On December 13, 2013, American Bill Marcus and Australian Jackson Parker introduced a new cryptocurrency. At that time, it wasn’t easy to make accurate Dogecoin predictions. It was not different from anything new and did not introduce new technologies. It was a fork of the already popular Litecoin. And it is nothing but a fork of Bitcoin. Today it is one of the most famous cryptocurrencies. We bring to your attention Interactivecrypto Dogecoin Coin Price Prediction.
The creators did not expect anything unusual from their brainchild. But, unfortunately, soon after the release on the market, hackers broke into some of the Dogwallet. Actually, only purses linked to exchanges were affected. Nevertheless, the developers compensated for all the losses, and the system has not stopped working.
After many years, the currency suddenly went up. Elon Musk undoubtedly facilitated it, who in 2019 called Dogecoin his favorite currency. In addition, he bought the coin for his son. And every word of this troublemaker instantly resonated in the markets.
After thinking of selling his token (NFT), Musk put a price on it in Dogecoin. Since February 2021, he has regularly mentioned the asset on Twitter several times a month. In July 2021, Musk said he would probably provide the power of the Tesla supercomputer the company built for mining the currency. When asked what caused his affinity for Dogecoin, Musk said that he loves memes and dogs.
Features of Dogecoin
The creators based the currency on blockchain technology and the principles of cryptography. They made each block with a public and a private key. The public key makes it possible for any user to see information about the blockchain. The private key gives access to the owner of the block.
Experts created one Dogecoin block in about 6 minutes. That’s fast. For comparison, it takes 15 minutes for one LightCoin block, and this operation takes over an hour for bitcoin. Therefore, all transactions on the network are fast. It is very convenient for money transfers.
Initially, it was supposed to limit the number of Dogecoin coins to a hundred billion. But in 2014, their number exceeded 98 billion, and they decided not to limit the issue. So now, about 5.5 billion Dogecoin is issued annually, which leads to inflation.
Today, Dogecoin has a market capitalization of $21.14 billion, with a 131.52 billion Doge in circulation and a trading volume of approximately $928 million per day.
After a high in May ($0.73 – up 150% since the beginning of the year), Doge has fallen to a low of $0.16. It was due to a general collapse of the currency market in May 2021, which was associated with a massive sell-off after the announcement of Elon Musk to stop selling Tesla electric cars for bitcoins. The same period also saw China’s announcement of a ban on financial institutions accepting and offering digital money and related products as payment.
Nevertheless, the currency gained 7327.47% over the year.
The currency showed a bearish reversal in September 2021 but traded at an average of $0.208. The downward trend has not changed.
Dogecoin Prediction for 2022
Cryptocurrency is a very volatile asset. It is constantly feverish. It is difficult for classical methods of financial analysis, especially in the long term. We have seen how one careless word, one tweet, can dramatically affect its price. But at the same time, at a relatively low price, there is now considerable interest in second-rate currencies. Not so far away is the time when one bitcoin could only pay for itself at McDonald’s. Those who bought bitcoins then and saved them now have tens of thousands of dollars. We need to go back to the beginning before we get to the Interactivecrypto Dogecoin Coin Price Prediction. This is the only way to give an objective Dogecoin prediction of the course.
Dogecoin has a lot of positive news in its favor:
- AMC, the largest movie theater chain in the U.S., is exploring paying in Dogecoin.
- Trading platform Robinhood is testing a new wallet that will be available for Dogecoin.
- Information has been circulating on the web about the plans of Elon Musk’s company Tesla to start accepting Doge for payment after the launch of these wallets.
- Dogecoin accounts for the lion’s share of Robinhood’s revenue. In 2021, Doge accounts for 62% of all trading ($223 million). And this trading platform is in demand among young people, millennials, which indicates the possibility of growth and development.
News About the Development and Plans of the Project
Let’s find out experts thoughts on the topic:
- Billionaire investor Mark Cuban said that DOGE is headed toward the $1 price and will gain a foothold there. He suggested that the coin will become something like a Stablecoin, and Cuban bases his prediction on the fact that DOGE is easier to transact with.
- It’s not just a tool for trading. It’s a valuable currency. You can go to the store and make necessary purchases by paying with it.
- Elon Musk’s SpaceX announced the DOGE-1 mission to the moon, in which a Falcon 9 rocket will deliver a payload into lunar orbit. Moreover, this delivery will be fully paid for by Dogicoins.
- There was also an exciting poll on Elon Musk’s Twitter about whether Tesla should accept payment in DOGE. In response, 80% of users responded positively.
- On May 15, Musk announced that he would develop the project and work closely with developers. The aims are several:
- Make Dogecoin an environmentally friendly alternative to Bitcoin (already, its energy consumption is only 7% of Bitcoin).
- Increase block production speed and size by a factor of 10.
- Reduce fees by a factor of 100 (“You need low fees and high volume to become the currency of the Earth,” stated Ilon).
- Increase transaction efficiency.
- Coinbase, the largest trading platform, said it would add support for DOGE in the coming weeks. Exchange CEO Brian Armstrong said they are interested in adding more digital assets and that Dogecoin will be one of them in the next six to eight weeks.
At the same time, there is an opposing view. All this hype may have been created intentionally for another considerable speculation, which happens regularly in the crypto market.
At the same time, some experts say quite the opposite. A quote from one of them: “If someone tells you that in 2022 you should buy or sell this or that asset, this person doesn’t understand anything about cryptocurrency. All long-term predictions on Dogecoin are made either by extrapolation or correlation with bitcoin. You might as well build a correlation with solar activity.”
Interactivecrypto Dogecoin coin price prediction will help to make the right decision about investing in this currency. The final Dogecoin prediction is as follows: This currency has every chance of rising in value in the future. But given the risks, don’t invest your last savings in it.