Dogecoin’s value exploded last year, creating a new all-time peak and bringing more retail traders into the crypto space. The ascending DOGE interest, which was introduced in 2013, can be attributed in factor to the coin’s huge yields last year, and endorsements from famous names, like Elon Musk (Tesla CEO), who in the recent past allowed DOGE as one of the payments for Tesla “merch” (NASDAQ: TSLA).

Besides that, this decentralized coin is keeping up to progress in the digital asset space as cryptocurrency market maturity and regulation are rising, as verified by the latest stand on cryptos taken by India, Russia, and Ukraine (which legalized Bitcoin in the recent past). EI Salvador also legalized Bitcoin in 2021. As a result, the regulation issue is getting more extensive as more countries are presenting the case to light, and as per the Dogecoin price prediction, this will finally assist DOGE if it’s to achieve 0.5 USD or more this year.

DOGE Recent Market Statistics

Currently, Dogecoin stands in number 11 under the overall market cap. The coin’s market price is 18.3 billion USD, but it’s still far away from the $88 billion mark it achieved last year, May 7. Also, the primary concern stands if 2022 is the year Dogecoin will close at over $0.5, the peak it has never hit since last year, May 17.

Despite the enormous retreat, Dogecoin’s value has risen by over three times in the preceding 12 months. Therefore, traders who went for long-term investment are still optimistic over this digital asset.

Dogecoin Still Has An Interest

Without hesitation, DOGE still features considerable interest. On Feb 6, this year, Dogecoin’s official Twitter page recorded three million followers, giving the title of the highly followed crypto account on Twitter.

Besides this, DOGE’s holders have increased, adding more than 300,000 holders to its community for the past three months. On Nov 21, 2021, the network had 4,523,672 holders – the figure had increased by over 300,000 by the end of February this year.

DOGE Supported By Crypto’s Big Names

With Elon Musk’s profound Dogecoin support, the digital asset has performed beyond predictions, and with ongoing development, most investors still believe the coin could go back to $0.5.

Also, as per Musk, DOGE stands out in terms of transactions compared to Bitcoin. As things stand, DOGE is the only digital asset that Tesla (Musk’s company) allows as a payment form. Created on Bitcoin asset’s native architecture, Dogecoin also applies the “Proof-of-Work” algorithmic rule to approve transactions. However, the platform completes transactions inexpensively and faster than Bitcoin. Therefore, you can use it hassle-free to pay for services/goods.

Although currently, Dogecoin ranks as a “Proof-of-Work” coin, Ethereum founding father Vitalik Buterin disclosed that DOGE also focuses on transitioning to the “Proof-of-Stack” platform featuring community staking features.

Is 2022 The Year DOGE Will Close At $0.50?

With several big names supporting Dogecoin and the vast market for this digital asset in the US, DOGE can rebound to its last year’s value of $0.50 with less hassle. Suppose DOGE is to close at or above $0.50. In that case, it’ll have to keep attracting more crypto traders and be hopeful for escalated restrictions in other trades in the digital asset field to assist in increasing its value.

Dogecoin will also have to keep improving its community, as in the case of its first NFT blockchain. It produced this NFT for only 0.0018 USD, representing a massive efficiency than NFT’s production cost on the Ethereum digital coin.


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