We just saw something unbelievable and thought it was worth sharing with everyone. Someone literally owns 34,812,348 969.52 Dogecoin which is approximately one-fourth of the total supply of Dogecoin and has continued to buy more raising questions around its true value.
How much is being invested into Dogecoin?
The investor has continued to put more money into Dogecoin and bought 2 billion more Dogecoins just a couple of hours ago. In the last two days he has bought about 4 billion dogecoin and the first time he bought dogecoin was all the way back at the beginning of 2019 close to exactly two years ago. It was on 5 Feb 2019 so literally in two days it will mark two years since the first time he bought dogecoin and he bought 100 Dogecoin at that time.
Since then he's been buying a lot of Dogecoins. At times he will sell some but for the most part he's bought and bought and bought and bought and bought overall he's either bought or obtained 41.8 billion dollar coin and has sent or sold over 7 billion dogecoin. So those are HUGE numbers.
What is odd are the 69 doge entries, now clearly this person likes memes and must be a billionaire. Although we don’t know who it is, it could Elon Musk, it could be Patrick Carlson, it could be anyone who is smart enough to know the true value of doge coin. Currently dogecoin is hovering at roughly $0.03, can Dogecoin reach 15 dollars or more is the question we will try to answer today.
Can Dogecoin reach $15?
While the mainstream media is classifying the Doge movement as the latest target of hyped-up Reddit users, they are ignoring the strength and camaraderie in the Doge community that has moved beyond a platform or geography.
And that is not it, there is a lot of negativity around Dogecoin but if we go back in time, people were equally skeptical about Bitcoin and after one glitch back in 2011, Forbes went on to suggest the end of Bitcoin. And here we are and we know the level Bitcoin price is stable at.
There are also a lot of videos out there talking about the market cap and that is true to some extent, but it is not considering few facts, inflation, growing GDP, acceptability of crypto currency in day to day business and if we talk about extension of acceptance specifically to Dogecoin, the reallocation of funds currently held by big crypto currencies like Bitcoin and Ethereum.
Now if we consider high priced crypto currencies and look for analogy in stock market, high priced stocks at one point of time suffers liquidity crunch and corporate action like stock split is used to make it accessible to large group of small investors.
But in case of Crypto currency, you can buy the instrument in fraction, so liquidity in the market might not be an issue but how far it can move is limited.
If you are a big player or you have a big money invested in say Bitcoin, 10 to 15 % change will look attractive but if you invest 1000 to 5000 dollars, you won’t see such gains, in absolute terms. So the new bunch of investors will prefer to ride the wave created by the social media buzz across the globe and get advantage of it.
And if at every level crypto currency of the size similar to Doge, keep stabilizing itself, that means its ok investors are pumping and dumping but they are also making the community bigger by accumulating more people who will hold Doge as they could not make enough return during the run or are at the losing end.
This price stability that Doge for example is attaining at every level and the fear of losing out will make Doge and similar cryptos more attractive and where the volume there goes the gains.