Now I’m not one to hype up meme coins like DOGE, or Shiba-Inu, or Will Smith-Inu (yes it’s real), or whatever….
HOWEVER, Elon musk purchasing Twitter could have huge implications for DOGE…
Doge and Shiba-Inu were probably the best trades you could have made on the planet over the past 2 years… So why not look at them more seriously?
This could be the strangest catalyst in crypto history, but it’s definitely worth looking into…
So let’s take a look at the OG meme coin
Honestly, it will be difficult, but nothing is impossible.
If Doge coin was to surge above a dollar as many online crypto influencers have stated as their irrelevant “price targets”, that would take a massive amount of capital.
I’ll explain why in a second…
But, there could be an ingenious method that COULD allow it to reach a dollar…
Twitter has this neat little feature that allows you to tip individuals in BTC. You can connect a bitcoin wallet to your Twitter address allowing anyone to send you funds.
Since Elon is the “Dogefather” and the new owner of Twitter, tipping in DOGE seems highly likely to be a new feature within the year…
That will have implications for DOGE but how massive? Not really that much, since even the BTC tipping feature isn’t used that often on Twitter.
There are many other methods that could allow DOGE to hit a dollar as a lot of influencers have said (not me), but let me break it down for you and why that goal becomes more difficult every day…
Tokenomics, The Most Important Word in Crypto
What separates trading stocks from crypto? One word, Tokenomics.
Every cryptocurrency has a set distribution method and token amount. For example, Bitcoin has 21,000,000 with the amount awarded to miners halved every four years. That is the tokenomics of bitcoin.
DOGE tokenomics are not nearly as scarce as BTC, there is no hard limit to the amount of DOGE that can be mined and distributed into circulation. It is an inflationary token that will inflate less as time goes on. So every day it takes more capital for DOGE to reach a higher market price, simply because of its inflationary tokenomics.
I wouldn’t be too quick to dismiss meme coins.
Are they going to fundamentally change how our society interacts with each other and our economy? Probably not.
However, we’re DOGE and Shiba-Inu in the top two cryptos you could have bought and held over the past 2 years? For sure. The percentage gain for these two projects we’re ridiculous. However, the tokenomics of DOGE makes it more difficult every day to reach a higher price.
Don’t let that discourage you from following your instincts and research though!