Dogecoin was one of the best-performing assets in the entire crypto space during the previous year. It reached its highest point around twelve months ago before declining a little in the following period. But there are still a lot of reasons to look out for Dogecoin predictions. This is because the asset developers are looking to put in more use-cases to increase the coin's value proposition. This guide will talk about everything about Dogecoin predictions in the future and the condition of the asset as a whole. So let us dive right in.

Dogecoin Functions

Before we go on with the Dogecoin predictions, it is important to find out its various functions. The asset may feel like a meme coin and not a lot more than that. But if you go more into the specifics, you will find out that the asset has a lot of use cases that could assist in great Dogecoin predictions in the coming years. One of the most popular use cases of the coin is as a method of payment. The asset has sought to maintain that position since starting nearly a decade ago. The transaction costs while using Dogecoin are not so high. This makes it great for transfers that do not cost money. Also, some time ago, firms such as Nordstrom, AMC, GameStop, and Tesla began to accept the asset as a payment method because of its growing popularity online and on social media. The asset is also used for speculation. Whether a person is buying the top metaverse coins or investing in this particular asset, a big factor of speculation builds into the whole process.

Such people have liked the asset because of its incredibly high returns in the past. It has failed many Dogecoin predictions in the past. The asset has a quick rise in its prices in the previous years, which was noted by prospective investors. Many ongoing discussions online regarding Dogecoin predictions say that the asset may give a similar showing sometime in the future.

Dogecoin Price Determinants

The asset's price chart will give you some great increases in its prices over the past year. There have been movements of more than double-digit percentage points that were not unusual for investors. Some of the main factors that led to this increase included mentions of the asset from several high-profile names online. Whenever a high-profile person talks about a cryptocurrency, it gives a great air of credibility and boosts Dogecoin predictions. A similar thing has happened with a lot of established cryptocurrencies in the past. It has also been a big part of the growth in the prices of this asset early in the previous year. The asset was talked about during the appearance of Elon Musk on Saturday Night Live. It was also talked about by Snoop Dogg, Jake Paul, Gene Simmons, and Mark Cuban. So when such people talk about assets like these, it is sure to get the general public's attention and the mainstream media. This leads retail investors to purchase the coin and increase the prices.

Community Backing

We have talked about the great presence of Dogecoin in the past on online forums. A subforum about Dogecoin predictions and the asset has over a couple of million users right now. But the asset also has a very good following on other platforms of social media. This includes Instagram, Discord, and Twitter. This community is not something that revolves only around speculative trading. A number of reports say that the holders of this asset globally had come together and put up more than $50,000 worth of the asset to support the cause of the Ukrainian people. Also, the overall sentiment in the crypto market regarding the asset drives Dogecoin predictions. It has an effect on the price of the asset. The whole crypto market has seen great growth in the past years. But there have been many smaller crypto coins that are further ahead when it comes to the movements in prices.

Basically, this means that assets such as Bitcoin get a big decline, while smaller assets such as Dogecoin also follow. This also functions the other way sometimes. When the investors are quite bullish on Bitcoin, the smaller assets also tend to grow alongside.

History of the Price of Dogecoin

After its launch nearly a decade ago, all the Dogecoin predictions regarding its price failed. It increased by triple its cost. This came as a great surprise to the crypto community and the developers of the asset. The overall growth trend continued in the next few years. About four years ago, it crossed a market capitalization of a couple of billion dollars for the first time. The growth in the prices was great. But this was still a small amount compared to the overall movements experienced by the people who had invested in Bitcoin and the other top cryptocurrencies in the past. The highest movement in the prices of the asset came early in the previous year. This was when the prices increased by more than eight thousand percent in five months, failing all the Dogecoin predictions. Most of this was because of the high amount of attention the coin had received on social media.

Dogecoin Predictions For This Year

You may be one of the people wanting to know more about Dogecoin predictions and its viability as an asset this year and in the following years. Dogecoin predictions are also being discussed online in forums. Let us go a little deeper into the asset's price and what it could do in the future. Like how people purchase Bitcoin, it is good to get an idea of Dogecoin predictions over the long term and short term before making any investments on your behalf. The price of the asset today has been down by nearly a third since the beginning of this year. But the usual Dogecoin predictions cannot be made only by looking at the start of the year. It is vital to see that the asset still has great support from high net worth individuals and retail investors. A recent media outlet reported that Mark Cuban had said that this asset was at its best when used as a medium of exchange. He also reiterated the point by accepting the asset as a payment method for the merchandise of his team, the Dallas Mavericks. This really helped to increase the sale of its products.

The utility of the asset was also confirmed by Elon Musk. As reported earlier this year, Tesla would start accepting the asset as a payment method for the manufacturer's merchandise. The billionaire had previously referred to the asset as the crypto for the people. This announcement has led the path for several other use cases for the asset. All of these use cases are important for the long-term success of this asset. This is because the high levels of prices cannot be sustained only because of retail and speculative purchases. The acceptance of the asset by Tesla and Dallas Mavericks shows that more firms can permit their users to buy items using this asset. This will lead to an increase in demand for the asset. The Dogecoin prediction is that the price can move up by nearly two hundred percent by the end of this year.

Conclusion

Our article has shown the Dogecoin predictions regarding the price for the coming future. It has taken into consideration the basic macroeconomic and fundamental elements that may direct the movements in prices of the asset in the future. The asset's current price is a lot below what it was at the same point in the previous year. But the adding of new use cases could again lead to a spurt in Dogecoin predictions regarding growth in prices. But to ensure that, the assets need to show sustained upward movement in their prices.