The End of 2022: Will Dogecoin Rise or Fall?
A brief history of Dogecoin price
In September, DOGE was once more in the spotlight when an updated complaint was formed in a New York court targeting Tesla (TSLA) CEO Elon Musk, charging him of racketeering with adding seven new plaintiffs and six new accused individuals.
Traders who had made a loss on the currency brought the $258 billion complaint in June, claiming that the accused individuals gained tens of billions of dollars while being aware that the price of this token relied purely on marketing. By April 2021, the value of Dogecoin soared by 1,234%, reaching the highest value of $0.7376.
The end of 2022- Dogecoin Rise
With 2022 coming to a close, is Dogecoin a good option for investment? Numerous fans of the token frequently ask this question. As we go more into how the value of DOGE could behave in the near future, please keep reading.
Similar to when purchasing Bitcoin, it is advisable to investigate Dogecoin’s long- and short-term predictions before investing. As stated earlier, the value of Dogecoin is currently about $0.08, down 52% from the year’s beginning. So, what kind of behaviour can we anticipate from this token for the rest of the year?
It’s significant to mention that high-net-worth and regular traders strongly back up Dogecoin. According to a CNBC post, billionaire Mark Cuban claimed that it was in the best position when Dogecoin was utilised as a means of trade. Cuban backed up this claim by enabling DOGE as a form of payment for Dallas Mavericks products, which significantly increased sales.
Dogecoin still has tremendous support from social media networks, despite the coin’s price retracing over the last 18 months. In late 2022, powerful retail trades may drive DOGE toward the $0.20 level, particularly at this time that Elon Musk has finalised his acquisition of Twitter.
Once it was revealed that Musk would acquire Twitter, Dogecoin saw a 10% increase in one day at the beginning of October 2022. It had increased by nearly 100% in late October, hitting $0.15. Unfortunately, the token has already retraced to $0.08 amid a larger cryptocurrency meltdown. There may be more suffering if Musk doesn’t provide any additional details on Doge’s Twitter use case.
As a result, according to our Dogecoin price forecast for 2022, the currency may reach a maximum price of $0.20 by the year’s end, representing a 150% increase over its current value. That may rise if Twitter reveals a reliable and viable use case for DOGE, like donation or payment for the new follow system.
Source: www.Pipsafe.com
Categories :
Tags :
