Dogecoin was among the top performers on the market for a cryptocurrency throughout 2021. Its peak was in May before slowly dipping over the next few months. However, there are many positive aspects regarding the future of Dogecoin’s customers, and the developers are eager to explore new use-cases to boost the value of the cryptocurrency proposition.
This report will review our Dogecoin price forecast for the coming months and future years, providing possible opportunities for the coin and revealing how you can buy DOGE now with minimal fees for trading.
Dogecoin Origin & Purpose
Dogecoin was developed with the Litecoin codebase, and its development was targeted toward providing a viable alternative to Bitcoin. It was supposed to be an approachable and user-friendly cryptocurrency.
The most distinctive aspect, However, is its symbolic mascot. The creators of Dogecoin decided to adopt a “fun” approach to its development.
Dogecoin was slightly altered when it was created as a fork of Litecoin. The new blocks on the DOGE blockchain are made quicker than Litecoin’s – 1 minute versus 2.5 minutes for LTC. Dogecoin’s mining difficulty is lowered every time a block is found while the payout is set. The most notable change was made within the brand and was the main reason for its popularity.
Technical Analysis of Dogecoin (DOGE) Price Movements
Dogecoin was first introduced in 2013 and has followed a similar price pattern as the rest of the market since then. Market cycles of bears and bulls have caused it to fluctuate up and down. But in 2021, Dogecoin made the most significant price change, putting it in the spotlight as the top cryptocurrency investment.
After Bitcoin decreased by half in 2020, The cryptocurrency market began to rise, and Dogecoin began to gain momentum on the upside. As the bull gained momentum, Elon Musk, one of the most influential people in the field of cryptocurrency, began tweeting about Dogecoin. This added to its momentum in the overall market.
In January 2021, Dogecoin was in the full-blown bull market, reaching a record high of $0.73 in May 2021. But, following the more significant market correction, which began in May 2021 and lasted up to July, Dogecoin could never regain its record high of $0.73.
Dogecoin Price Prediction 2022
In 2022, will Dogecoin prove to be an excellent investment? The following paragraphs will explore how DOGE’s price will likely change shortly.
Similar to when you purchase Bitcoin, It is crucial to know Dogecoin’s future customers in the short-term and long-term before investing. In case you’ve not thought of it before, the price for Dogecoin today is hovering around $0.1192 and has been down 30% since the beginning of 2022. With this, however, in light of this beginning, how will we see Dogecoin in the remaining months of this year?
It is essential to know that Dogecoin has strong backing from retail capitalists and high-net-worth investors. A report by CNBC revealed millionaire Mark Cuban claimed Dogecoin was at its “greatest” when being used as legal tender. Cuban went further on his claim by approving DOGE as an option for payment to purchase Dallas Mavericks products– which led to a dramatic increase in sales.
Dogecoin Price Prediction 2023
In making a Dogecoin price forecast over a long time frame, it’s crucial to understand that Dogecoin is supported by blockchain technology. However, it’s a bit distinct from the other major cryptos. Dogecoin’s cryptocurrency is comparable to Litecoin and built upon Scrypt technology. This implies that mining is more complex than traditional Proof-of-Work chains, even though Dogecoin can still improve up to 40 transactions per second.
This strategy is one of the most appropriate for Dogecoin to follow for the next few years since it’s unlikely that major companies will start employing DOGE due to its meme coin. DOGE could play a much more significant role in developing the tipping mentioned above system as younger generations are increasingly exposed to the cryptocurrency market.
If this occurs, we will see an increase in demand for DOGE, both from retail investors and net customers. So our Dogecoin price prediction for 2023 suggests that the price could rise to $0.6000which is 393% over the current price. Are you looking to find out the current DOGE prices? Visit crypto exchange KuCoin. KuCoin Exchange for daily updates regarding the price of DOGE/USD and the option to buy and sell cryptocurrency within a short period.
