Benzinga - Dogecoin (CRYPTO: DOGE), the meme-based cryptocurrency is priced at $0.065 at the time of writing, but the question is: What happens when it reaches $10?
What Happened: If the meme crypto were to reach $10 from today’s price of $0.065, it would signify a staggering gain of approximately 15,246.15%.
Currently, DOGE’s circulating supply stands at 140.13 billion which means that if it were to reach $10, its market cap would skyrocket to $1.4 trillion. In comparison, Bitcoin's (CRYPTO: BTC) market cap currently sits at $594.75 billion.
DOGE, originally created as a joke back in 2013, by software engineers Billy Markus and Jackson Palmer as a playful response to the cryptocurrency craze. Utilizing a well-known internet meme featuring a Shiba Inu dog as its logo, they playfully named the digital currency “Dogecoin.”
Little did they expect that their humorous creation would transcend its origins, evolving into a bona fide cryptocurrency with a committed community.
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Why It Matters: Musk’s influence on Dogecoin cannot be understated. His tweets have had a direct impact on the cryptocurrency’s popularity and price surge.
Scarcity plays a crucial role in driving price movements, particularly in the case of Bitcoin, the most prominent cryptocurrency. Bitcoin’s value is influenced by its finite supply of 26 million coins, with increasing demand driving up prices.
However, the situation is different for Dogecoin. Unlike Bitcoin, Dogecoin does not face this scarcity issue, as it currently has an unlimited supply. In practical terms, this means that more Dogecoins can be created at will.
According to Mark Cuban, the owner of the Dallas Mavericks, Dogecoin’s inflation does not undermine its value; instead, it solidifies its usefulness as a digital currency.
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