Will Dogecoin Be the King of Crypto Coins in 2022?
While Dogecoin’s annual growth rate reached 3,500% last year, it’s not one of the best performing cryptocurrencies in 2021. Nonetheless, the popular meme token continues to garner considerable attention in the cryptocurrency space. According to a recent Google search engine report, the ‘Dogecoin’ keyword was the most searched cryptocurrency in the United States in 2021. Ethereum ranked second in search volume after Dogecoin (DOGE). Dogecoin reached a new all-time high on May 8 last year, but then began to fall in value and has yet to recover to that level. Many people are therefore concerned about Dogecoin’s performance in 2022, will it remain the most popular meme cryptocurrency this year? So here are some of BigONE’s predictions for Dogecoin in 2022.
Dogecoin new developments in 2022
In late December, the Dogecoin Foundation released a development plan that is consistent with its current community policies and consensus-based approach. The following are some key points from the 2022 plan:
• The website Dogecoin.com will be redesigned: the updated website will include answers to Dogecoin’s frequently asked questions, also known as the FAQ, and will be dubbed “Dogepedia” by Dogecoin.
• Creating a new Dogecoin technical standard: this will make it easier for developers to use, and it will also include a brand-new library of modules, keeping those who want to build Dogecoin-related products out of trouble.
• Gigabit network digital wallet: the Foundation asked the development team to create GigaWallet, a network digital wallet that can be set up in seconds, to make it easier for retailers and exchanges to integrate Dogecoin.
However, Dogecoin’s lack of practical use is a serious design flaw. Because the more useful a cryptocurrency is, the more people will use it. And the more people who use it, the more likely it is to become a standard currency which maintains its value. This is also the main goal of Dogecoin’s 2022 plan, which is to allow more people to begin using Dogecoin.
Elon Musk tweets about DOGE
Elon Musk, the self-proclaimed “Dogefather” has been delivering a steady stream of hot news about Dogecoin on social media; according to BigONE, the billionaire Time Magazine’s Person of the Year is unlikely to stop posting about DOGE in 2022. Elon Musk’s tweets have been a major driver of Dogecoin’s success, he even mentioned it on a top US comedy TV show, so his backing is very important in promoting the growth of Dogecoin. Then earlier this month in mid-January 2022 Musk sent price soaring by 15% after saying it will be accepted for Tesla goods.
More merchants will accept Dogecoin in 2022
According to research data, approximately 2,000 merchants worldwide currently accept Dogecoin as payment, while nearly 7,700 merchants accept Bitcoin as payment. Although there is still a significant gap between the two, it is narrowing. As well as Tesla’s announcement that it would accept Dogecoin as payment, AMC Theatres began accepting a few cryptocurrencies for payment at the end of 2021, and they also stated that they will accept Dogecoin and Shiba Inu coins as payment methods in March.
More meme coins to follow?
The rise and popularity of meme tokens have been phenomenal, but this trend of pop culture colliding with crypto financial investment did not really take off until 2021. While Dogecoin’s success has shown that it cannot be ignored, in the face of an ever-changing market, it’s difficult to predict what will happen next.
However, as more so-called pet coins emerge, Dogecoin will face increased competition in the future. Special meme tokens can experience unexpected price increases, boosting their status in the cryptocurrency market. This was evident late last year when Shiba briefly surpassed Dogecoin. As a result, the possibility that Dogecoin could be overtaken by other pet coins is far from theoretical. Whether it can retain its foothold in the face of numerous imitators is largely dependent on its ability to regain momentum.
DOGE is off to a good start with the reform of the Dogecoin Foundation and a clear plan for 2022. The new website and technology to ensure that Dogecoin is accepted by more retailers will provide it with a much-needed boost. However, these bold strategic moves have had little impact on the price of Dogecoin, which is still primarily driven by its community and Musk’s tweets. Unless he appears on another popular TV show and discusses Dogecoin, it’s difficult to see it returning to its 2021 highs anytime soon.
Despite these factors BigONE believes that if you were fortunate enough to witness Dogecoin’s peak price last year, you will have learned something about Dogecoin’s taste of success in the face of adversity. If that kind of momentum continues, the future looks promising.
If you like the look of Dogecoin as an investment for your 2022 portfolio visit the DOGE page on BigONE to check out the recent price action, and to make a trade.
