Despite being a joke in 2013, Dogecoin has evolved into a valuable digital asset. It gained popularity for supporting not just charitable causes but also online tipping.
The coin is still here after years of development to stay at the forefront of our society, with a continued performance that’s both insignificant and remarkable depending on your perspective.
However, It started to exhibit massive growth potential in 2020. Within a year, it grew to become the biggest meme coin and effectively ranked among the top ten cryptocurrencies by market capitalization.
Dogecoin Growth
Even though dogecoin had a spectacular year in 2021, the past few years have been a very different story for the coin. The price has plummeted and it’s trading at a very low value.
In January of this year, the price of bitcoin ($B0.1715 at the end of 2021) advanced steadily. This is contrary to most predictions by experts that it would continue to decline due to overall market weakness.
Many factors contributed to the soaring value of Dogecoin. Key opinion leaders, influencers, and external factors were outside forces that were influential in driving that value sky-high.
For example, Elon Musk and Snoop Dogg have added huge momentum to the Dogecoin community. The crypto coin has become a social media favorite on Twitter and Reddit.
So, what is in store for dogecoin? As the popularity of dogecoin grows, it will likely see more growth with institutional adoption and acceptance by retailers. Tesla has mooted offering it as a payment alternative.
Numerous investors have been investing heavily in Dogecoin. Because they are obviously seen as a “high-risk, high-reward” cryptocurrency. Mark Cuban owns the Dallas Mavericks, which accepts dogecoin for tickets and merchandise.
Some of the community members also suggest using doge as a way to pay for hot tubs. With increasing user cases, the price of dogecoin is set to skyrocket.
Dogecoin Price Forecasts for 2022
Although the future is always uncertain, these cryptocurrency prediction sites provide a valuable source of analysis and market insight. They can help you stay ahead of the curve with their predictions and give your business a head start. What things should they do to try to prepare for their long-term profitability?
By February, the average price of Dogecoin should be around US$0.23 per coin on average. The last row of the table indicates a possible maximum value at the end of Q1.
The average price for DOGE is US$0.234677 in April and will hit the maximum of US$0.292728 in June, according to predictions at the crypto-currency website prediction market doxdoge.com.
The CryptoPredictions algorithm predicts that Dogecoin’s value will drop slightly in July, with the expected maximum price reaching US$0.291856. The value of bitcoin should dip quite a bit in August, with the average value falling to US$0.232411 and then popping back up by the end of September when it reaches its natural high of about US$.
Dogecoin’s price is estimated to drop further in the fourth quarter, hitting a minimum of US$0.279832 this October and closing the year at a minimum of US$0.268959. But the dogecoin market analysis website Trading Beasts is optimistic about Q4’s price, expecting an average of US$0.221.
Fundamental Analysis
Dogecoin isn’t just a fad – it’s a popular meme coin with Elon Musk and Mark Cuban publicly endorsing it. Low transaction costs are one of the reasons for its popularity, making it a popular option for cash-strapped individuals and businesses alike.
895 merchants are currently listed on the site. 1900+ accept dogecoin as a means of payment. Its tipping service is unique, making it even more endearing to the Dogecoin community. The service allows users to give quick gifts to other users.
Crypto Cash Flow is a term that refers to the amount of money that an individual or organization is able to generate from their cryptocurrency investments or activities.
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Despite the above-mentioned use cases, Dogecoin does not have a lot of utility. It will grow based on whether it continues to gain backers among influential figures like Elon Musk.
In the new year
A tweet from Elon Musk mentioning dogecoin could send the price skyrocketing. The other supporters like Gene Simpson will have a big impact on how dogecoin behaves in 2022.
Dogecoin is estimated to have 4.5 million followers on Reddit and Twitter as of June 22nd, 2019. This coin has also been listed on Etoro, which further boosts its reach among traders and investors.
Dogecoin remains extremely speculative and the connection between media attention and the hype is unclear. XRP is comparatively stronger because it possesses a stronger foundation, and ultimately has a greater chance of enduring than other coins.
The Dogecoin Foundation has unveiled a new roadmap for 2022, which includes plans to make DOGE useful for users and boost adoption by implementing features like microtransactions and merchant tools.
Examples are given of how people would use DOGE for payments; this provides a foundation for future applications!
Another development is the Gigawallet project. It will enable developers to add doge transactions on their platforms and process coins on the platform. DOGE also plans to establish community staking in order to build up. A single source of cryptos is accepted across the world.
The move from Proof of Work to Proof of Stake is a significant step for various reasons. This will be beneficial for investors as it will increase the total number of coins available due to cheaper mining costs.
Here’s an interesting development: Elon Musk is set to launch a dogecoin-fund space mission in the first quarter of 2022. If past developments hold true, Dogecoin will resume its uptrend.
Technical Analysis
The market has been bearish since touching a high point in May. It is now oscillating around the recent support level. PEFs have also failed to break above a resistance area on the chart below. The price needs to break the US$0.1900 resistance level and then retest it for a bullish run.
In this chart, Dogecoin shows Fibonacci retests retracement levels. The price touches 31.8% retracement levels and retraces back. If the bullish move resumes, the next stop is $0.24400 at a 50% retracement level or US$0.2600 at a 61.8% level.
The Dogecoin price has followed a descending channel in the bearish run. However, it has broken above that channel and retested the upper channel line again. If it fails to break below this previous support level, it will resume its bullish trend.
In this technical analysis, the future of the DOGE looks positive. Even though there are no significant news events planned to trigger a bullish run. We can expect it anyway due to some new developments in DOGE. That might encourage more investors and traders.
Final Words on our DOGE predictions for 2022
Dogecoin was the pioneer meme coin and boasts a massive following in the enthusiastic community. In 2021, they reached new highs thanks to an endorsement from Mark Cuban, Elon Musk, and Snoop Dog.
However, dogecoin (DOGE) has been on a steady decline since its peak in 2019. There is a chance that the value might go below $100 this year. The coins held by the Foundation will offer new projects. Which will make it more valuable and will eventually be traded at over $100.
It’s still early to tell whether the bulls will regain market control or not. That could affect the success of DOGE projects and as a result, DOGE price. There is some speculation that Elon Musk might mention Doge soon which would influence DOGE price as well.
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