A meme-based cryptocurrency, Dogecoin emerged in 2013 after a creator turned a random meme idea into a newly trading cryptocurrency with just social media traction in hand. It boosted in 2017 and started its journey towards widespread acceptance. The recent calendar year surpassed all the previous returns and reflected almost 9940% gain, which landed its investors on the moon. The rally of gains and considerably higher returns are expected to be continued in the following year calendar year keeping in mind the following course of patterns:
Gaining major celebrity traction
Dogecoin featured in tweets of Tesla CEO Musk, who declared himself as an unofficial Father of Dogecoin. Elon Musk shared his plan to launch “DOGE-1 Mission to the Moon,” funded by Dogecoins, which boosted the price of the altcoin in the market. Musk, Snickers, and Slim Jim also engaged with Dogecoin promotions on their Social Media handles. Snoop launched an altered album named ‘Snoop Doge’ to highlight Dogecoins, which further increased its popularity.
Dogecoin price trends
The market cap of this digital asset increased from $1.7 billion in January 2021 to $62 billion currently. Dogecoin, a cryptocurrency based on Litecoin, can mine an infinite number of Dogecoins, which keeps the trading price low, yet it ranks 4th in terms of market capitalization. Since Dogecoin has a 4% current inflation rate, which is subject to further reduction, it proves to be a more helpful and realistic cryptocurrency than Bitcoin, which a deflationary cryptocurrency inducing more and more investments.
How secure is Dogecoin?
Dogecoin uses a script key derivation function, a highly secure algorithm against hardware attacks, making it a more technically sound and reliable trading option. Furthermore, the algorithm-based forecasting predicts Dogecoin will trade up from $0.287 at the start of July to $0.344 by the end of 2021. The price will rise to $0.482 by the end of 2022 and $0.895 by the end of 2025 and might reach $1 in May 2026.
Increasing popularity in the market
Wider acceptance in the market is leading towards its growth and mainstream popularity. Corporate traders like Newegg have reflected the sign of its acceptability. Even Dallas Maverick’s Basketball team owner Mark Cuban tweeted about Dogecoin, giving it more eyeballs and social media mentions.
Why you need to buy Dogecoin
The ability to mine as many Dogecoins as needed is the key point that keeps the price low for all the investors and traders. In addition to that, the relatively shorter blockchain processing time and low transaction fees, high social media volume, and extreme volatility make it the focus of traction of all the investors.
Dogecoin is unstoppable in 2021
In the first two months of 2021, the price of Dogecoin proliferated considerably. It offered 900% growth in January 2021. In July, the prices almost doubled from $0.002286 to $0.004543 within a few days. Furthermore, during Q3 of 2021, Dogecoin is anticipated to trade at $0.0613386 initially and close around $0.0619104, with an all-time high of $0.0773880. Towards the end of 2021, the cryptocurrency is considered to be traded at least $0.87006. It is expected to reach 0.0941731 on the upper side in 2022 and is expected to be bullish throughout 2025 since the charts show an uptrend to trade over the $0.12 mark.
Therefore, the expected price average is $0.54 in 2021, and a long-term price forecast average of $0.66 in 2022, $1.07 in 2025, and $1.67 in 2028, making Dogecoin an ideal altcoin to trade in and accumulate.
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