Will Dogecoin reach $1 in 2022

Why do market experts think Dogecoin will reach $1 next year? Faster than Shiba Inu

2021 was a boom year for the crypto community with a lot of positivity surrounding high-performing currencies like DOGE. Market experts believe that this positive trend will extend into the next year, 2022, and Dogecoin may reach the $1 threshold, beating tough competition from other booming coins such as Shiba Inu.

DOGE/USD is an alternative currency launched in 2013 with a Shiba Inu dog as its logo. Although it was created as a meme coin, it has seen rapid growth and an increase in prices after increased support from Tesla CEO, (NASDAQ:TSLA) Elon Musk. It made it into the top ten cryptocurrency rankings this year according to CoinMarketCap and has continued to make giant strides with Elon Musk recently announcing that DOGE would be the only cryptocurrency that Tesla would accept for its commodities.

Over the years, DOGE/USD has become one of the most important digital assets in the crypto space. 2021 seems to be the best year for DOGE since its launch; Her performance was phenomenal. At the beginning of the year, it was trading at $0.005, rising to $0.034 in February, and reaching $0.7376 in May.

Although the uptrend did not continue as the price fell over the course of a month. In November, the cryptocurrency was trading around $0.22, losing about 70% from its all-time high in May. At the time of publication, the price was $0.18 according to CoinMarketCap price data.

Despite this downward trend, Dogecoin price increased by 3100% in 2021 when comparing prices at the beginning of the year, which shows a high profit rate.

The most influential factor in Dogecoin's massive gains and high performance was the current bullish trend in the crypto space around the second quarter. Sequel to the Bitcoin halving, the cryptocurrency market has seen an upward trend after a brief rally in the third quarter. In the first quarter, bitcoin had an even bigger uptrend, tripling its value, dragging the doji and other coins along the upward path.

Along with supporting Bitcoin, Dogecoin has become a household name, attracting the interest of opinion leaders, expanding its network. Elon Musk, Mark Cuban, and Snoop Dogg are all part of the key opinion leaders who influenced DOGE's expansion, and their tweets and sentiments cemented the coin in the eyes of "potential" crypto fans and increased its community.

Dogecoin as a Payment Currency All these influences have contributed to an increase in the adoption rate of Dogecoin as major companies are now accepting cryptocurrency as a payment option. The Dallas Mavericks accepted the use of cryptocurrency for ticket payments after its owner, Mark Cuban, endorsed Dogecoin as the correct currency for people to use for payment.

Dogecoin's fan base has grown exponentially with over 2.7 million followers on Twitter, and other social platforms are also showing increasing numbers.

Analysts assert that if all goes according to expectations, DOGE will be on its way to a $1 price point in 2022, although this feat will not be easy as Dogecoin is knocked out of the top ten on the market list; It is a sign that other booming currencies may compete strongly with them in the coming year.

Disclaimer: The opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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