Could Doge Reach 1000 {May} Know The Facts In Detail!>> To know why there is a difference in the valuation of virtual currency in the crypto market, read the news article below.
As of today bitcoin has a market value of $55000 per coin and Dogecoin is not even a dollar, Could Doge Reach 1000 is a question which is on the mind of most of the crypto investors. Cryptocurrency is an effort by genuine wealth creators to create a financial system with less control of the United States government.
The reckless working and inefficient handling of finance worldwide has prompted people to think of mainstream currency devoid of government interference in the long run.
Table of Contents
What is Dogecoin?
It is a virtual currency like bitcoin and Ethereum, started in 2013, and has a dog meme. The rise in valuation of this currency has many investors discussing Could Doge Reach 1000 in years to come.
This digital currency is the brainchild of two software geniuses Markus and Palmer, who started it as a fun alternative to bitcoin and many other fake cryptocurrencies flooding the market at that time. Its value has risen by more than 50% in the last month from $14 billion to $34 billion, which is around 20 billion dollars to its net worth.
Compared to bitcoin, it is quite different as it has different features and control compared to it. Ethereum is much closer to doge in the matter of coin mining and market control.
Could Doge Reach 1000?
Bitcoin has a valuation of $55000 per coin, but Dogecoin is not even equal to one dollar but is still touted as a potential cryptocurrency of the future. The reason behind the difference in valuation of these currencies is the cap on its mining.
There is 18 million bitcoin in the market with a cap of 21 million by 2040. With 5 billion addition per year, Dogecoin will reach 150 billion units, and the price of 1000 dollars per coin will make it 150 trillion dollars, which will be twice the size of the world economy.
As the total value of the world economy is $87 trillion at present, Dogecoin can’t reach a price level of 1000 dollars per coin.
Why Could Doge Reach 1000 is not a possibility in Near Future?
Bitcoin is a capped currency, and its circulation in the market is limited and will remain scarce in time to come also. There is no cap on Dogecoin mining, and 5 billion units of the currency can be added per year to keep the network secure and incentivize the miner.
As the global economy is rising by 3.5 percent annually and its value is around 85 trillion dollars now, a 1000 dollar per coin of Dogecoin will exceed the value of the global economy by 50%, which is not feasible.
Final verdict:
The Elon musk tweet and listing of Coinbase, a cryptocurrency exchange on NASDAQ, may have given a big push to Dogecoin, but Could Doge Reach 1000 soon is on every investor’s mind. It is highly impossible to reach that figure, but specific changes in its mining capacity may do the trick.
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