Hey all, GoodShibe here!
One of the joys of being a bit of a dreamer is that sometimes I'm off in the clouds, thinking about the future and changing the world while some of my fellow shibes are like 'yeah, that's nice. I've got a mortgage to pay and student loans nibbling the bottom off my paycheck and mouths to feed at home and...'
So how do we get 'Rich'?
Well, first, since we're being realistic, we need to take a realistic look at what's possible. Right now 1000 DOGE has a market value (not exchange value) of about $1.12 USD.
If we had all 100 Billion coins mined, right now, our combined market cap would be $112 Million.
Now, according to coinmarketcap.com we're at about 50% of that (~$49 Million) which makes sense, considering we're still less than 50% mined.
So, if 1 DOGE currently exists as .112 of a penny (and I apologize for my international users, I'm just not that familiar with the Euro/Yen/Yuan, etc), in order to move DOGE to 1 Cent each, we need to increase its market value by a factor of 10.
Which, incidentally, would put our total market cap at 1.12 Billion (about 1/8 of Bitcoins total).
How realistic is this? Can we make that 1000 Dogecoins worth $11.20?
Sure. In fact, I'd go farther and say, absolutely.
In my mind, it all comes down to adoption and use. Quite frankly, the most ubiquitous coin wins.
The more people we bring in, who start buying and using and tipping and sharing DOGE the more valuable it becomes. We're more than just a coin now, we're a brand. Moreso, we're on the cusp of becoming a 'hot' and 'cool' brand that speaks to a whole swath of young people.
young people. You can see it already out there - different brands trying to hop on and catch the wave early. These folks are doing us a solid, creating a snowball effect at the same time - while trying to attract hip, young, connected kids, they're also creating a mystique about the meme -- about us.
Also: keep doing stuff like this
. I have no idea who you are, but I could just kiss you right now. THIS is exactly the kind of stuff that grabs attention and raises eyebrows. The rest of the world is serious business, and yet here is this great group of people who are having a great time (and making money). And if there's two things Humans really, really hate missing out on it's Parties and Making Money.
Add in the Olympic games, which start today, our fantastic charity outreach work is having some amazing ripple effects on the world stage. We're getting great press and continuing to do great work out there, getting people involved and talking about Dogecoin.
Most importantly: Our Dogecoin rewards are set to halve in a matter of days, just as attention on us is going to start hitting a fever pitch. Those who had been riding the fence are going to hop on and those who're just finding out - once they hear about the halving - are going take the leap as well (NEVER invest more than you can afford to lose, people!!).
I think 1 DOGE = 1 Cent is entirely do-able. And, if we keep up the hard work, probably not that far off.
Can we get to 10 cents? What would that take?
It'd take a big shift. To make 1000 DOGE worth $100 -- to increase the value of DOGE by a factor of 100 would be a huge task... pushing our market cap to $11.2 Billion (bigger than Bitcoin -- and the GDP of some smaller nations) but it's not impossible.
The best way to encourage that is to bring in online sites.
Twitch.tv. Steam. Places with massive, active user bases. Places that have advertisers coming to THEM, looking to market to their crowd.
In order for this to happen, we need to get people, online, to see how easy it is to tip and be tipped for their work. We need them to see how easy it is to use and transact in DOGE. It has to be fast, it has to be SECURE! (and I'm not sure we're exactly there yet) and, more importantly, it needs to stay fun!
I know there's an undercurrent of users who really, really wish that Dogecoin would look more 'serious', would have a Doge that's more 'noble' or 'pretty' or something. But that's not our brand. We're fun. However serious or not serious we want to be, that can be decided on an individual basis. But the coin, that silly Shiba smirk, that's our freaking Mona Lisa. That simple, friendly rendering and 'much wow' text? That's what's drawing curiosity and line ups. That's what's drawing the 'youth' crowd.
Finally, we'd also need to have probably 3 or 4 Halvings under our belt. Demand and scarcity will, over time, do wonders for our value. Just as people look back fondly on the days when you could buy DOGE at 50 satoshis and even 150 Satoshis, there will come a time when people will look back fondly at the time when you could buy DOGEs for pennies each.
It would take a lot of work to get there, but once it'd happen very fast.
Can we get to 1 Dollar? What would that take?
Mainstream adoption. Quite frankly. Being able to pay in DOGE at Best Buy. Or Walmart.
Or becoming the official currency of a nation (incredibly unlikely, but stranger things have happened).
In order for Dogecoin to jump by a factor of 1000 and hold it, I believe it would have to no longer be 'just an internet' currency. Our market cap would, first of all, leap to $112 Billion -- eclipsing the entire GDP of Puerto Rico
and making us an actual world currency.
For that to happen, basically, our currency would have to be allowed to grow that big. Regulation and taxation would most definitely be a regular part of the process -- no nation's going to let a piece of the pie that size skate by, unnoticed. The US has already had some regulations put in place for Bitcoin, and those will hold true for Dogecoin - but at that level other nations will surely follow suit.
That said, if adoption continues, if it continues to be spent, these things really won't matter all that much.
All this to say that a $1 Dogecoin is a great dream but it's not likely to happen.
Certainly not any time soon.
Though I look forward to the day when I can look back on this post and realize how incredibly, incredibly wrong I was!
It's 9:12 AM EST and we're at 45.19% of DOGEs found. Our Global Hashrate has seen a massive spike in the last hour from ~81 to ~113 Gigahashes per second though our Difficulty is still holding steady at ~1255. The Halving is now about 6 and a half days away
- mine what you can while you can. Those block rewards are going to be dropping soon!
As always, I appreciate your support!
TL;RD: a $1 Dogecoin is very unlikely, but 1 cent and 10 cent coins are attainable if we put in a lot of work to help get DOGE out there and accepted.
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