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Before analyzing how can Dogecoin reach $1000, let us consider the multiple factors it involves for it to reach there. Dogecoin is a rip-off of Bitcoin and was started as a meme. It was about… dogs. Unlike the Shiba Inu coin, Dogecoin has a lot more supply and can be used for transactions. For this reason, the price of Dogecoin is much higher ($0.30) when compared to the Shiba Inu coin ($0.000007232). But Dogecoin is still not that high when you compare it with Bitcoin ($50000). Although a $1000 valuation is quite far-fetched, it is not impossible. So can Dogecoin reach $1000?
Cryptocurrencies need networking, it is at the core of the entire system. If crypto isn’t popular, it can never have a high value. Most consider Bitcoin to be synonymous with cryptocurrency and this large popularity has helped it become available in several countries. Popularity helps increase accessibility which increases utility which increases popularity, a loop. Cryptocurrencies such as Dogecoin don’t revolutionize the crypto world, they are simply trying to exploit the popularity of memes. They did find popularity, a cult following.
Who can make Dogecoin reach $1000?
Billionaire investors such as Mark Cuban and Elon Musk have actively gone out and given support for Dogecoin. Mark Cuban’s NBA team, Dallas Mavericks, has tried to increase the sales of Dogecoin in several ways. One of them was through their online store. Called the ‘Dogemania’, the online basketball store would be providing $25 on purchases exceeding $150. The entire program will run from August 13th to September 20th. Even merchandise on the NBA team was subsidized for those who pay with Dogecoin. All these reasons have contributed to a spike in Dogecoin’s demand.
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Cryptocurrencies are extremely volatile and considering that Dogecoin is lower than $1, a valuation of $1000 isn’t practical. Nevertheless, with its popularity growing due to memes and billionaire investors, Dogecoin could find itself in the path of Bitcoin. As of now, only one thing can be said for sure, Dogecoin cannot reach $1000 in the short-run (1-5 years).