The price of Elon Musk’s favorite cryptocurrency, Dogecoin, has dipped almost 16% in the past week to $0.063. This means the asset is trading nearly 92% below the all-time high of $0.73 reached in May 2021.
Meanwhile, a large-scale market crash often causes panic among newcomers, and they hastily sell their assets. We look at how much of the memecoin could be led to millions in value for the investors.
Prospects for Dogecoin in the Next Cycle
Experienced traders regard dips as an opportunity to form a reliable medium-term or long-term portfolio. Therefore, they purchase the coins they are interested in at a discount.
Let’s figure out how much they would need to invest in DOGE now to become a millionaire during the next bull run.
The beloved native token of the Dogecoin project has seen many ups and downs throughout its history. Even individuals distant from digital assets and crypto are familiar with it. Although DOGE appeared in 2013 as an early version of a memecoin, many crypto enthusiasts believe that it has long outgrown its status.
The asset currently ranks ninth in the top ten cryptocurrencies by market cap and is trading slightly under $0.065.
The main driver for the growth of the token’s price is fueled by popularity. The Dogecoin-dedicated Reddit community has 2.4 million members, second only to r/Bitcoin in size. Additionally, the backing of eccentric billionaire Elon Musk has repeatedly sent the token ‘to the moon.’
Musk-owned companies Tesla and SpaceX are already accepting DOGE as payment.
The crypto community in the US is buzzing with discussions about potentially incorporating memecoin as a payment method on X, previously known as Twitter. There’sThere’s growing speculation within the community that Dogecoin might become the go-to cryptocurrency for the renowned micro-blogging platform.
Take a look at the top memecoin trend of the year: 11 Hot Meme Coins and Altcoins that Trend in 2023
How much DOGE Would You Need to Buy?
To calculate the amount of DOGE you need to buy to become a millionaire when the price returns to its all-time high of $0.7376, you can use the following formula:
DOGE Quantity = Target Amount / Expected Future Price
Target amount = $1 million
Expected future price (all-time high so far): $0.7376
Thus, to see a round sum of $1 million on your account, you would need to purchase approximately 1,357,129 DOGE. At the current price of $0.06318, the value of the coins would be around $85,743.
However, it is crucial to recognize that the cryptocurrency market can be highly volatile and contingent on unexpected events. The provided calculations are grounded only in present data and assumptions and are only for entertainment purposes.
Always prioritize risk management and only invest funds that you can afford to lose.
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