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:

The price of Dogecoin has increased exponentially every three to four years. Between mid-2017 and January 2018, Dogecoin, for example, increased by up to 6500%, rising from about $0.0003 per token to up to $0.019. This followed years of nearly worthless stagnation. 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 increased by another 25,000%, reaching a high of over $0.76 per token. It has remained between $0.05 and $0.15 per token for the majority of 2022. According to Dogecoin’s historical average, the next exponential bull run could begin in a few months or a few years.

This could imply that in 2023, Dogecoin will surpass the $1.0 and $3.0 thresholds. What might the rally’s starting point be? If Elon Musk’s prediction that the Dogecoin blockchain will be included in a future Twitter payments system is correct, the joke coin could experience significant growth and demand.

In any case, the popularity of Dogecoin is expected to rise in tandem with 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 that perform better when financial conditions improve, it should be encouraging for them if economic conditions allow key central banks like the US Federal Reserve to lower interest rates in 2023.

Also Read

Doge Price Prediction: Today’s Dogecoin Price, 3rd Dec 2022

Doge price prediction – Here’s the latest Doge price prediction and Doge...