Dogecoin, the meme currency created as a joke, is now taking over the internet. Dogecoin has outgrown its predictions of 2018, but will Dogecoin Reach $1 in 2022, and is dogecoin worth buying?
Dogecoin, by far has the most loyal community in the entire ecosystem of Cryptocurrency, the fact that it was created as a joke, ensures that people who entered it, won’t leave it even if Dogecoin would come down.
Dogecoin has over 100 Billion coins and has a market cap of 7.53 Billion, which means Dogecoin value is massive.
As a cryptocurrency, it has some technical difficulties, some of which can hamper its growth too. Currently, it is at about 20 cents of the price.
Is Dogecoin Different from Bitcoin?
Yes, Dogecoin is different from Bitcoin. Bitcoin has a limited number of coins, which means its supply is low, and high demand, thus skyrocketing price, and that brings many challenges for Dogecoin price.
But with Doge, new coins are added often, every year, it adds about 5 Billion coins, this was done by co-founder Jackson Palmer, to maintain low prices, and control inflation.
So Dogecoin is far different from Bitcoin.
What does “Dogecoin to the moon” mean?
Well it is the slogan of Dogecoin Community. The greatest Cryptocurrency community uses the slogan “Dogecoin To the Moon” to show the believe that the price of Dogecoin is about to surge. And based on my predictions, Dogecoin is going to reach $1 in 2022. Therefore it would be right to say, that Dogecoin will go to Moon in 2022.
Will Dogecoin Ever Reach $1 in 2022
I think yes, based on my Dogecoin price prediction there is quite a certain chance that this crypto can breach the $1 milestone.
That’s why I think Dogecoin is worth buying in 2022
How will Dogecoin Reach $1 in 2022? Well, Dogecoin is getting increasingly popular, dogecoin value is growing, besides investment purposes, many people have started using for general purchasing and owning it.
Non-Investors have started holding it for tipping waiters and doing small transactions.
This allows Dogecoin to have a mass adoption that no other crypto has.
Bitcoin gained momentum only when commoners started to learn about Crypto.
Bitcoin has already set the stage for the entry of Dogecoin.
Many investors, who aren’t quite happy with a monopoly of Bitcoin, also want Dogecoin to reach $1 in 2022, and thus keep Bitcoin in check.
This year, Dogecoin outperformed all previous Dogecoin Price Predictions, which now has one of the highest market cap, currently ranked at 16th.
This things, are a sure shot hint, on the capability of Dogecoin. There were some skeptics in 2018, who believed Dogecoin will never hit 1 cent, but today, it already had its all time high of 8 cents, and is still not stopping to gain popularity.
Dogecoin is promising, it is fun, it is the currency of commoners, however Dogecoin has some fatal flaws, including lack of proper development enviroment, that need to be improved to further propell the crypto to breach $1 barrier.
The current Market Position of Dogecoin
If Dogecoin has to reach $1, it would need to increase its price by about 10x, and so would the market cap increase.
It would have to have a $140B market cap to have a $1 price per coin which sounds impossible.
But the big thing is, that no one ever thought Dogecoin will hit 1 cent, this year it’s about 1200% up from 2020.
Dogecoin’s lift has come thanks to the support and efforts of Elon Musk, Gene Simmons, Mark Cuban, and Snoop Dogg. They have promoted Doge to increase its price.
It grew really quickly early in 2021, it reached its all-time high of about 8 cents but had a slowdown at the end of February. As of March it is rebounding slowly but still nice.
Dogecoin got its all-time high in May 2021, thanks to the hype of Elon Musk’s Saturday Night Live event.
Dogecoin is something, which is cheap, inexpensive, fun, and possibly earns you something, that is why there is a chance that it becomes really popular, and that can help dogecoin reach $1 in 2022.
NOTE: I am not a financial expert, and many of the factors and their possible future impact are just my speculations. Please do not make any financial decisions based on just this article, I am not liable for any of your decisions.
What are the benefits of Investment in Dogecoin?
Dogecoin can have far better use cases as a currency exchange compared to Blue Chip Cryptos such as Bitcoin. Dogecoin is supported by many wallets, and transferring Doge takes almost no time.
This makes it possible for people who are not interested in investment, to also buy Dogecoin just for the sake of transactions.
If Dogecoin, can strengthen its foundation, as a commodity/medium to exchange, it can really hit new heights and again outperform all the existing Dogecoin Price Predictions.
Recently, Elon Musk started selling a Song about NFT as an NFT, which can be bid only in Dogecoin.
Things like these can really help in the mass adoption of Dogecoin.
The fact that Dogecoin allows you to buy a lot of things means that it is easier to exit the market, as it is as good as the normal currency in your pocket.
Dogecoin can reach $1 in 2022, with the help of increased circulations with payments and purchases made through it rather than normal currency.
Check this screenshot, of Google Trends of Dogecoin, which perfectly shows how it is gaining popularity.
Is Dogecoin Worth Buying? Is it Safe to Invest in Dogecoin?
One of the reasons why you should invest in Dogecoin is, that it is far more resilient to market crashes than other finance-based cryptos.
Dogecoin is a safe investment, most of the people in the Doge market, who entered before 2022, just entered for fun, and not for profit-making, in case some market crash or a new 9/11 happened, most of the investors in Crypto would try to liquidate money, as the entire market sentiment would be bearish
However, as the Doge investors entered for fun, they would probably take the risk of staying in the market, for a longer time, showing their loyalty.
This makes Dogecoin a safe place to invest.
This is why I think Dogecoin will reach $1 easily, and would be far less volatile.
Big Hurdles in the path to Will Dogecoin Reach $1
Dogecoin is designed based on BTC and Litecoin.
Incase their system fails, Dogecoin also fails.
This is a major hurdle, the dependency on a competitor can cause trouble in the future.
The total Dogecoin supply increases 5 billion annually which helps the coin have a more “stable”
The supply isn’t actually infinite, as the percentage increment in the number of coins, decreases every year, therefore reducing the impact.
You should invest in Dogecoin if you are willing to wait long enough.
The developer community has been more or less silent about the development of Dogecoin.
The Dogecoin founders are no more working for Doge. While many currencies saw their founders leave and hand over development to others, Dogecoin is currently directionless.
Dogecoin doesn’t have sufficient market support, which could help dogecoin get the support of pro developers, which could help Dogecoin Reach $1 in 2022.
Dogecoin and the Litecoin Hurdle
Dogecoin was initially created just for fun, as a result, the founders probably used the easiest way to make the coins.
Dogecoin is based on Litecoin, which means any changes in Litecoin will directly affect Dogecoin.
This can severely impact the chances of Dogecoin reaching $1 in 2022
Dogecoin never set out to create any groundbreaking technology on the blockchain or do anything fancy and new
As a result, it’s just a simple cryptocurrency transaction platform, with a photo of a popular meme dog face as its symbol.
Dogecoin has stayed low in value with very small transaction fees, allowing it to be a cryptocurrency that people actually use, instead of just hold on to as an investment. Dogecoin has become the most popular coin to tip people over the internet in appreciation for their content.
Market Cap and abundance Problem
Market Cap is a good indicator of what further growth we can expect from a cryptocurrency.
Dogecoin is already having a market cap of $7.5 Billion at a price of about $0.057
For it to reach $1, it would need to increase its price by 18 times.
This would mean, that if we assume no new Doge coins are introduced in the market, then the market cap of Dogecoin at $1 would be about 18 times more than its current market cap, which means it would be around, $135 Billion.
That’s a big amount, it would be more valuable than the vast majority of companies on earth. You see companies like Google, Microsoft has a market cap of over $1 Trillion, and they are working really hard.
It’s really hard to imagine, a joke being worth this much.
And even if it is true that Dogecoin reaches $1 in 2022, it is almost impossible to reach $10 with the currrent status.
$10 would mean its market cap is $1.35 Trillion. Currently there are only 5 companies in world who are worth more than $1 Trillion.
Only Apple, Saudi Aramco, Amazon, Microsoft and Google have been able to breach $1T mark.
As a result, they need to do major reforms, to reduce the number of Dogecoin in circulation, else it’s quite impossible to propel a joke to $1T and sustain it for long.
So in short, does Dogecoin have the potential to reach $1? Yes, Dogecoin can hit $1 in foreseeable future.
Will Dogecoin ever reach $10? No, I think it won’t ever reach $10 unless the total number of coins is reduced, by coin merger.
I surely think That Dogecoin will reach $1 in 2022.
The most important factor for Dogecoin to reach $1?
If the Public needs it, it skyrockets. In the end, price is directly governed by the number of interested buyers.
The necessary push to Dogecoin can be received only by increasing its reach and demand.
How can we increase Dogecoin demand?
Well, there are a couple of issues, one of them is that, unlike Bitcoin and Ethereum, Dogecoin isn’t available on all sites for purchase.
Maybe because all wallets aren’t understanding its potential.
Billionaire, Elon Musk thinks that Cryptocurrency Coinbase should begin trading Dogecoin, this can really help reach more probable investors.
The necessary push isn’t merely due to limited places to buy Doge.
2nd big concern over the entire Cryptocurrency market is the banning of Crypto in many countries.
While the US has the majority of Crypto exchanges, countries like India, also contribute to Dogecoin. Countries like India and many more, are in the early stages of planning to ban the trading of Crypto.
India reportedly will even ban the possession of crypto, let alone trading, these things can reduce the number of investors, and thus slow down the Dogecoin Reaching $1 in 2022.
So, I see, you came here scrolling without reading my rest of the Creation.
Go scroll up and read it all.
Okay, so I see you didn’t scroll up, anyways, let’s summarize the entire post, and discuss in short, will Dogecoin reach $1 in 2022?
There’s a sure-shot chance it will happen.
Dogecoin has got the popularity and celebrity backing.
There are few major hurdles, including volatile $CryptoCurrency market, dependency on Litecoin, lack of active development community, and an excessively high number of coins. #DogecoinToADollar
These hurdles can further pave the way for #DogecoinToTheMoon and thus make it a brilliant investment decision for you.
The really active and friendly Dogecoin investor community gives the coin a lot of stability and makes it resilient to market collapses.
Hopefully, #Dogecoin, will do the wonders and go to the moon, but first, we need to ensure that Dogecoin reaches $1 in 2022.