that one dollar what remains to be seen is how long dogecoin will take to reach the 10 mark so what are your thoughts on dogecoin you think the dogecoin upgrade will be enough to push the price up to one dollar share your thoughts in the comment section below also if you found our video informative do like it and share it with your friends until next time stay tuned subscribe to our channel for all new updates coming up you

You May Also Like