Dogecoin has enjoyed massive price surges and dizzying plunges in recent times. This meme coin is among the top 10 cryptocurrencies in the world today.
Although Bitcoin is still the largest crypto, Dogecoin and a few other cryptos have grown to dominate the crypto market.
This coin which has the Shiba Inu mascot image is one of the performing tokens in 2021. It is therefore predicted to be a course for investors in 2022.
Dogecoins
Dogecoin’s Performance in 2021
Dogecoin was created out of joke in late 2013. The token has since come out of the blue via influencers’ work and other factors to stand tall in the crypto world.
In 2021, Dogecoin gained explosively at price with rises that included a more than 500% one-day jump on January 29.
DOGE has been prominent in the business world in 2021 as it is a means of payment for companies. Dallas Mavericks, Kranos, SpaceX, are examples of top companies that accept this coin.
As of December 2021, the total market cap is $23,458,715,900 making it the 11th largest crypto coin.
3 Reasons Dogecoin Could Top Investors’ List in 2022
Here are some potential signs of shift for Dogecoin to become a potential medium of exchange and top the list of investors in 2022. They are listed below;
- It retains value despite the cryptocurrency ups & downs- Cryptos, in general, have had ups & downs in recent times. Dogecoin has not been left out of the trend but has shown good signs. There has been stability despite the average size of traders and the overall trading volume dropping sharply. The token continues to trade far above its early 2021 price range of $0.02 or less suggests that market forces have established a ”floor” at current levels. Although this is, for the time being, the coin’s worth hasn’t fallen far below $0.30 during the past months. This is a good point for investors who might want to consider DOGE for early investment.
- It has several advantages over Bitcoin- Dogecoins have some features that make it better than Bitcoin. Top of this is a vastly lower amount of electricity required to mine and use when compared to Bitcoin. DOGE uses just 0.12 kilowatt-hours of electricity per transaction to BTC’s 707 kilowatt-hours. Dogecoin has no limit to the total number of coins that could be mined in contrast to Bitcoin. With over 129 billion coins already in circulation, this mining rate ensures Dogecoin’s inflation rate will decline steadily over time. This provides an incentive for miners to continue the mining process that could earn them 10,000 DOGE.
- It is gradually gaining wider acceptance- This meme coin has been widely used as a medium of exchange. A whole lot of businesses now accept DOGE as a form of payment. This includes larger entities like the NBA’s Dallas Mavericks, which allow customers to use it to buy match tickets and merchandise through BitPay. Other top companies like Tesla, owned by Doge’s top influencer, Elon Musk, is also taking a shot at the coins as a payment option.
Also Read: How To Mine Dogecoin
Although investing in cryptocurrency is still considered a huge risk, risk-takers have however taken the opportunity to earn from it.
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