When Dogecoin reaches $10, many investors in the meme crypto hope to become millionaires. Although it still ranks among the biggest crypto gainers in 2021, Doge has pulled back sharply from its all-time high reached in May. What is Dogecoin’s price prediction and can it reach $10 before 2050?
Recently, cryptocurrencies have delivered better returns on investment than stocks. Therefore, investors want to find the next crypto to explode and many have Doge on their radar.
Dogecoin and Elon Musk
Billionaire Tesla and SpaceX CEO Elon Musk is a big fan of Dogecoin. Musk has revealed that he's working with Doge developers to improve the crypto's transaction efficiency. Many people expect Tesla to accept Dogecoin payments for car purchases. Musk’s other company SpaceX already accepts Doge funding for its moon mission.
Musk is so excited about Doge’s prospects that he has been taking advantage of any opportunity to draw attention to the meme crypto. For example, he recently liked the tweet suggesting that AMC Theatre should accept Dogecoin payments.
Musk has made a personal investment in Dogecoin. He also revealed that he purchased some Doge for his youngest son’s account. Musk said that he won’t sell any of his Dogecoin even though some people worry about the crypto’s price prediction.
Is the Dogecoin supply capped?
There are 130 billion Dogecoins in circulation and the total supply is unlimited. However, the crypto has a system that controls its annual supply, which reduces the inflation risk for investors.
Dogecoin's price prediction for 2050 and when it could reach $10
Amid Dogecoin falling sharply from its peak and more meme crypto launching to give it some competition, investors have taken a keen interest in Dogecoin's price prediction. A price milestone that Doge fans have long sought is $1, but many investors want to see it get to $10.
Dogecoin’s gains over the past year suggest an average monthly growth rate of 500 percent. If the altcoin is only growing at a compounded monthly rate of 10 percent, it could reach $1 by the end of 2022 and hit $10 before 2025. Even at a compounded monthly growth rate of only 2 percent, Doge's price could hit $250 by 2050.
Is Dogecoin a good long-term investment?
Whenever Dogecoin's price is going up, investors often want to know if it will rise more. When the price is going down, investors start to wonder whether Doge is a good investment.
Doge might have pulled back from its peak, but it still boasts incredible returns on investment at the current price. For example, those who bought the crypto five years ago have seen their money grow more than 92,000 percent. That even exceeds Bitcoin’s nearly 7,000 percent return over the same period.
Brave investors have particularly won big with Dogecoin. In May 2015, the meme crypto plunged to what still stands as its all-time low. Those who bought that dip are looking at returns on investment of more than 230,000 percent at the current price.
There isn't a guarantee that Dogecoin will continue to deliver huge returns for investors. Still, investors can’t ignore its prospects. Doge continues to see adoption as a payment. Recently, someone in Utah listed his home for sale and offered a 10 percent discount for those paying with Dogecoin.
Giant online electronics retailer Newegg accepts Doge payments and so does Mark Cuban’s Dallas Mavericks. Many people want to see Tesla, Amazon, and AMC Theatres accept Dogecoin.