Dogecoin began as a Reddit joke coin in December 2013. However, the currency quickly gained traction in the mainstream, attracting a variety of applications. Online tipping and charitable organizations were two of its first applications.
DOGE has grown to be one of the most valuable crypto-assets and the biggest meme currency by 2020. It has climbed into the top ten crypto assets in terms of market capitalization. Dogecoin is a household name among cryptocurrency enthusiasts. This article looks at how Doge prices may evolve in 2021 and what to anticipate in 2022.
DOGE has increased in value.
In 2021, the increase will be around 3100 percent.
In the year 2021, Dogecoin did well. It’s true that 2021 will be the finest year for DOGE since its inception. DOGE was trading at $0.005685 at the start of the year. By February, the currency had reached $0.034, and by early May, it had risen to $0.7376.
Despite the fact that the coin’s price increased, the positive trend did not persist long. The coin had lost a significant amount of its value after more than a month. The currency was trading at $0.18 in December 2021, down more than 70% from its all-time high in May.
So, what was it that propelled its worth to such a high level of performance?
The bullish crypto market that began in December 2020 was the most important element. Following the halving of bitcoin, BTC and the whole crypto market went on a bullish run. However, a more positive declaration was made in the beginning of 2021, when bitcoin tripled in value. The majority of other cryptos followed suit, with DOGE being one of the biggest winners.
While bitcoin made a significant contribution, DOGE’s rise was aided by external assistance from influencers and KOL. Elon Musk and Snoop Dog are two notable KOLs who have had an influence on Doges pricing. The communities of those top crypto assets grew dramatically as a result of their tweets.
Another important element that has helped to Dogecoin’s success is the increase of use cases. DOGE payment alternatives were adopted by a number of enterprises and platforms in 2021. The Dallas Mavericks first approved the usage of the coin for ticket purchases. “DOGE is the one currency that people utilise for transactions,” Dallas Mavericks owner Mark Cuban tweeted.
— Mark Cuban (@mcuban)
Finally, Dogecoin is one of the most popular cryptocurrency networks. With 2.7 million followers, the official Dogecoin Twitter feed is one of the most popular. It’s also the most well-known currency on Reddit, having started there.
The coin’s value plummeted by more than 70% as soon as it reached its all-time high. The price drop signalled the commencement of a negative trend, which was sparked by BTC-related variables. Elon Musk has been chastised on social media, with claims that he is orchestrating a pump-and-dump scam. Musk, though, continued to promote DOGE until the end of 2021, helping to the reformation.
Elon Musk’s influence, as well as Bitcoin price movements, influenced Doge pricing in 2021.
What is in store for DOGE in 2022?
In the DOGE community, there is a lot of optimism for the currency in 2022. The crypto industry will develop even more in the next year, as seen by cryptos like Dogecoin. The currency benefitted from widespread institutional acceptance as a payment alternative in 2021. In 2022, the trend will continue, with more retailers and exchanges backing DOGE.
In 2021, Tesla was heavily associated with Dogecoin. Some investors attempted to persuade Elon to embrace it as a Tesla payment option. While nothing is official yet, coin aficionados can keep track of what happens in 2022.
Some DOGE fans proposed a new use case for it in hot tubs in mid-2021. This would boost the coin’s utility in everyday activities. Elon appeared to like the concept, although it’s still being researched. Enthusiasts will be excited to learn more about the use case in 2022.
Several DOGE murderers have already been identified as of the time of writing this article. However, in 2022, additional Dogecoin killer tokens and coins, such as Floki, may emerge in the crypto market. DOGE may face greater competition if any of them are like Shiba Inu.
With all of the planned events, 2022 is shaping up to be a more momentous year for the currency. What effect will the foregoing developments have on its price?
Price Prediction and Technical Analysis for Dogecoin in 2022
Some analysts predict that DOGE will reach $1 by the middle of 2022. Others predict that the price will rise to $1.5 in the following five years.
Doge is now trading below its 200-day simple moving average, according to technical indicators. Because of the huge changes the coin will face next year, it might potentially outperform in the long run.
According to walletinvestor, although the new ATH for DOGE is expected to be $1, investors may have to settle with a significantly lower value of $0.40. The currency must continue to gain community support in order to reach a massive peak next year.
Overall, DOGE is predicted to increase in value by 2022. Investors may sit back and wait to see how things turn out.