Can Dogecoin rally to $5 by 2025?

Mark Cuban has been a constant supporter of Dogecoin, and his statements always reflect his support towards the crypto asset. He finds it to have a better utility.

Dogecoin

The first of its kind cryptocurrency, Dogecoin is a peer-to-peer open-source cryptocurrency. Surprisingly the coin featuring a Japanese breed of dog, Shiba Inu, was started as somewhat of a joke but gained massive popularity over the years. With prominent names associated with it. DOGE was started as a lighthearted alternative to the cryptocurrencies like Bitcoin.

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Dogecoin was created by two software engineers named Billy Markus and Jackson Palmer in 2013. Doge promoted itself as a sarcastic version of Bitcoin. It was created using the open-source code of Litecoin, which itself was a fork of Bitcoin. 

Features of the Dogecoin

• Supply: While Bitcoin was a measure for inflation and is scarce, Dogecoin is meant to be abundant. Dogecoin has no maximum supply. The miners of Dogecoin earn 10,000 DOGE per block every minute. 
• Decentralization: Decentralisation is the primary feature of the security governing cryptocurrencies.
• The technology used: Scrypt technology, which is derived from Litecoin, proved to be an argument to be a faster and more adaptable version of Bitcoin. 

Mining is a process by which new coins are entered into circulation. The process of altering the shared ledger with a newly added transaction in which all the core supporters synchronize the copies is what we call cryptocurrency mining. These core supporters are known as miners. However, Doge mining can be a bit expensive because of its use of Scrypt technology, which is a bit faster than mining other cryptocurrencies. 

Doge also has its Decentralised Autonomous Organisation (DAO) called DogeDAO, where the utility token is $DogeDAO, and it will serve as the currency for the DogeDAO ecosystem. Through the index token, it supports multi-chain and cross-chain access to Doge and meme tokens. 

Dogecoin is supported by some prominent personalities like Elon Musk, Snoop Dogg, etc. The support from Elon Musk since early 2021 has influenced the meme coin significantly. Tesla, his electric car giant, has also started accepting Dogecoin for payments last month. And Musk often tweets about cryptocurrency. 

Other than Elon Musk, there is another prominent personality who supports Dogecoin, Mark Cuban.

Who is Mark Cuban?

Mark Cuban is an American Billionaire Entrepreneur, a TV personality, and a media proprietor. He is the CEO of Dallas Mavericks, the famous basketball team of the National Basketball Association(NBA), and one of the main Shark investors in the popular show Shark Tank. Mark Cuban is also famous for his investments in Startups like Brondell, Motionloft, etc. He has also partnered with Mascot Books to publish his first children’s book. 

He has also been involved in controversies. For instance, he was fined by the National Basketball Association for his critical statements about the league and referees. 

He is also a supporter of the crypto industry and its related terms like Non-Fungible Tokens (NFTs), Metaverse, etc., and has been investing in them a lot lately. 

How are Mark Cuban and Dogecoin related?

There have been a lot of instances when Mark Cuban releases statements on Dogecoin, which reflects that he openly supports it. He has often celebrated the cryptocurrency via his official Twitter account. Many of his comments revolve around the growth and evolution of the meme coin. 

Last April, he and Elon Musk both tweeted separately about Doge. Cuban talked about how Doge is a coin that people actually use for transactions, which resulted in the coin’s price surge.

And in March, he started to accept Dogecoin for his basketball team Dallas Mavericks, one of the largest Dogecoin merchants and the first NBA team to accept Doge for tickets and merchandise. And said to provide special merchandise pricing for the ones paying via Dogecoin.

He further said that the cryptocurrency has a unique use case compared to other cryptocurrencies. He also holds Dogecoin, which he bought for his son. Last year, he was pretty bullish about the coin and said that Dogecoin has more utility than other currencies and that it might not be the best investment, but in the longer run, it might perform well. He also predicted it to be moving towards being a stablecoin. 

Last month he also agreed with a Twitter user that Dogecoin is a gateway drug to Bitcoin, along with other crypto enthusiasts who supported the tweet.

Apart from Dogecoin, he also supports other cryptocurrencies like Ethereum (Ether) and MATIC. He very recently revealed that he had gathered a lot of Ether and MATIC. And he is bullish and bet on both these coins over Bitcoin. He finds Ethereum to be more scalable than Bitcoin. 

Cuban said last month that eighty percent of his investments which are non-shark tank are on crypto-related stuff, which reflects he’s totally into the crypto industry and has adopted. 

This prominent Dallas Mavericks CEO also recently said about Metaverse that people just like to sit even if it’s not for real. He also owns Non-Fungible Tokens (NFTs) from famous NFT projects like Bored Ape Yacht Club, CryptoPunks, etc. 

These tweets and instances reflect that Mark Cuban on Dogecoin has a positive approach on Dogecoin. Although not everyone favors Dogecoin due to its low value and less adoption compared to BTC and ETH, but personalities like Elon Musk and Mark Cuban on Dogecoin are constantly supportive to date, which has always added plus points for the coin. It is to look forward to what next will come up related to Mark Cuban and Dogecoin.

Current Price and Future Price Predictions for Dogecoin

At the time of writing, Dogecoin is trading at $0.1447 and currently stands at the eleventh position by market cap, which is $19,212,535,603. The coin witnessed it’s All-Time High last May when it hit $0.7376. The coin has 4,836,522 total addresses holding Dogecoin. 

The crypto industry is volatile and often witnesses price predictions from various entities. CoinQuora made one such prediction for Dogecoin that it might witness around $5 per coin by 2025. In contrast, Wallet investor predict it to be around $1 in the next five years.