Dogecoin is a cryptocurrency created by two crypto enthusiasts B. Marcus and J. Palmer, in 2013. It runs on the same blockchain technology as Bitcoin. While it was created as a lighthearted joke, over time, the cryptocurrency began earning public trust and fascination. Early in 2021, its value skyrocketed by 5000%.
Dogecoin operates on the “proof of work” protocol. It means that for processing transactions, miners should solve complex mathematical problems. For their help in validating crypto transfers, the technology rewards them with DOGE coins.
Though Dogecoin can be used for payments and shopping, it’s a volatile currency because of the lack of a lifetime cap. Every time miners successfully process transactions, the system creates millions of new coins to reward them. This makes it very challenging to keep the coin’s price stable. Hence, most crypto owners execute a DOGE to BTC exchange, considering that the latter has a relatively more fixed price.
Dogecoin Price Forecast for 2022
Since the cryptocurrency was created in 2013, experts have enough historical data to analyze and make relatively accurate forecasts. It’s impossible to make completely precise price predictions because the blockchain industry is highly unstable.
At the moment (December 13, 2021) one DOGE is worth about $0.1579. It has a market cap of $20,926,200,000 and ranks as the 10th biggest cryptocurrency in the market.
- According to Wallet Investor’s predictions, 1 DOGE can be traded at 0.196 at the beginning of 2022. It has a huge potential of rising to $0.432 by the end of the year.
- At DigitalCoin, crypto experts think that in 2022 the one DOGE coin will be worth $0.32.
- However, Price Prediction thinks that the average price of DOGE will not exceed $0.28 in 2022.
- Other optimist analysts claim that in 2022 the price of Dogecoin will go as high as $1.22. But it’s also quite possible that it won’t exceed $0.96.
Overall, all experts agree that the tendency of price growth will continue. However, some unprecedented events may accelerate it or cause downfall. Check https://alligat0r.com/ to stay updated on DOGE coin’s prices.
Are Price Predictions Reliable?
Yes, the availability of historical data and price change monitoring can give experts some ideas about the cryptocurrency’s future price. However, it’s important to keep in mind that the crypto market isn’t stable. The price of coins depends on internal and external factors like the global pandemic, economic crisis, etc.
It’s crucial to note that such price forecasts are merely short-term estimates by analysts. They cannot be considered financial advice or call to invest in it. However, regardless of the situation, it isn’t recommended to invest more than you can afford to lose.
Is Dogecoin a Good Investment?
DOGE is considered to be the 10th biggest cryptocurrency by its market cap. However, its price is extremely volatile. As a result, investing in Dogecoin is highly risky.
Will Dogecoin Price Go Up in 2022?
According to various expert forecasts, the price of the DOGE coins will dynamically increase in 2022. Based on some predictions, by the end of the year, one coin will cost $0.432.
Is It Safe to Buy DOGE Coins?
Yes. The price of Dogecoin highly depends on its community of investors and contributors. They make sure that the cryptocurrency stays alive and healthy.