Crypto enthusiasts say that 2021 is the best year to invest in digital assets. This year several cryptocurrencies have created a big splash, continuing to hit all-time highs in consecutive months. Dogecoin is one such cryptocurrency that is going to explode in 2021 as per predictions and market trends.
Is DOGE All Set To Explode In 2021?
Dogecoin has seen a tremendous increase of 978.081% within a matter of 2 months. It initiated its journey in 2021 with a price of $0.0099, surged all the way, hitting an all-time high of $0.42 in May 2021.
Dogecoin has been on the market for many years. But is this crypto asset all set to begin a bullish run this year? Considering its value, price range, market trends, and advancements let's see why Dogecoin is going to soar this year.
Several reasons back up the prediction that Dogecoin is going to explode in 2021. Here are a few among them.
#1: DOGE's Rally
2021 has been a splendid year for Dogecoin. Since its inception in 2013, Dogecoin gained much popularity, but its value was stuck between $0.0018 - $0.0036. Even with several efforts, it was not able to break the long time-resistance.
Dogecoin started this year with a range of $0.0141. It surged even higher, breaching its long-time resistance and hitting an all-time high of $0.360 in April 2021. DOGE thus has a positive outlook throughout this year.
With its increased popularity, adoptions, and developments, investors and crypto enthusiasts believe that Dogecoin is all set for a new rally and is going to explode in 2021.
#2: DOGE's Unique Features
The uniqueness of Dogecoin starts with the fact that initially, it was created as a parody coin to make people aware of cryptocurrency and blockchain technology. But in the fullness of time, it gained much popularity. Today it is popularly known as the 'meme cryptocurrency' and has rich community support.
DOGE is a fork of Litecoin, which itself was a fork of Bitcoin. Therefore, Dogecoin is partially based on Bitcoin's codebase and has some of its unique features. Relatively, Dogecoin has faster blocks than BTC. Bitcoin has an average block time of 10 minutes, while the latter has approximately 1 minute. Therefore, transactions are much quicker and cheaper in Dogecoin.
Yet another unique feature of Dogecoin is its commitment towards its users. A hack that happened in the first year of its initiation led to a massive loss. But the management took sufficient effort to repay its investors and was successful. Additionally, whenever traders trade Dogecoins, it ensures that they have enough profit opportunities and less loss.
Check Out: Better Buy: Bitcoin vs Dogecoin
#3: The Popularity Of The 'Meme Cryptocurrency'
Dogecoin is popularly known as a meme coin as the mascot of Dogecoin usually features a Shiba Inu dog which gained popularity from the Doge meme.
The creators came up with a funny logo as Dogecoin initially was created with a simple vision to make people aware of blockchain technology. They wanted to experiment with it by blending a highly technical concept with an element of fun. With its increasing popularity in the crypto space, we can say that their instincts were right on the mark.
#4: Popularity Amongst Celebrities
The credit to Dogecoin's popularity and increased price range in 2021 partially goes to Elon Musk and his one mere tweet. The Tesla CEO has been quite vocal about Dogecoin and its features since 2019.
Recently he took to his Twitter handle stating that Dogecoin can be the "future currency of the earth." After which, there was a high surge in its value within a day. Later he satirically announced himself as the unofficial CEO of Dogecoin. His recent tweet has boosted Dogecoin to surpass a value of $0.06, leading to a surge of almost 300%.
Along with Elon Musk, the famous American rapper Snoop Dogg joined the team and has shown great interest in this Shiba Inu token. He tweeted the meme of Shiba and changed his second name to "Snoop Doge". The price of DOGE soared more than 55%, hitting an all-time high after his hilarious tweet.
Following them, Gene Simmons (Tweet), Kevin Jonas (Tweet), and several other celebrities came out and endorsed the value of Dogecoin through tweets and social media posts. Given its high popularity on the internet, user base, and worldwide adoption, Dogecoin is going to explode in 2021 by breaching its $1 target.
#4: Dogecoin's Security Features And Network
Dogecoin is an open-sourced peer-to-peer network that deploys a proof-of-work consensus mechanism like Bitcoin. But unlike Bitcoin, DOGE uses the scrypt mining algorithm. It has lower hash rates and consumes very little energy.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Where Does Dogecoin Stand Today?
From hitting an all-time high in May 2021 Dogecoin currently sits at $0.41. Dogecoin has an unlimited supply and is infinitely minable. As of December 2020, there were around 127 million Dogecoins in circulation.
Currently, there are 131,692,128,947 DOGE coins on supply. With its increasing demand and adoptions, more coins will be mined in the coming future. Evolving beyond a fun meme coin, Dogecoin ranks 10th in the CoinMarketCap ranking with a market cap of $30.97B.
Dogecoin’s Adoptions And Advancements
Dogecoin ceases to be just a meme cryptocurrency today and expands its branches out with multiple advancements and adoptions. To begin with, some online stores have chosen Dogecoin as their reliable payment option.
ATM provider CoinFlip recently announced users could easily purchase Dogecoin with cash across its 1800-machine network. Adding to its resurgence, the largest provider of crypto payment services, BitPay now offers DOGE as a mode of payment worldwide.
Dogecoin is also heading its way to the National Basketball Association as Dallas Mavericks initiates to accept Dogecoin for tickets. With all this in-store, Dogecoin is going to explode in 2021.
Why Cardano Is Going To Explode This Year: The Bottom Line
Thanks to its fastest-growing community, Dogecoin is now an expensive meme! It has successfully paved its way to investor's diversified cryptocurrency portfolios. In the coming decades, Dogecoin will have its ups and downs.
But with DOGE's immense popularity among users and high surge in price, it has the potential to be a lucrative investment opportunity. Well, according to experts, Dogecoin could explode in 2021 and its price could hit another all-time high.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
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FAQs
Is Dogecoin expected to go up in 2021?
According to the recent long-term forecast, Dogecoin price could cross the $1 mark price by the end of 2021, rising to $1.5 by the end of 2022 and $2.5 by the end of 2025. Dogecoin will rise to $5 in 2027, and $10 in 2030.
Is Dogecoin worth buying?
In the traditional sense of investing Dogecoin would be labelled as an assets that's not worth buying. In today's market with investors making huge profits from assets such as Dogecoin that have a huge fanbase others would argue that it is worth buying.
Will Dogecoin increase in value?
If the acceptance if Dogecoin continues to grow along with the strength of it's fanbase which is currently one of the biggest then it's quite likely the value of Dogecoins will increase over time.