The popular meme coin has made a buzz in the year 2021 for all the right reasons! From a massive 3500% annual increase to being the most searched cryptocurrency in 2021 according to Google trends, Dogecoin remains a favorite of all sorts of investors. This canine-inspired cryptocurrency which was made for jokes is now being taken very seriously, thanks to powerful names like Elon Musk rooting for it. Investors have noticed a significant shift in the value of Dogecoin in May 2021 when it hit its all-time high. Since then, however, its value has definitely fallen, leaving people slightly disappointed.
Whether it is Dogecoin or any other cryptocurrency, it’s important to understand the underlying risks involved while trading owing to the volatile nature of the cryptomarket. It’s good to rely only on the noted crypto exchange platforms like Coinswitch to start buying and/or selling cryptocurrencies. All you need to do is to download the app, complete the KYC and you are all set. These platforms allow you to monitor the exchange rates of various cryptocurrencies like Terra to INR at a click of a button.
There are still thousands of people for whom this Doggie meme coin remains a favorite. We have put together some top predictions for Dogecoin for the year ahead.
1. A facelift for Dogecoin is on the cards: The Dogecoin Foundation, released the development roadmap of Dogecoin in December last year, which included important upgrades that investors will witness in the year. To begin with, the Dogecoin website will be redesigned and one can now expect a robust FAQ section called ‘Dogepedia’ that will hold answers to many crucial questions you may have. Another important development that one can witness this year would be the development of the new Dogecoin technical standard library. This will particularly help the new developers to work with this meme coin crypto to build more scalable and sustainable products on the blockchain employed by Dogecoin.
2. Setting up of GigaWallet: The driving ideology to set up GigaWallet by the foundation is to enable easy integration of Dogecoin by retailers and exchanges hassle-free. The developer team is working on making the integration super quick and fast. There are also talks of migrating the ecosystem from Proof of Work (PoW) to Proof of Stake (PoS), to further strengthen its position in the market.
3. Elon Musk will continue to back Dogecoin: For the ones who are speculating if this meme coin will remain Elon Musk’s favorite, then let us tell us the self-proclaimed Godfather of this coin- Elon Musk feels that Dogecoin is a people’s currency, and he will continue to tweet about it on social media.
4. More merchants will open doors for Dogecoin this year: Currently over 2,000 merchants are accepting Dogecoin, and this year we will see more and more merchants opening their doors to accept Dogecoin as a payment. This can be attributed to the announcement made by Elon Musk in December last year that Tesla will now accept Dogecoin for merchandise payments and the famous tweet by billionaire Mark Cuban, who voiced very clearly that people like to spend DOGE. Even AMC Theaters have indicated that they will open to accept DOGE as payment this year.
5. Dogecoin price trend: Without batting an eyelid we can say that by far the year 2021 has been the best year for Dogecoin. As mentioned earlier, it hit the all-time high in May 2021, however, only to drop down by 70% in its value thereafter. The proliferation of its value can be attributed to external factors like key opinion leaders (KOL) and influencers, and Dogecoin is predicted to stay strong even this year too. Because of a strong community, one can see the price of DOGE can be pushed to the $0.3500 level by the end of the year 2022. According to financial experts, Dogecoin had a great start to the year 2022 by showing a rise in its value by 57% in January, but if you check the current exchange rate of DOGE to INR you will soon realize that its value has dropped approximately by 45% since then.
Despite the above predictions made by the experts, you must do your research and analyze the market projections before making any market investments.
