Dogecoin is having a major moment right now, but there are still tons of questions about how long the moment will last.
The cryptocurrency — that is basically an online meme with value — has seen a jump in value recently that has created hype on social media. Dogecoin — which was worth as low as $0.0023 back in summer 2020 — jumped to $0.10 in value on Thursday. There were even some reports the value was closer to $0.19, as I explained for the Deseret News.
So it’s clear Dogecoin is having a moment. But can the moment last? And how much will it be worth?
There’s talk about its potential of rising to $1 in value. According to InvestorPlace.com, there is a huge supply of Dogecoin since it’s easy to make. There is such a heavy amount that the cryptocurrency will rise in price over time because more people will invest in it.
- “With some luck, the coin might even stay at $1,” according to InvestorPlace.com. “With renewed interest in the Shiba-Inu-fronted coin, developers have since jumped back into its code repository, proposing crucial usability and speed improvements. Developers have pushed major changes before – DigiByte and Litecoin snippets features prominently in Dogecoin’s source code. More may be on the way.”
But there is skepticism about the price rising that high. Kadan Stadelmann, chief technology officer at Komodo, a blockchain solutions provider, told CoinTelegraph that it’s unlikely Dogecoin will hit $1 because it’s not even rising that high after experts talked about the cryptocurrency.
- “We aren’t currently seeing this even with increased adoption by Mark Cuban and other NBA owners,” he said, according to Yahoo! Finance. “For it to genuinely be considered ‘future money,’ the narrative of DOGE as a meme coin will have to erode.”
Joel Edgerton, chief operation officer of bitFlyer, which is a cryptocurrency exchange company, told CoinTelegraph that Dogecoin is more of a fun movement rather than a real-world solution to making money.
- “Any asset can reach a certain price target if people are willing to pay for it. However, that type of momentum investing, without underlying value, is pure speculation,” said Edgerton, according to CoinTelegraph.