Dogecoin analysis and price predictions are in the spotlight for crypto asset investors and traders globally in the coming years.
This happens because Dogecoin is considered one of the crypto assets with a good future. After all, it has experienced an increase of more than 3,000% in one year. To be precise, DOGE’s growth of more than 4,000 percent in 2021.
The insane price increase has placed DOGE as one of the hottest crypto assets of the past year. Even though the price fluctuated or fluctuated, Dogecoin managed to maintain its position as one of the 15 best assets based on market capitalization.
However, even though DOGE currently occupies the top 10 or big cap, this crypto asset, launched in December 2013, has lost a lot of value since losing many assets in May 2022, to be exact, on May 8, 2021.
For information, more than a year ago, Dogecoin traded for $ 0.739 (approximately Rp. 10,756) per unit. The question is, can DOGE maintain its existence in the coming years, and what is the price prediction for 2023-2024 later?
Here is the full review.
Dogecoin Analysis and Predictions
Dogecoin (DOGE) is an asset-backed by Tesla CEO Elon Musk. You need to know the analysis of Dogecoin and its predictions for the following year.
Doge will get a new look.
The new look that Dogecoin will get is a redesign of the DOGE site and a source of insight called Dogepedia. The technical foundation of Dogecoin will be updated so developers can work more efficiently with DOGE. In addition, GigaWallet is also being developed by the DOGE team, which will facilitate the integration of these assets.
Elon Musk Supports Doge
Tesla CEO Elon Musk caught the world’s attention when he declared his support for DOGE. The “Dogefather” has always expressed his support for Dogecoin on social media. According to Elon Musk, DOGE is an asset for people that is easier to spend than Bitcoin (BTC). Musk’s tweet was a massive boost to Dogecoin’s success. Musk even talked about DOGE on Saturday Night Live, and it made DOGE reach a record high.
Other Meme Crypto Assets Will Compete with Dogecoin
Another analysis is that other meme crypto assets will compete with Dogecoin. The phenomenon of meme crypto assets is relatively new as part of popular culture that intersects with investment instruments. The presence of other meme assets means that DOGE needs to be prepared to compete in the future. For example, Shiba Inu (SHIB) continues to skyrocket and significantly exceeds DOGE’s performance. DOGE does have a loyal community, but it is challenging to maintain a reputation as a rebel if Dogecoin occupies the top crypto asset ranks.
Doge Accepted in Trade
DOGE will also be accepted in trading. The Cryptwerk site writes about two thousand retail merchants who have already accepted Dogecoin. That number is growing, including Tesla accepting DOGE for payments. In addition, AMC cinema has started taking crypto assets, and DOGE has been supported as a means of payment there since March 2022. Billionaire investor Mark Cuban has also accepted DOGE as a means of payment for purchasing merchandise for the Dallas Maverick sports team.
Dogecoin Price Prediction in 2023-2024
In 2023, the price of Dogecoin is predicted to touch the level of $0.45. For DOGE, price estimates range from a minimum fee of $0.13 to a maximum cost of $0.72 in the next year.
Furthermore, in 2024, Dogecoin is likely pegged at $1.18, as CoinJournal sees it. This will also be a milestone for Dogecoin because, in the end, it managed to cross the $1 limit.
The price increase could be triggered by increasing user adoption and the move from Proof-of-Work (PoW) to Proof-of-Stake (PoS).
This is a review of the critical Dogecoin (DOGE) analysis. Check out articles about crypto assets, blockchain, and others only at Indodax Academy.