Dogecoin’s value increased in 2021 as the cryptocurrency markets recovered, gaining popularity on social media and spurring the creation of additional coins with Shiba Inu dog themes.

In order to provide a framework for governance and support for the development of the project’s community, the Dogecoin Foundation was established in 2014. Elon Musk unusually favours DOGE over other cryptocurrencies.

Furthermore, even in the context of cryptocurrency markets, the price of Dogecoin fluctuates wildly because social media communities are to blame for notable price peaks and subsequent crashes that garner mainstream media attention.

Doge Price Prediction:

Dogecoin has a history of witnessing exponential price increases every three to four years. Dogecoin, for example, surged by up to 6500% between mid-2017 and January 2018, from roughly $0.0003 per token to as much as $0.019. This came after years of stagnation at almost worthless levels. Between early January 2018 and December 2020, the price of a Dogecoin token remained stable, ranging between $0.001 and $0.006.

Then, between December 2020 and May 2021, it saw another surge of up to 25,000%, hitting a high of more than $0.76 per token. For the bulk of 2022, it has been stuck at $0.05 and $0.15 per token. According to Dogecoin’s historical average, the next exponential bull run could begin in a few months or a few years.

This could mean that Dogecoin will surpass both the $1.0 and $3.0 marks in 2023. What may be the rally’s kickoff? If the theory that Elon Musk may include the Dogecoin blockchain in a future Twitter payments system proves true, the joke coin might see significant growth and demand.

In any case, Dogecoin is expected to rise in popularity alongside the wave of cryptocurrencies that will eventually benefit its main competitors, such as bitcoin, Litecoin, and ethereum. Because cryptocurrencies are still traded as speculative risk assets and tend to perform better when financial conditions are easier, it should be encouraging for them if economic conditions allow key central banks such as the US Federal Reserve to cut interest rates in 2023.

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