Key Points

If Dogecoin gets adopted as a payment method, especially with help from Elon Musk, then demand for the token could soar.
With the price 88% below its record, the brand power this cryptocurrency once possessed appears to be weakening.
Investors should not bet their hard-earned savings on a digital asset that has no tech differentiation or supply cap.
10 stocks we like better than Dogecoin

Dogecoin (CRYPTO: DOGE) is trading 88% down from its record (as of June 11), which was established in May 2021. Despite this decline, the cryptocurrency has risen so much since its launch that it now commands a market cap of $14.6 billion. This is one of the most valuable digital assets.

Dogecoin certainly attracts investors who are looking for monster returns. Can this meme token turn you into a millionaire one day?

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Greater adoption can move the needle

Let's put some numbers behind what a millionaire-maker investment opportunity looks like. For Dogecoin to do this, it must have the potential to grow 100-fold over the next three decades, for example, which equals a 16.6% annualized gain.

There obviously needs to be robust durable demand for the underlying token. In theory, higher demand should drive the price up.

I believe Dogecoin's best shot at rising rapidly in the future comes from the cryptocurrency being used as a payment mechanism. In particular, if Elon Musk, the richest person on Earth and someone who has publicly voiced his support for Dogecoin in the past, somehow finds a way to integrate this digital asset into the various companies that he owns, maybe it can trigger greater adoption.

After all, the long-term viability of a cryptocurrency comes down to its ability to find real-world utility. If Dogecoin can prove that it can fulfill this requirement, there can be tremendous upside.

The bear case agrees with reality

Investors should not hold their breath waiting for the bull case to play out. Dogecoin is not your ticket to a million-dollar net worth. This crypto should be avoided.

Dogecoin has historically depended on enthusiasm from its community of supporters. While this has led to short-term price spikes, it is not a fundamental trend to bet on. The fact that the token trades so far below its record is a clear indication that the market is losing interest, with no catalysts that can sustainably lift the price.

In the world of cryptocurrencies, Dogecoin's brand has been its only true differentiator. Based on its disappointing price trajectory, though, even this is on shaky ground.

Here is where the bear case really holds its weight. Dogecoin does not possess any sort of technological advantage, especially when there are extremely innovative blockchain projects out there. Its developer community is basically non-existent, drastically lowering the probability that it will launch useful features.

The token supply also has no hard cap. This eliminates the concept of scarcity. That does not support a higher level of demand from market participants.

If you had been brave enough to invest in Dogecoin in the early days, you would be sitting on substantial wealth right now. The future, however, will tell a different story.

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Neil Patel has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.