<strong>Dogecoin Price Prediction for 2022</strong>

Dogecoin Price Prediction for 2022

Dogecoin is an open-source cryptocurrency named after the popular Internet meme doge, which is an image of a Shiba Inu, a Japanese hunting dog breed. Today, it has aroused quite a lot of interest among investors. The exchange of DOGE to ETH or any other crypto coin has become commonplace.

Distinctive Characteristics of Dogecoin

The principle of operation of Dogecoin is similar to the principle of operation of other cryptocurrency platforms, including Bitcoin. It is based on the Proof-of-Work consensus algorithm. The reliability and security of the network are guaranteed by the miners. They connect computing power for mining new blocks and processing transactions.; the more equipment used by miners, the more complex and reliable the network. However, the Scrypt encryption algorithm is used instead of SHA-256. Therefore, the equipment used for Bitcoin mining is not suitable for Dogecoin mining.

Initially, the size of the reward for a newly mined block was random. This changed in 2014 when the reward was fixed at 10,000 doges. Initially, it was stated that the emission of the DOGE cryptocurrency is limited to 100 billion coins. However, by the end of 2014, the number of coins exceeded 98 billion. Then the management decided to make the release unlimited. At the same time, the TLM cryptocurrency, which has a number of common characteristics with DOGE, will become widespread. The fast and profitable TLM WAX exchange is available today on the LetsExchange.io website.

The Dogecoin currency gained popularity due to the rapid processing of transactions. The network has reduced the time between adding blocks, so user payments are processed in a few minutes. The second benefit for customers is affordable transaction fees even when the network is busy. 

Read: Effective Tips For Successful Crypto Trading [An Ultimate Guide]

How Has the Value of the Dogecoin Cryptocurrency Changed?

When the cryptocurrency appeared on CoinMarketCap (in December 2013), its value was 0.0002 – 0.0003 dollars, and the market capitalization exceeded the amount of 1.5 million dollars. From 2014 to 2016, the Dogecoin exchange rate remained stable. It started growing in 2017. The maximum value was recorded on January 7, 2018, at around 0018773 USD.

The next increase took place in 2021. The new record was $0.7376. The coin has firmly established itself in the top ten in terms of market capitalization.

Read: How To Create A Bitcoin Wallet?

What Are the DOGE Cryptocurrency Value Predictions for 2022?

Over the last year, the value of the coin has remained almost at the same level. However, a gradual rise in prices can still be traced. To understand whether DOGE will grow in 2022, it is necessary to clarify what affects the price at the moment:

  • Active trading – a huge number of DOGE coins are used in trading on exchanges. This means that many coins are bought and sold every day. However, there is a tendency to purchase. That is, people buy more coins, waiting for the exchange rate to rise. This, in turn, also affects the growth of value;
  • The DOGE community – the scope and recognition of this cryptocurrency is growing relentlessly;
  • In terms of capitalization, Dogecoin has already entered the top 30 virtual currencies;
  • The world market is interested in Dogecoin. It is largely due to fast transactions and low commissions.

All of the above allows determining with a high probability whether the cost of DOGE will grow in 2022. According to many analysts, the price will go up and may reach $ 1.2 by the end of 2022. Despite the fact that coin has been a good investment for several years, experts are convinced that such an investment will also bring good returns in the future.

Christopher Austin

Hello, I am Christopher Austin. You will mostly find me writing articles related to gaming on Techinerd. Providing knowledge that I have related to gaming to everyone is my passion and I love to do the same. Other then gaming, I also love to write articles on other technology related topics as well. Other than that, I am the digital media manager at Techinerd as well.

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