Upbeat Dogecoin predictions will hinge on whether the altcoin can continue to grow its user base – and prove that, despite its silly origins, it has value as a medium of exchange. At the time of writing on 7 June 2022, it has so far received 959,091.10 DOGE in donations. Following Russia’s invasion, Ukraine has begun accepting crypto donations in DOGE, with proceeds put towards supporting civilians and the army. There are signs that progress is being made on this front. Some, not least co-founder Jackson Palmer, felt that this sense of spirit was lost – describing its culture as “toxic” and fuelled by greed. Ross Nicoll, who had gained popularity for regular livestreams, said his involvement risked a conflict of interest with his day job.ĭogecoin’s community has also been trying to return to the “Do Only Good Everyday” mantra that dates back to when the altcoin first launched in December 2013, with DOGE investors rallying together to raise over $25,000 so that Jamaica’s bobsleigh team could compete at the Winter Olympics in Sochi. Indeed, only a day after Stebbing’s post was written, a well-respected Dogecoin developer announced he was taking a step back from working on the meme coin. And amid fears that decentralisation is undermined by the digital asset’s reliance on a band of core developers, he vowed to reduce barriers to entry so that “hundreds of new people” can make a contribution to the space.Īll of this could help bolster DOGE’s value proposition, and ensure that the cryptocurrency is resilient against future setbacks.
Doge token upgrade#
In November 2021, an upgrade was introduced that reduces the recommended minimum fees for those who transact with DOGE – a move designed to offer a compelling alternative to the sky-high costs associated with using the Bitcoin and Ethereum blockchains.ĭogecoin developer Timothy Stebbing also confirmed that the community plans to establish a legal foundation, to stop malicious actors from using the altcoin’s branding for their own personal gain.
While DOGE can be easily dismissed as a joke, there are developers working behind the scenes to ensure this cryptocurrency has some compelling use cases.ĭevelopers on the project claim that Dogecoin offers the same technical fundamentals that underpin bitcoin, but is far more practical for use as an everyday payment method. So, is this a sorry tale of managed decline, meaning things will get worse for Dogecoin as the year progresses? Or does this shiba inu-themed altcoin have the potential to rally once more, and notch up a new all-time high in the process?ĭogecoin price prediction 2022: The state of the market And while DOGE was number 38 in CoinMarketCap’s rankings on 1 January last year, it’s number 10 now. DOGE is still up by more than 700% when compared with its starting point in 2021. Yes, there have been substantial sell-offs in the wider crypto markets, but DOGE’s losses have been outsized when compared with larger rivals such as bitcoin and ether. This tells us DOGE trades strongly when the markets are thriving – a speculative asset that may indicate there’s froth and excess that needs to be purged.īut there’s one interesting side effect of last year’s bull run. At the time of writing on 7 June 2022, DOGE is valued at $0.08002 – down 89.15% from the all-time high of $0.7376 that it set on. One thing, however, was easy to predict following last year’s parabolic bull run – the Dogecoin price falling back to earth. Who could have imagined that this altcoin, which started as a joke to mock bitcoin, would rally from $0.005 on 1 January 2021 to $0.73 just five months later – an increase of 14,500%?Īnd could anyone have anticipated that the market capitalisation of DOGE would exceed $50bn as a result, fleetingly making it worth more than Deutsche Bank and Credit Suisse combined? Making a Dogecoin price prediction is a fool’s errand – not least because some of the meme coin’s most explosive surges were impossible to foresee.
Dogecoin price prediction 2022: The state of the market.
0 kommentar(er)
