Despite the DOGE being much lower than its all-time high, there are many reasons to be positive about Dogecoin’s future. To increase the coin’s value proposition, the developers are eager to add more features, and some people predict Elon Musk would find a purpose for DOGE along the Twitter network.
Like other cryptocurrencies, Dogecoin (DOGE) saw a decline in value in 2022, losing about 60% of its value over the course of the year. The price of the cryptocurrency was approximately $0.088 on February 9, 2023, having decreased by over 90% from its peak of $0.7376 in May 2021. However, it remains one of the most popular cryptocurrencies. So, what is the most recent dogecoin prediction? Let’s look at some dogecoin price predictions before you find more on Doge casinos as well.
Dogecoin History: Explained
In 2013, Jackson Palmer and Billy Markus, two software engineers, invented Dogecoin as a mere joke. Dogecoin was designed as a parody of the initial allure of cryptocurrencies, with the image of a Shiba Inu dog, much like the well-known “Doge” meme. Markus and Jackson didn’t anticipate the coin to pick up much steam when it was introduced, yet the opposite occurred.
The developers were shocked when the price of DOGE increased by almost 300% soon after its 2013 introduction. The coin initially crossed the $2 billion market cap during this bullish trend, which persisted in the years that followed and reached a peak of $0.0170 in early 2018. Although these price rises were significant, they pale in comparison to the moves experienced by people who decided to invest in Bitcoin and other well-known cryptocurrencies.
The price of Dogecoin rose by more than 8,600% between January and May of 2021, which was the most remarkable increase in price. A significant portion of this was brought on by widespread coverage on social media and references from well-known figures like Snoop Dogg, Mark Cuban, and Elon Musk. On May 8, 2021, DOGE hit an all-time high of $0.7376, giving the coin a market worth of more than $70 billion. To attain its current price, Dogecoin’s value has dramatically decreased. Dogecoin specifically started off this year well, increasing by about 40% in January 2023. After Elon Musk’s $44 billion acquisition of Twitter, DOGE swiftly increased 150% at $0.06 to $0.015, signaling a robust rebound.
Dogecoin in the years ahead
In contrast to the substantial fees covered on the Ethereum network at the time of significant congestion, the average transaction price on the network is merely $0.15. Overall, these figures demonstrate that, despite not being the most scalable network, Dogecoin has a strong base to support future increases in transaction volume.
This has led to an increase in the use of Dogecoin as a tipping system online. Notably, a tipping bot that enables Twitter users to tip other users was constructed, as was mentioned in a post on Dogecoin’s official subreddit last year. Due to the low transaction costs for sending DOGE to another party, this gained a lot of interest. The new Twitter verification method, which requires users to pay $8 a month to maintain or obtain a blue tick, might also use DOGE.
Given that DOGE’s reputation as a meme coin makes it unlikely that big corporations would start using it, this course of action appears to be the most suited for Dogecoin to take in the next few years. Due to its “approachable” design, Dogecoin may become more popular as younger generations are exposed to the cryptocurrency sector, creating opportunities for advancements in the aforementioned tipping service.