As the use of Dogecoin became more popular, the currency gained a tremendous amount of value and climbed to become one of the top ten most valuable cryptocurrencies. This success was unprecedented and brought some unexpected attention from other investors in the market.
Dogecoin has been consistently making headlines in the financial press lately, due to its major price fluctuation and Elon Musk’s alleged involvement. This cryptocurrency has been powered by a strong community that contributed ideas for new features and made lots of commitments. That doesn’t seem to be going away anytime soon.
Dogecoin is gaining momentum, and that comes as no surprise. It all started as a joke, but now it’s turning out to be an appealing, unique cryptocurrency. And with so many people shilling it all the time, it’s only going to get better!
1. The Dogecoin Community
Because of the Dogecoin community’s loyalty, we saw massive success with the currency. We only ask you to invest responsibly and stay up to date on what’s new with the doges.
The Gamestop saga sparked all the other recent sub-Reddit posts, which were largely orchestrated by the coin’s sub-Reddit group and the infamous WallStreetBets discussion. We saw just how influential these groups can be.
DOGE has a small army of die-hard fans that it can call on when needed to help defend the coin. These fans are willing of buying and selling DOGE at their own pace, which means they’re not going to drop the coin anytime soon.
If dogecoin becomes the world’s “coolest” cryptocurrency, this could be a major source of attraction for younger generations. If it becomes their digital currency of choice, this could be huge for businesses that want to market to these people.
Bitcoin has held the top spot and no other rivals have been able to beat it. While DOGE seems to have a lot of potential in building cultural momentum. Even today, the value of one DOGE is equal to USD 0.005543 with it being worth $0.0000242 per BTC.
2. Elon Musk
When Elon Musk’s company, Tesla, acquired $1 billion worth of Bitcoin in 2021, the price of BTC skyrocketed. There was a lot of media attention surrounding it and people predicted a lot before and after that acquisition. When Elon Musk announced Tesla would no longer accept PayPal, it went into decline.
Although Elon Musk has been hesitant to accept the title, he still manages to influence the value of Dogecoin positively.
Mr. Allan has mentioned DOGE- multiple times in 2021 and assured us that he believes it will increase substantially in value over the long run.
Muske also made his now-famous “release the Doge” remark, which saw the token’s price surge by 10% almost immediately. This indicates that Muske isn’t quite ready to wash his hands of dogecoin.
Elon Musk has recently expressed interest in the Dogecoin community by posting positively on Reddit. As long as he continues to do so, there’s a chance we could see another market-driven price increase.
3. Dogecoin Is Still A Viable Currency
Whether you’re open to the idea of cryptocurrencies or not, Dogecoin is a fairly simple coin by today’s standards. It can only do certain important things and wouldn’t be considered much of an investment. However, all top-tier coins have their limitations and that is true for Bitcoin as well.
Dogecoin is a lot more viable for making payments than other currencies like Litecoin. It’s modeled on the Litecoin blueprint but uses a different proof of work algorithm, rather than SHA256. Dogecoin has a lot more usability than Bitcoin and thanks to this, it is much more popular.
Dogecoin is also an inflationary cryptocurrency along with bitcoin, which is mostly in line with fiat currency and means that Dogecoin won’t be too scarce for everyday transactions. The supply rate of DOGE increases at a controlled, steady rate. It has enough to support retail transactions while it’s keeping the token in supply.
4. Dogecoin Has Celebrity Status
Dogecoin is one of the most popular cryptocurrencies in existence. Its unexpected look and feel, coupled with its name and massive community, have made it one of the most popular digital currencies. It’s worth loads!
Snoop Dogg is known to be a cryptocurrency investor and has also mentioned Dogecoin and tweeted an album cover featuring his R& G songs. An interesting event took place in the world of cryptocurrency on February 14th.
Snoop Dogg and Lil’ Yachty have both supported Dogecoin on social media, signaling its increasing popularity. Kissing Gene Simmons has also revealed that he has acquired a “big position” in this crypto, meaning it is very important to the community’s growth and success.
Many high-profile people have come out in support of Dogecoin, not just rappers and aging rockers. Billionaire technology investor Mark Cuban tweeted that “If I had to choose between buying a lottery ticket and Dogecoin, I would buy Dogecoin.” He has also gone on to confirm that he has bought an undisclosed amount of the altcoin for his son.
5. DOGE Mania May Not Yet Be Over
Some people believe that imitation is the highest form of flattery. This has resulted in a new token called DOGE Killers emerging and attempting to recreate the strong community-driven price surges that were seen with Dogecoin.
Our AI writing assistants could provide a new lucrative trend for any company that lets them use their platform. If some companies do start to provide this, it could boost Dogecoin’s continuing success and make the likes of SHIB and LEASH worth more.
While some signs point to declining popularity, DOGE’s numbers have been pretty steady and consistent which is intriguing. Additionally, there has been some evidence of increased interest in the year 2021, with 34% of revenue coming from this cryptocurrency.
What Are Analysts Predicting For Dogecoin In The Coming Months?
We put forward five reasons why Dogecoin might be a good investment in 2022, here is one of them: but what do the analysts have to say?
WalletInvestor forecasts that by the end of 2022, the price of Dogecoin could be $0.441 if they’re right! As with any investment, you should diversify your portfolio to minimize risk, but investing today & stock-piling on Dogecoin is a smart move from a financial perspective.
Elsewhere, according to technical analysis from TradingBeasts, DOGE will grow going into 2022. The cryptocurrency will reach $0.2729 by that time.
DOGE has been predicted to reach $0.27 by 2022 and climb toward $0.33 by 2023.
Dogecoin has been increasing its price steadily as of late. Numerous financial analysts have predicted that this pattern will continue, with a possible increase of 50% in the following few months.
Conclusion – Is Dogecoin A Good Investment In 2022?
Not every cryptocurrency has positive future potential, but it is safe to say that DOGE has quite a bit of promise. Many analysts believe that DOGE could be up by 2022.
Reddit can be a good platform for raising the value of an asset – if you know what to do and your campaign goes well. Dogecoin fans have done this very successfully, for example!
The cost of Elon Musk is hard to pin down and continues to fluctuate. Moreover, his support also comes with many benefits.
His cult following of over 10 million fans on social media can bring new investors into the space, and we have already seen that his backing can push up prices within hours of him posting a tweet or making an off-the-cuff comment in an interview.
Where To Buy Dogecoin
Dogecoin is becoming more popular so it can now be traded on many different platforms. We recommend checking with eToro as a great first step in getting started with cryptocurrencies.
EToro’s website offers a variety of benefits for traders. Not only does it offer a powerful and user-friendly trading platform, but it has numerous regulatory & licensing credentials that attest to its long track record of providing customers with trust & confidence in its financial protection.
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