Twitter and Tesla CEO Elon Musk has a special connection to cryptocurrencies. The DOGE meme base seems to be his favorite. He regularly keeps his followers informed about Dogecoin and advertises it indirectly. In the past he even predicted that you can be a millionaire with 100 USD and the fun currency. In this article we want to clarify the question of whether this forecast could be confirmed.
Elon Musk, probably the most popular voice behind Dogecoin, has regularly caused Dogecoin to explode in the past. He usually only mentions the cryptocurrency during an interview, tweets a picture or writes only a few words about it.
Despite such short tweets, it seems that the followers blindly trust him and then invest more in the Dogecoin. The strongest boost to date came on May 8, 2021, after Musk tweeted about DOGE. it reached the value of USD 0.68. His previous highest number.
In any case, investors who invested $100 in DOGE before this increase will have made significant gains. However, no one ever became a millionaire through the DOGE.
Today, a two-year-old $100 investment would be worth about $2,500. DOGE coin value is $0.06196 today after a slight rise in the last 24 hours. The market capitalization is currently at a level of over 8.66 million USD.
But how could an investment of $100 perform in the coming months? Traders looking to invest in cryptocurrencies should look for a reliable broker. In our eToro report, traders can find out why the platform is currently our test winner.
DOGE Prognosis: With 100 USD to be a millionaire?
For prognosis, the basic values of the DOGE should be taken into account first. As a reminder, the Dogecoin is an inflationary token. This means that there is no limit to the maximum amount that can be crafted. Only the annual maximum is 5 billion coins.
In light of this, the token is only suitable as a long-term investment to a limited extent. Holders can currently view the coins as a collector’s item or use them as a payment method within the blockchain or in the Tesla Merchandise Store.
So the Dogecoin does not offer a real use case within the Web3 world. Unlike other cryptocurrencies, it is not considered a fun currency. For some traders, the signal may still be suitable as speculative or for day trading. This can be seen when looking at the price history. Anyone who sells their coins at the right time can always generate returns.
However, it depends on the goals being pursued with investment and how high is the willingness to take risks. If you want to make quick and high profits as possible, you probably won’t make a good purchase with the Dogecoin.
The thought process of becoming a millionaire through the Dogecoin with only 100 USD sounds particularly tempting. Anyone who wants to invest with this amount right now will get 6,189 tokens today. So what will these be worth in the future?
Rise or fall: That’s what the experts say
Coincierge analysts expect the token to rise to around $0.20 in the next two years. They evaluated the cryptocurrency based on fundamental data, price history and the relationship with Bitcoin.
Bussinesinsider sees much better development to come. Here, the analysts assume that the price could rise as high as $0.73 in 2025. However, at least USD 0.45 is possible.
Capitalaintcoin’s calculations show that a value of USD 0.78 could be reached as early as next year. That would be an increase of over 20 percent compared to today’s price.
Therefore, the majority of analysts expect the value of the Dogecoin to increase in the future. However, there can be no question of explosive growth. No one who invests USD 100 at this point will be a millionaire in 2024 or 2025 thanks to DOGE.
Calculations and expert assessments show that the DOGE is a very risky investment. It depends a lot on Elon Musk and the public at large. If you want to buy the meme coin, you should be aware of the possibility of a total loss.
Musk himself spoke in a recent interview about the risks of investing in cryptocurrencies.
Elon Musk just gave his current views on crypto in an interview with WSJ
“Dogecoin is my favorite because it has the best humor and it has dogs” pic.twitter.com/QYDYbf0Yjo
— Sir Doge of the Bonn ⚔️ (@dogeofficialceo) May 23, 2023
In an interview with the WSJ, he emphasized that he is not recommending anyone to invest in cryptocurrencies. He explains how risky such an investment is and that no one should “put their entire fortune on it”. However, he reiterates that the DOGE is his favorite: “Dogecoin is my favorite cryptocurrency because it has the best sense of humor and it has dogs.”
AI DOGE: Token gets first listing
In the past, the DOGE has provided several opportunities to create returns. Even if the forecast to become a millionaire at USD 100 is not within reach, fun currencies have many possibilities. This also includes the new cryptocurrency AI Doge. The coming months could see explosive price increases.
The developers of the AI DOGE token also rely on the fun factor. However, they link it to a useful use case. Users of the platform should be able to create their own memes in the future. These should be linked to an offer of guarantee, which would ensure a regular income for the holders. Compared to other meme coins, the AI DOGE should offer a real use case. So far there is strong demand. The pre-sale ended earlier than planned and the first listing has already been confirmed. The sign is due to go live on Monday, June 19.
Photo by Kanchanara