Dogecoin has been one of the best-performing crypto assets throughout 2021. it certainly raises expectations for 2022, although a repeat seems rather unlikely. Even so, what does the Dogecoin price prediction for this year look like, and is there any reason to be bullish?
Last year was rather stellar for Dogecoin. The meme currency of the internet has been stuck in sideways trading for a long time and suddenly began surging higher. Moreover, gaining over 3,000% in value of 2021 was stellar, although not an anomaly in the cryptocurrency industry.
Some small-cap projects note such gains in a few weeks, but they ultimately crash down to near $0. That is not the case for DOGE, even though the currency has lot tremendous momentum in the latter quarter of 2021. As 2022 is off to a relatively slow start for the Dogecoin price, it seems unlikely another 3,000% gain will be recorded this year. However, strange things have happened in this industry.
While many blockchain ecosystems engage in DeFi and NFTs today, that situation is very different for Dogecoin. it is not the most advanced blockchain out there, although development is still ongoing after years of near non-existence. Binging innovative features to the network can spark Dogecoin price excitement throughout 2022, depending on how the community receives new developments.
One interesting development is Snoop Dogg hinting at buying his NFTs with DOGE back in March 2021. The combination of non-fungible tokens and Dogecoin would be an exciting mix, as that market primarily belongs to Ethereum these days. It would also bring much-needed use cases to DOGE, and might even open up Metaverse-related opportunities.
The biggest fan of Dogecoin is still firmly in camp DOGE. Elon Musk has not backed down on tweeting about his favorite crypto assets and can manually orchestrate a Dogecoin price surge at any moment. Moreover, his companies have started to embrace DOGE as a payment method, at least where merchandise is concerned. Buying a Tesla car with Dogecoin might not happen overnight, but it’s not unthinkable either.
Moreover, Musk’s company Starlink may play an exciting role in using DOGE. Bringing globally accessible internet to millions of people would benefit from a universal currency with no ties to governments or central banks. Although it seems unlikely DOGE will become the go-to payment option, the currency keeps making inroads in the payment space.
As the Dogecoin price seems to hold itself rather well near $0.14, there appears to be intense buy pressure. Whales have been accumulating cheap-priced crypto assets these past few weeks, and it appears DOGE is among them. More specifically, there is a strong interest in acquiring the DOGE asset on Binance Smart Chain, which are wrapped and redeemable for the original DOGE.
However, it is worth noting there are only two dozen active addresses for this asset lately. That makes the 99.45% increase in volume far less spectacular yet still somewhat intriguing. It will be exciting to see if these metrics keep rising over the next few weeks or if this was just a lucky fluke.
It will take tremendous for the Dogecoin price to hit $1 or more in 2022 or beyond. However, nothing is impossible in this industry, as anything can happen when people least expect it. A lot will depend on ongoing developments that can bring more attention to this network over the coming months. Moreover, ongoing community growth will prove essential in establishing a bullish long-term outlook.
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