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Updated: February 28, 2023

Can Dogecoin Reach $1000? $100? $1? We Took an In-Depth Look…

Dogecoin, the crypto that started as a joke, has gained significant traction over the years, surprising the community with its popularity and meteoric rise. At the time of writing, Dogecoin’s market cap stands at over $10 billion, making it one of the top 10 cryptocurrencies in the world by market capitalization. As crypto enthusiasts (and gambling aficionados), we’ve also seen a huge surge in Dogecoin casinos – in 2023 virtually all self-respecting crypto gambling sites have the coin.

With all the buzz surrounding Dogecoin, many are now wondering: Can Dogecoin reach $1000? While this may seem like an outlandish question, it is not entirely unfounded, considering the incredible growth and potential of cryptocurrencies.

In this article, we will explore the various factors that could influence Dogecoin’s price and attempt to provide some insight into whether the meme-inspired cryptocurrency could one day hit the $1000 mark.

Some of the things we’ll talk about include:

  • The lack of a fixed supply
  • The impact of social media on Dogecoin’s price
  • The role of celebrity endorsements
  • The effects of wider crypto adoption on Dogecoin

Wondering about the best DOGE casinos? Here they are:

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Before diving into the nitty-gritty of DOGE, it’s worth noting that Dogecoin has already had a remarkable journey since its creation. In 2013, Jackson Palmer and Billy Markus created Dogecoin as a parody of the booming crypto market, featuring the Shiba Inu dog as its mascot. Initially, the cryptocurrency was not taken seriously, and it remained relatively obscure for years.

However, the tides turned for Dogecoin in early 2021 when it caught the attention of Elon Musk, the CEO of Tesla and SpaceX, who began tweeting about it frequently. His tweets, coupled with a broader surge in interest in cryptocurrencies, helped propel Dogecoin’s price to unprecedented heights. On May 8, 2021, the coin reached its all-time high of $0.69, marking a 12,000% increase from its price at the beginning of the year.

But can Dogecoin continue its upward trajectory and eventually hit the $1000 mark? Let’s take a closer look at the factors that could influence its price.

Dogecoin Lacks a Fixed Supply

Starting on a somewhat negative note, there is a particularity about DOGE’s design that makes it hard for the coin to truly grow.

One of the reasons why Dogecoin might not reach $1 (and much less $1000) in 2023 is that it lacks a fixed supply. Unlike Bitcoin, which has a hard cap of 21 million coins, Dogecoin doesn’t have a supply limit.

This means that new coins can be mined indefinitely, which makes it an inflationary cryptocurrency. While this encourages people to spend it, not hoard it, it could also mean that Dogecoin never manages to reach $1 as it is inflationary in nature and might not hold value in the long run.

But, don’t let this discourage you. While DOGE might not be the best coin to guarantee your retirement, it can still grow significantly over a shorter period of time.

DOGE *Really* Depends on Memes & Social Media

Dogecoin has managed to garner a huge following thanks to its playful and meme-worthy persona. It’s difficult to avoid images of the Shiba Inu dog, which has become synonymous with the coin. From memes on social media to celebrities endorsing the currency, Dogecoin has made itself known and loved by the Internet at large – not just crypto whizzes.

However, this is also one of its biggest weaknesses. The market’s dependence on social media trends and sentiments is a double-edged sword. A significant amount of Dogecoin’s popularity is based on internet trends, which can be unpredictable and fade away quickly. Plus, memes tend to be driven by emotion and irrational exuberance, rather than logical and sustainable economic value. As a result, the price of Dogecoin may be subject to frequent fluctuations and volatility.

When DOGE’s price depends on buzz, rather than underlying technology or potential usefulness of the coin… well, you can see how that can backfire.

It’s worth noting that, despite its reliance on memes and social media, Dogecoin has still managed to achieve a solid following, and its community is growing rapidly. We’re also seeing a genuine desire to create value through usefulness from the people in the DOGE project. So, it’s not all popularity and no substance.

Even so, DOGE is still mostly internet trends and much less substantial factors means that its price is more susceptible to sudden and dramatic changes. So, our prediction is if DOGE were ever to reach $1000, it would be riding the wave of social media hype and the success might not be long-lasting. 

The Musk Factor

Elon Musk’s influence over Dogecoin’s price cannot be overstated. The billionaire CEO of SpaceX and Tesla has been a vocal proponent of the cryptocurrency for a while now, and his tweets have had a significant impact on its price. For example, in February 2021, a series of tweets from Musk led to a massive surge in Dogecoin’s price. On one occasion, he tweeted a picture of a Dogecoin on the moon, followed by the message “Literally”. The tweet quickly went viral, and the value of Dogecoin skyrocketed.

Elon musk literally tweet screenshot

Musk’s support of Dogecoin has also led to an increase in adoption and mainstream recognition. For instance, Tesla announced that it would accept Dogecoin as payment for its cars, further cementing its position in the cryptocurrency market. Musk has also discussed the possibility of using Dogecoin to fund the development of a new lunar currency and even to finance a mission to Mars. All of this has helped to create a sense of legitimacy around Dogecoin, and it has become a viable investment option for many.

But, much like with social media, if Musk’s attention cools (or his opinion shifts), DOGE is in for a hard time. To this day, we’re not even sure if he’s serious about it. When asked about why he likes Dogecoin so much, he just tweeted “I love dogs & memes.” Could he be trolling us all? Or, do the Tesla and SpaceX DOGE moves prove he actually means it? It’s a gamble either way. 

Despite the risks, it’s clear that Elon Musk has been instrumental in bringing Dogecoin to the forefront of the crypto world. His vocal support of the cryptocurrency has led to increased adoption, higher value, and greater legitimacy. With Musk leading the way, it’s possible that Dogecoin could get close to the $1000 mark in the near future.

What About Adoption?

Stake Casino homepage
Major online casinos like Stake are going all-in on Dogecoin adoption!

Ultimately, crypto is supposed to be a currency, not just a place to accumulate wealth. So, is DOGE actually useful or are people HODLing in the hopes of it rising? We actually have some good news here:

Dogecoin’s adoption is growing and this really shows in some niches – particularly, the niche we’re passionate about at Casinos Blockchain. Several online casinos and betting sites now accept Dogecoin as a payment method, and some have even made it their primary currency.

One advantage of choosing Dogecoin for gambling is that it is fast and cheap to use. Transactions are processed quickly and fees are low, which makes it a convenient option for people who want to place bets or play games without waiting for long periods or paying high fees.

In addition to gambling, Dogecoin is also breaking into the payment processing world with some retailers and service providers. And, there are two main reasons why we’re just seeing the beginning of widespread DOGE adoption:

  • Factor one: community. The Dogecoin community is known for being friendly and supportive, and has a strong social media presence. This could help to attract new users and create a network effect that drives adoption.
  • Factor two: the technology itself and specifically the inflationary nature of Dogecoin. Unlike Bitcoin, which has a limited supply, Dogecoin does not have a fixed supply. This means that new coins are constantly being added to the supply, which can make it more accessible to new users and encourage spending rather than hoarding.

And, since Dogecoin’s adoption is still in its early stages, DOGE still has a long way to go – and grow. There are signs that it is gaining traction in certain niches like online gambling. Its quick and affordable transactions, friendly community, and inflationary nature could all help to drive further adoption in the future.

Conclusion

So, will DOGE manage to hit $1000 this year? All in all, it’s still pretty unlikely. But, even if it gets to $1, that could mean huge gains for Dogecoin investors. 

Ultimately, the lack of a fixed supply, dependence on memes and social media, and the role of celebrity endorsements are some factors that could influence Dogecoin’s price and its ability to reach $1000. 

While Dogecoin has already experienced a remarkable journey and is now one of the top 10 cryptocurrencies in the world by market capitalization, its reliance on social media trends and sentiments is a double-edged sword, making it more susceptible to sudden and dramatic changes. Therefore, if DOGE ever reaches $1000, it would likely be riding the wave of social media hype and the success may not be long-lasting. 

Nonetheless, the Dogecoin community is growing, and there is a genuine desire to create value through usefulness, so its future remains unpredictable.

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    Best Bitcoin Gambling Strategies

    January 3, 2023

    Best Bitcoin Gambling Strategies

    Learn how to optimize your game with the best Bitcoin gambling strategies.

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    Best Bitcoin Casinos In Australia

    January 24, 2023

    Best Bitcoin Casinos In Australia

    Learn about 5 stellar Bitcoin casinos accepting Australian players.

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    Bitcoin Slots At Brick And Mortar Casinos

    January 3, 2023

    Bitcoin Slots At Brick And Mortar Casinos

    Bitcoin slots are everywhere these days... except at land-based casinos.

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    Interview With EarnBet's Chief Operating Officer

    January 16, 2023

    Interview With EarnBet's Chief Operating Officer

    "Complete transparency and provable fairness" are the advantages of Dapps.

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    Interview With BGaming's Director, Marina Ostrovtsova

    February 26, 2021

    Interview With BGaming's Director, Marina Ostrovtsova

    "The main point of provably fair games is ensuring their outcomes are random."

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    Casinos Like BitStarz - Top Bitcoin Casino Alternatives

    February 7, 2023

    Casinos Like BitStarz - Top Bitcoin Casino Alternatives

    Looking for a new casino? Check out these 5 crypto-friendly alternatives to BitStarz.

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    Blockchain Casino RNG - Randomness At Blockchain Casinos

    January 3, 2023

    Blockchain Casino RNG - Randomness At Blockchain Casinos

    Are casino games really random? Can blockchain technology improve their fairness?

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    House Edge, Explained - Getting More Value For Money At Blockchain Casinos

    February 2, 2023

    House Edge, Explained - Getting More Value For Money At Blockchain Casinos

    How blockchain technology helps casinos reduce costs, lowering their house edge.

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    Anonymous Bitcoin Casinos

    March 10, 2023

    Anonymous Bitcoin Casinos

    Learn how you can protect your privacy while gambling online at blockchain casinos.

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    Best Bitcoin No Deposit Bonuses (2023)

    March 8, 2023

    Best Bitcoin No Deposit Bonuses (2023)

    Get all the information you need to take advantage of Bitcoin no deposit bonuses.

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    Gambling Dapps, Explained - Are They Really The Future Of Online Casinos?

    January 12, 2023

    Gambling Dapps, Explained - Are They Really The Future Of Online Casinos?

    Bitcoin was cool with the blockchain for transactions. But what if you could build entire applications on the blockchain? This is exactly what Ethereum’s founder thought and then her made it happen. Today, the Ethereum network is the largest smart contract provider, powering enormous projects like OpenSea, Uniswap, Coinbase. And, yes, there are also decentralized […]

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    How Curaçao's New Gambling Regulations May Impact Blockchain Casinos

    January 3, 2023

    How Curaçao's New Gambling Regulations May Impact Blockchain Casinos

    Reputable casinos are likely to come out on top while shadier operators may be severely affected. As part of a financial rescue deal with the Netherlands, the government of Curaçao has committed to introducing a new online gambling regulator by March 2021. Heavily reliant on the tourism industry, the island of Curaçao is expected to see […]

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    The New Paypal Crypto Wallet Might Change Blockchain Casinos For The Better. Here's Why.

    February 2, 2023

    The New Paypal Crypto Wallet Might Change Blockchain Casinos For The Better. Here's Why.

    Discover how Paypal’s entry into the cryptocurrency market can directly benefit you. As recently reported by Reuters, Paypal users are now able to store, buy, and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash in their account. Blockchain enthusiasts can then shop and play with cryptocurrencies at the more than 26 million businesses currently on Paypal. […]

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    Online Games On Go Mojo Through Blockchain By FDJ

    March 10, 2021

    Online Games On Go Mojo Through Blockchain By FDJ

    The French Gaming Authority, La Française des Jeux, recently launched an online gaming platform with prizes of up to €100K. This platform is not only powered by blockchain, but also free to use. Only the Mojo counts. Free To Play Go Mojo is the result of a partnership between FDJ and RedPill. The last one […]

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    DAO.Casino – Blockchain Casino Protocol

    January 16, 2023

    DAO.Casino – Blockchain Casino Protocol

    DAO.Casino was formed by a software development team, based in Russia, who is looking to reap the well-known benefits of blockchain technology to implement them on the online gambling industry. Their main goal is to tackle big industry issues like lack of transparency and need for third party involvements to ensure quality. To help build on this, technologies like Ethereum’s Swarm or the IPFS […]

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    Interview with FunFair’s CEO Jez San

    January 16, 2023

    Interview with FunFair’s CEO Jez San

    FunFair is without a doubt spearheading the movement of blockchain technology within the online casino business. The alliance between these two concepts is one that we have covered extensively. Since FunFair is built on the ETH blockchain, it joins the ranks of our Ethereum casinos selection, but it also fits within our general love for […]

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    Interview with Edgeless Co-Founder Tomas Draksas

    January 6, 2021

    Interview with Edgeless Co-Founder Tomas Draksas

    Edgeless is a blockchain based project whose goal is to offer players the chance to play on a decentralized casinos. The platform currently offers 2 fully working products: Dice and Blackjack. In order to play users have to use their native token EDG which is an Ethereum-based token (ERC20 more specifically). They are only in the […]

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    Blockchain Technical Committee by GSA (UK)

    September 1, 2021

    Blockchain Technical Committee by GSA (UK)

    Earlier this year the GSA – Gaming Standard’s Association – formed the Blockchain Technical Comitee. This is interpreted as a major hint that the GSA will be looking to integrate the technology behind cryptocurrencies onto the online gambling industry. How the committee plans to execute this is still unclear at this point. A meeting organized by […]

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    Bitcasino pioneers Fiat-to-Bitcoin conversion

    March 10, 2021

    Bitcasino pioneers Fiat-to-Bitcoin conversion

    Big news for every casino enthusiast out there. Bitcasino.io is providing their users with the ability to directly convert fiat money (Euro or Dollar) into Bitcoin. This is the first time an online casino has implemented this kind of conversion service that eliminates the need of going through an exchange. This has been made possible through a […]

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    FunFair will revamp licenses for Blockchain gaming

    June 23, 2020

    FunFair will revamp licenses for Blockchain gaming

    Funfair technology looking for licenses by regulators As we all know by now, everything related to online gambling is ripe for disruption and improvement, specially with the emergence of blockchain technology. Many projects know this and are trying to setup their “start-up” in the business using the technology behind cryptocurrencies like Bitcoin to take advantage […]

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    Would Gambling Tokens Benefit More from Bitcoin Cash?

    January 3, 2023

    Would Gambling Tokens Benefit More from Bitcoin Cash?

    As we’ve previously covered, gambling is to blockchain what fish is to water. The advantages of bringing these two together are plenty and clear to see. However, due to the incipient nature of the technology, there are still some hurdles to overcome in order to make blockchain and cryptocurrencies the perfect environment for gambling, including sports betting, […]

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    Overwhelming blockchain casino club to raise $1 billion in Macau

    January 3, 2023

    Overwhelming blockchain casino club to raise $1 billion in Macau

    Macau, known as one of the world’s top destinations for gambling, is about to further raise its game as an international company is working on a billion-dollar ICO to build the world’s first ever blockchain-based casino gaming club in the island. Wide Rich Global Company, an investment venture based on Malta (yet another blockchain-friendly island), announced their […]

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    Provably Fair Casinos – What Is It? Does It Really Work?

    February 7, 2023

    Provably Fair Casinos – What Is It? Does It Really Work?

    Provably fair casinos have revolutionized online gambling. The concept removes even the possibility of a rigged result. With provably fair games, you can verify the authenticity of each bet you place. This means the casino can’t manipulate the outcome – either by design, or because the result is verifiable. Provably fair games are available on […]

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    Isle of Man reaffirms its leadership by launching new blockchain office and sandbox

    January 3, 2023

    Isle of Man reaffirms its leadership by launching new blockchain office and sandbox

    The Isle of Man, a jurisdiction with one the world’s most advanced legal frameworks for cryptocurrency and iGaming, is launching a new Blockchain Office and regulatory sandbox to cater to the relinquished billionaire blockchain market. As reported by FSTech, the office will be dedicated to facilitating communication between regulators and companies in the sector, enabling the industry to flourish in […]

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    Fishing Master – TRON Gambling Dapp Review

    March 10, 2021

    Fishing Master – TRON Gambling Dapp Review

    Fishing Master is a blockchain gambling game, and in fact, one of the most popular DApps – decentralized applications – on the Tron platform overall, with an average of 2.3k daily users as of February 2019, according to DappRadar. Its simple gameplay is based on casting a fishing rod in order to receive a random amount […]

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    Malta Blockchain Summit 2018

    March 10, 2021

    Malta Blockchain Summit 2018

    Malta has cemented itself as the “Blockchain Island” by now given its very friendly approach toward blockchain related businesses. Binance and OKEx are major players in the game who have announced their relocation to Malta. To capitalize on this momentum, Malta’s Blockchain Summit is set to take place on 1-2 November on St. Julian’s InterContinental […]

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