Dogecoin (DOGE): A penny cryptocurrency that has performed extremely well from March 2020 to April 2021. From March 2020 to April 2021, they recorded gains of over 12,000%.
As of April and May, the Dogecoin market has been in a correction and seems to be making a recovery. Many hope that they will get up to their all-time highs, just like Bitcoin (BTC) did in December 2017.
It’s quite likely that Dogecoin will be huge in the future. Meaning it could trade at multiple times its current price and be used widely.
Why Do You Think Dogecoin Will Be The Next Big Thing?
Adoption Is Gaining Momentum
For so long, Dogecoin was a joke. But over the last few years, things have changed, and it’s one of the most-adopted cryptocurrencies out there. Dogecoin has been gaining traction over the past few years. With support from major companies like the Dallas Mavericks. Which is owned by Mark Cuban.
Dogecoin has seen a lot of adoption in the last few months and it’s been going really well for them. It has also witnessed some positive changes in many industries, which is why Dogecoin is continuing its gains from here.
Dogecoin’s adoption so far has been the result of the hype. That is built up from mid-2020. It was in 2020 that Elon Musk started hyping up Dogecoin, and the price started to rally. Lots of companies looking to capitalize on this for marketing then started accepting Dogecoin for payments.
Dogecoin is one of the fastest-growing cryptocurrencies on the market right now and has been getting a lot of attention lately. It was started in 2013 and, since then, has seen quite an amazing success. By the end of 2014, it had a price of $0.00058 and by 2015, it had reached its highest point yet at $0.
We can be certain that hype (and adoption) will only accelerate in the months to come. The long-term ICO forecasts already reflect that this is going to happen and we’re confident it will work out for everyone involved.
In Q1, SpaceX, and Geometric Energy Corporation will be conducting a lunar mission. This is the first one in the space race that is fully funded by Dogecoin. The mission is named after Dogecoin.
That’s a huge goal Dogecoin
According to the people behind the mission. This will have significant consequences for Dogecoin as well since. It’s a cryptocurrency that is mostly used for purchases on this particular network.
Dogecoin’s TV appearance will help boost its presence and hype because people turn to their social media feeds, including Twitter and Reddit, as a source of information.
There is a lot of hype around Dogecoin, so many businesses and startups are likely to adopt it as a payment method. As you might expect from such adoption, the prices in the market are going up and many people are buying it due to this adoption. There is little doubt that an intrinsic value will come with such adoption over time.
Dogecoin is worth keeping an eye on because its adoption rates can help ensure the coin’s long-term value growth. As adoption in general rises, so will the price for this cryptocurrency.
Dogecoin’s Technical Capabilities Are Set To Get Better
Because many investors viewed Dogecoin as a joke coin and the developer team abandoned it, the coin still has a dedicated fanbase that is constantly bringing in new capital to support its price.
To the crypto’s huge price rally, Elon Musk came into the picture. His contribution caused its price to skyrocket and subsequently make it worthwhile investing in this specific currency.
Developers at the Dogecoin Foundation have proposed upgrades to the Dogecoin protocol. The proposed updates are aimed at making transactions cheaper and faster. Which will give it an even greater competitive edge over other cryptocurrencies as a payment method.
Cryptocurrencies MUST be cheaper and more efficient to have any sort of value. Otherwise, there would be no reason to make the switch.
Besides becoming more competitive, Dogecoin has the advantage of being one of the most visible cryptocurrencies out there today. There are many other cryptocurrencies that offer excellent payment options, but they’re not as well-known or widely circulated as DOGE.
Dogecoin (DOGE) has the potential to be one of the few cryptos to survive adoption and still be relevant in the future market.
Dogecoin’s Inflationary Nature Works In Its Favour
No cryptocurrency has been able to be adopted enough in its current state to compete. With fiat currency for everyday payments. However, Bitcoin was meant to be a peer-to-peer digital currency back in 2009. When it was first released.
They’ve been positioned as a store-of-value cryptocurrency for a long time. But they started to be used for everyday payments in the end. Their goal was more of an abstract idea than pursuing payments.
It’s not that cryptocurrencies aren’t a viable currency. But rather that they have to be held in the long term. That’s the reason why they’re used for investment and are deflationary.
No one wants to spend their money and end up like the guy who spent 10,000 BTC on a pizza.
Dogecoin’s predictable inflation rate is the foundation of its success. Every year, 5 billion Dogecoins enter circulation and create a need to spend them to avoid the issue of too much supply.
Dogecoin is a cryptocurrency that is growing in popularity and is one of the strongest ones out there. One of its notable features is the fact. That it can be used as a form of payment. Which makes it ideal for most cryptocurrency enthusiasts.
Dogecoin has been around for a couple of years now, and it’s not going anywhere anytime soon. As long as there is demand for it, its value will keep increasing. It just appears to grow a little more linearly than other cryptocurrencies.
In the long run, this is good because predictable growth could lead to an increase in institutional buyers taking up Dogecoin. For someone looking to invest in Dogecoin long-term, it still makes a lot of sense.