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Chukwuemeka Raphael
May 7, 2022
by Chukwuemeka Raphael

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.

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    Could 2022 be Dogecoin Year?
    Chukwuemeka Raphael
    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.

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