$ 118,081.3
BTC
0.05 %
$ 2,974.00
ETH
-1.02 %
$ 0.7293
ADA
-0.57 %
$ 693.50
BNB
0.59 %
$ 162.99
SOL
-1.13 %

Chukwuemeka Raphael
May 7, 2022

Could 2022 be Dogecoin Year?

Dogecoin Year
Dogecoin (DOGE) is the biggest meme token listed on CoinMarketCap in terms of market capitalization. It is presently trading at $0.128 and with 1% increase in the past 24 hours. The past year had not been good for DOGE since its price has reduced by 77% according to CoinGecko.

However, the year 2022 is here with the second quarter almost getting to its middle: one would wonder if there are factors that could make DOGE to trend with a high surge before the end of the year? We shall consider the possibility of the year 2022 becoming the year for Doge investors.

Some of the factors are:

  • Elon Musk factor
  • Stronger adoption and partnerships
  • Other developments within the Dogecoin community
  • Elon Musk factor

    The recent acquisition of Twitter by Elon Musk for about $44 billion is one of the reasons why Dogecoin (DOGE) has a possibility of experiencing a positive increase at different times. Prior to this acquisition, Musk has shown that he is a Dogecoin proponent and is not selling his investment in the token soon. Since the market is one that is pushed by sentiments when big players make statements, we should expect his tweets at different intervals on DOGE in the coming weeks.

    Stronger adoption and partnerships

    Gucci one of the top designer's brands in an announcement noted that Dogecoin had been included as one of the ten cryptocurrencies for payment for its products in the United States. About five stores in the United States will be accepting payments in DOGE for Gucci brands. With the annual revenue of Gucci presently about $11.07 billion according to the fashion law website, we should expect sales made in Dogecoin to rise due to its very low charges on transactions.

    Also, the recent tweet by Dogecoin co-founder Billy Markus shows that DOGE could be used to tip Twitter users could push the price up. If this is followed by other top influencers in the Cryptocurrency space, the price of Dogecoin could rise soon, since its usage had been increased.

    Other developments within the Dogecoin community

    With the diversification of Shiba Inu into the nonfungible tokens (NFTs) space and metaverse, we can expect the Dogecoin team to consider it. Dogecoin founder earlier in February this year stated that Dogecoin could be used for purchasing NFTs by making a bridge with Ethereum. A few days ago, MyDoge founding Chairman, Bill Lee purchased NFT worth $600,000 with Dogecoin. If this bridge is established, many NFT investors could prefer to make purchases with DOGE instead of Ethereum to reduce transaction fees.

    Conclusion

    Elon Musk factor and increased adoption could make the year 2022 to be Dogecoin year.

    Could 2022 be Dogecoin Year?
    Chukwuemeka Raphael is an author and cryptocurrency news writer/analyst. As a Mathematics graduate and trained analyst, he combines his Math knowledge and strong reading culture in contributing content and analysis for the development of cryptocurrency and blockchain space.

    Related News

    Shiba Inu Sees Over 1 Billion SHIB Burned in a Week, But Nuance is Key
    LIVE CRYPTO NEWS

    Shiba Inu Sees Over 1 Billion SHIB Burned in a Week, But Nuance is Key

    Over the past week, more than 1 billion Shiba Inu (SHIB) tokens, specifically 1,053,508,245 SHIB, have been permanently removed from circulation, marking a significa ...
    Sujit Kumaran hour ago
    XRP Price Jumps 26% on Whale Accumulation & Short Squeeze
    LIVE CRYPTO NEWS

    XRP Price Jumps 26% on Whale Accumulation & Short Squeeze

    On-chain data reveals a significant driver behind XRP’s current rally: an unprecedented level of accumulation by “whales.” The number of wallets ho ...
    Sujit Kumar4 hours ago
    Robert Kiyosaki Buys Bitcoin at $110K, Aims for More on Dips
    LIVE CRYPTO NEWS

    Robert Kiyosaki Buys Bitcoin at $110K, Aims for More on Dips

    Renowned author and financial guru Robert Kiyosaki, best known for “Rich Dad Poor Dad,” has publicly revealed his latest Bitcoin acquisition at the $110, ...
    Sujit Kumar5 hours ago
    Cardano Founder Charles Hoskinson Predicts Bitcoin Could Soar to $250,000
    LIVE CRYPTO NEWS

    Cardano Founder Charles Hoskinson Predicts Bitcoin Could Soar to $250,000

    Charles Hoskinson, the visionary founder of Cardano, has reignited his bold prediction for Bitcoin, suggesting the world’s leading cryptocurrency could eventua ...
    Sujit Kumara day ago
    PinkSale AutoStakeYield Fair Launch ad
    Solana Shows Bullish Signs: Can SOL Target $185 Next?
    LIVE CRYPTO NEWS

    Solana Shows Bullish Signs: Can SOL Target $185 Next?

    Solana (SOL) is currently displaying renewed bullish momentum, sparking optimism among investors and analysts about its potential for further price appreciation. Fol ...
    Sujit Kumara day ago