According to one of the co-founders of the Dogecoin (DOGE) meme-coin, Billy Marcus, he has every reason to believe that the value of the virtual asset will increase significantly in the foreseeable future. The developer explained why he came to these conclusions.
He stated that the topic of burning DOGE is now being actively discussed using the example of the main competitor – SHIB coins from Shiba Inu. The question of the possibility of deploying a similar mechanism with Dogecoin was raised earlier, but the idea was rejected. However, one of the members of the community contacted Billy Marcus directly to find out his personal position on this issue. The developer noted: if you start burning DOGE coins, then in the end the course will “go to the moon”.
Users noticed: most likely, the entrepreneur said this in a joking manner. Marcus later assured: DOGE is not going to follow the example of SHIB. No mechanisms are being developed for the destruction of cryptocurrency assets, and the value of a digital coin will grow even without it thanks to other technological innovations created by the project team.
The specialist also noted that the burning of SHIB tokens did not lead to avoiding inflation. The value of the virtual asset fell in the same way as the entire cryptocurrency market. According to the Shibburn portal, as of August 8, 2022, a total of 750 million SHIB were burned in the last week, which did not affect the rate in any way, given the size of the issue of the token.
At the moment, the capitalization of Dogecoin is $3 billion higher than that of Shiba Inu, or almost 2 times. Marcus assured that once the value of DOGE reaches $1, then the total supply of coins on the market will be $130 billion. It’s hard to believe, but the community remembers that the cryptocurrency was worth $0.73 in 2021.