Dogecoin went from being a joke to a $90 billion digital asset within two months. Cryptocurrency has shown an astonishing growth of 3,200% in 2021. It gained immense popularity on May 8 when it hit an unprecedented value of $0.74.
This popular crypto-currency started as a joke, but its developers got back to work and created a new upgrade for DOGE.
Even though Dogecoin has had a price drop, it’s still one of the best cryptocurrencies in terms of price and mass adoption. So let’s see why Dogecoin will skyrocket to heights in the coming years.
Why Should You Use Dogecoin?
Despite the prevalence of knockoffs, the meme token was made to poke fun at them. But today with a huge surge in its price, DOGE is one of the fastest-growing cryptocurrencies.
Dogecoin has figured out how to use its token in many areas today including trading and transferring money. Social media users also use dogecoin to tip contributors from a secure wallet and protect their personal information.
DOGE has many unique benefits. It is not a typical scam coin, and investors were also drawn to it because they know that they are investing in something valuable. The coin investors have seen value in cryptocurrencies that have high ROI, also known as Ponzi schemes, which some holders fall victim to.
At the moment, there are more people wanting Doge than supply, but you may want to wait until the price starts going up.
Is Dogecoin About To Take Off In 2023?
Even though the coin started as a meme, the blockchain, Proof-of-Work process, and minting procedures have proven to be efficient and secure enough to boost markets. As tech nerds began recognizing its potential, the coin started gaining popularity.
Dogecoin has seen a tremendous increase in its price since the beginning of 2021, but the cryptocurrency market has been experiencing a lot of turbulence as of late. Part of that is probably because Elon Musk tweeted about it.
However, Dogecoin still displays signs of promising growth that will likely make its previous price predictions come true shortly.
A noteworthy point about Dogecoin is that it consumes very little energy. It is crucial, especially now, as cryptocurrencies are being criticized as highly energy-intensive. However, unlike Bitcoin, DOGE uses the script mining algorithm, making it highly energy-efficient and environmentally friendly.
Additionally, Musk, the loudest voice in the market for Dogecoin, posted several tweets boosting the coin that drove short-term spikes in the price; however, it has remained under pressure.
Factors That Skyrocket Dogecoin To New Heights
Many factors back up the price of a cryptocurrency, including how a vibrant community propagates it.
Recent Listing On Popular Exchanges
Dogecoin will grow significantly in 2022 thanks to Coinbase’s announcement that they’ll be listing Dogecoin on their global exchanges. Investors and holders will be happy about this positive development! Coinbase is one of the world’s biggest cryptocurrency exchanges. Millions of people can now buy DOGE on Coinbase, increasing its sentiment and price.
Dogecoin got listed on Coinbase and Gemini in 2021, which resulted in a significant increase in its user count. Coinbase is a highly reputable platform with a decent user base, and Gemini is one of the leading cryptocurrency exchanges with multiple trading pairs. It’s not surprising that they would list it so quickly.
Dogecoin has a limited supply, like Bitcoin. The potential problem here is that some people might have huge amounts of dogecoins or they might even reach a point where they can’t buy anything. Where people give up trying to acquire more money. The price of the token might only drop gradually and it could be used as a long-term forex investment. However, it might cease to be profitable for miners.
While Dogecoin may have a slower inflation rate, it also has many functions. People can still mine more new Dogecoins even if their price falls dramatically. This limits the impact of deflation on coin supply and makes it profitable again over time.
Dogecoin provides a lot of value for individuals around the world. Not only because it can be accepted as a medium of exchange, but also because its price is rising. This could lead to more people adopting the currency, which will lead to mass adoption and be beneficial for everyone.
Increasing Media Popularity
With the internet buzzing about Dogecoin, there is no doubt that its price would skyrocket to new heights by the end of 2021. Users across social media networks such as Reddit, Twitter, TikTok, and Facebook support it. The cryptocurrency will continue to grow in value until it reaches a level similar to that of Bitcoin.
Elon Musk has always been and continues to be a fan of Bitcoin. He even once suggested that Tesla might accept it as payment rather than Bitcoin.
The price of Dogecoin has increased from $0 to $1 overnight. Despite criticism from the crypto community for manipulating the prices of Bitcoin and Dogecoin, Jackson reaffirmed support for the coin by posting yet another meme on Twitter.
Despite skeptics, billionaire entrepreneurs like Marc Cuban and brands such as Snickers and Slim Jim beef jerky have all shown their support for this crypto. These events have collectively helped to raise the token price, which has rocketed to fame in mainstream trading.
Dogecoin has proven itself as a legitimate cryptocurrency with a dedicated following and investors are rushing to buy the token that has made so much news recently.
In March 2021, high-end companies like the Dallas Mavericks, Post Oak Motor Cars, and the Kessler Collection added DOGE (the abbreviation for dogecoin) to their accepted payment methods.
CryptoATM launched Dogecoin support to its US network in March. It has seen a spirit of a resurgence since then. BitPay, the largest provider of crypto payment services, also offers DOGE.
Why Dogecoin Will Skyrocket: Expert Predictions
Dogecoin has been on a steady climb since it dropped to the $0.05 price point in May but is still sitting at $1. At the moment, Dogecoin is trading at around 5 times its value from its all-time high.
Experts predict that Dogecoin is going to be a very powerful asset in the future as well. A lot of experts also believe that it will reach a value of $0.22 in 2022. “The coin will trade above $0.55 at the beginning of 2028,” is one sentence with a fragment.
The Forecasting service Wallet Investor forecasts that by the end of the year, its cryptocurrency will reach $0.41.
The meme crypto-token, Dogecoin, has turned into much more than a joke now. It has increased in value to an immense extent and is bound to surge even higher in the future.
Dogecoin has been on an exciting journey. It started as a fun concept but evolved and became a potential project that is donating hundreds of thousands of dollars to several social causes.
There was a lot of support for Dogecoin, not just from people, but also from companies. Not only has it been accepted as a payment option at multiple venues. But there’s also been support from prominent figures on social media. This suggests that Dogecoin will be continuing to grow and possibly move towards mass adoption worldwide.