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<\/p>\nOn March 6, billionaire investor\u00a0Mark Cuban\u00a0said on Twitter that he could see a way for the price of meme cryptocurrency Dogecoin ($DOGE) to reach $1; now, one financial research firm says it is even possible for the price to reach $10.<\/p>\n
Cuban is the majority owner of the professional basketball team Dallas Mavericks, as well as one of the \u201csharks\u201d on the highly popular reality show\u00a0\u201cShark Tank\u201d\u00a0(which is aired on the ABC television network).<\/p>\n
Throughout 2021, two billionaires \u2014 Elon Musk and Mark Cuban \u2014have helped the Dogecoin price rise over 1100% (from $0.0047 to $0.0568) and its market cap reach $7.3 billion (making DOGE currently the 17th most valuable cryptoasset by market cap) by talking, on numerous occasions, about why they like this cryptoasset.<\/p>\n
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On February 8, revealed what he had said when a Forbes reported had recently asked him about Dogecoin and whether its popularity with retail investors is a bad thing.<\/p>\n
On March 4, crypto payment processor\u00a0BitPay\u00a0announced that it had started allowing merchants to accept Dogecoin for payments, and that the\u00a0Dallas Mavericks\u00a0would be the first to accept Dogecoin. <\/p>\n
Two days later, Cuban delighted Dogecoin holders everywhere when he said that his NBA team had had more than 20,000 orders paid for with Dogecoin and that if they managed to sell another 6.55 billion DOGE worth of merchandise, the Dogecoin price could reach $1.<\/p>\n
Well, on Friday (April 2), independent financial research firm InvestorPlace published an article titled \u201cInflation and Influencers: How Investors Can Send Dogecoin to $10\u201d.<\/p>\n
The report started by saying:<\/p>\n
\u201cEven without inflationary changes, the price could still hit $1. The cryptocurrency has 130 billion coins outstanding; a $1 price-per-coin will still leave it 55% the size of\u00a0Ethereum\u2026, the world\u2019s second-largest crypto. And because only the marginal trade matters in asset pricing, even\u00a0a few major account owners\u00a0could theoretically send values soaring.<\/em>\u201c<\/p>\n It then talked about inflation:<\/p>\n \u201cInflation will also become a minor issue over time \u2013 the outcome of a flat reward divided by a growing capital base. By 2040, Dogecoin\u2019s inflation rate would have dropped to just 2.4%, or roughly\u00a0the same as U.S. dollars today. By 2060, it would be 1.6%, making it deflationary relative to dollars.<\/em>.. However, sending Dogecoin to $10 will require an even more significant change: a switch to a deflationary system sooner than 2060.<\/em>\u201c<\/p>\n The report then went to explain what was needed to allow the possibility of the Dogecoin price reaching $10 one day:<\/p>\n \u201cIf investors want to send Dogecoin prices to $10, far more is needed than buying the coin and posting tweets. It needs a benefactor to help fund improvements.<\/em><\/p>\n \u201cAlready, the coin has some big-name backers. On Thursday, Elon Musk promised to literally\u00a0send the coin to the moon on a SpaceX rocket. He could make an even bigger impact by starting a \u201cDogecoin Foundation\u201d to fund development and promote adoption among startups and enterprises. So far he\u2019s avoided that, blaming the \u201cDogecoin Whale\u201c. Regular investors can help by contributing, rather than hounding developers.<\/em><\/p>\n