The post How High Can Dogecoin (DOGE) Go? by Micah C. Miracle appeared first on Benzinga. Visit Benzinga to get more great content like this.
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Dogecoin (DOGE) made huge gains for investors in 2021, but hasn’t kept pace in 2022. The original dog-themed meme coin gained newfound attention from Elon Musk, and Tesla now lets consumers purchase Tesla merchandise with Dogecoin on its website. Seemingly more and more retailers are accepting DOGE, but will this trend continue, or is this adoption a product of hype?
And it’s not just Dogecoin making big gains for its investors. Increased participation is pushing the altcoin market higher from all directions. But as the cryptocurrency market blows past $2 trillion for the 2nd time this year, serious investors are asking themselves just one question: How high can DOGE go?
Dogecoin was in the news last year for rising more than $0.69 on the tweets of the ever-eccentric Tesla and SpaceX CEO Elon Musk. Single handedly raising the price of Dogecoin via his own social media presence, the self-proclaimed Technoking of Tesla and prominent fan of the crypto project revealed his own position in Dogecoin and his plans to work with developers to expand the platform.
Unfortunately, a catastrophic fall in Dogecoin’s price (the timing of which correlates strongly with Elon Musk’s appearance on Saturday Night Live) left new investors disillusioned shortly thereafter. But as we watched our gains diminish in real-time alongside the general market, a determined community of supporters held onto their DOGE with diamond hands and added strategically to their positions. And after bottoming near $0.12, DOGE is now following the rest of the crypto markets closely.
Despite the drop from its all-time high, DOGE saw huge gains in 2021. While many Dogecoin supporters will proclaim that the coin will reach $1, this hasn’t been achieved yet. Dogecoin will need a resurgence in hype in order to reach the coveted $1 mark.
But what is Dogecoin? And what’s driving these recent gains?
Contents
What is Dogecoin?
To some, Dogecoin is just another top-tier cryptocurrency lingering on their favorite decentralized exchange (DEX) or traditional trading platform. Like Bitcoin (BTC) and Ethereum (ETH), many investors purchase this digital asset because of its name recognition alone. But Dogecoin is much more than a flashy meme and click-bait advertising.
Nicknamed the people’s currency for its fast transactions and low fees, Dogecoin has created a name for itself as a leader in the peer-to-peer (P2P) payment space. DOGE is rapidly being accepted as payment by a growing number of companies as adoption of the cryptocurrency becomes more mainstream.
One great way to understand what makes Dogecoin so unique is by measuring it against the largest cryptocurrency by market cap — Bitcoin. While both Bitcoin and Dogecoin operate on independent blockchains with a proof-of-work mechanism powered by mining, Dogecoin has managed to simplify the required work necessary to record transactions, allowing for faster speeds and lower network fees.
Dogecoin Market Capitalization
DOGE is trading hands around $0.14 as of February 2022, and it’s following the rest of the cryptocurrency market’s downtrend. The current market cap for Dogecoin is resting comfortably above $15 billion as it fights to take marketshare from its main memecoin competitor, Shiba Inu.
When considering the price of DOGE, it is important to consider the company’s market cap to form a realistic picture of the coin’s potential. For Dogecoin to reach a dollar, its market cap would need to reach over $100 billion, making it one of the most valuable cryptocurrencies on the market.
Bull Case for Dogecoin
The cryptocurrency market is still in its early stages. As cryptocurrencies become truly mainstream, the $2 trillion market will suddenly seem frighteningly small. When you consider the potential for Dogecoin to motivate participation in this burgeoning industry, its market capitalization may have room to grow.
However, it’s nearly impossible for Dogecoin to surpass a few dollars, so adjust your expectations accordingly. This is due to the large amount of DOGE in circulation (130 billion at the time of writing). For Dogecoin to reach $2, it would need a market capitalization of over $260 billion, which would make the meme currency more valuable than most companies in the S&P 500.
Bear Case for Dogecoin
The oversized influence of celebrities involved in the space has revealed a glaring problem within the market. Large investors and early entrants to Dogecoin have enough power to manipulate the currency in a less than decentralized fashion. Plus, other cryptocurrencies like XLM and ADA have cheaper fees and faster transaction times than DOGE, which could potentially make the meme coin obsolete.
With so much hype around Dogecoin, it’s hard to not acknowledge the possibility of a bubble. Dogecoin has pumped and dumped several times before, and investors should realize the possibility that Dogecoin could fall back to sub 10 cents.
Where to buy Dogecoin
Dogecoin is widely accepted on cryptocurrency exchanges throughout the world. The easiest way to buy DOGE in the U.S. is probably through Robinhood or Webull.
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eToro, headquartered in Cyprus, England and Israel, has provided forex products and other CFD derivatives to retail clients since 2007. A major eToro plus is its social trading operations, including OpenBook, which allows new clients to copy trade the platform’s best performers. Its social trading features are top notch, but eToro loses points for its lack of tradable currency pairs and underwhelming research and customer service features
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Webull, founded in 2017, is a mobile app-based brokerage that features commission-free stock and exchange-traded fund (ETF) trading. It’s regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Webull offers active traders technical indicators, economic calendars, ratings from research agencies, margin trading and short-selling. Webull’s trading platform is designed for intermediate and experienced traders, although beginning traders can also benefit.
Webull is widely considered one of the best Robinhood alternatives.
Best For
- Active traders
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Pros
- No account maintenance fees or software platform fees
- No charges to open and maintain an account
- Intuitive trading platform with technical and fundamental analysis tools
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- Does not support trading in mutual funds, bonds or OTC stocks
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Robinhood is a broker designed for traders who want a simple and easy-to-use platform. It takes out all the bells and whistles that can be confusing to the modern day trader, serving as the perfect place for beginners to learn the markets. The interface is intuitive and easy to master, streamlined to ensure you don’t get distracted as you build a portfolio. Though advanced traders might like more thorough analysis tools, Robinhood gives you everything you need to start trading and learn the ropes.
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- Beginner traders
- Mobile traders
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- Streamlined, easy-to-understand interface
- Mobile app with full capabilities
- Can buy and sell cryptocurrency
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- Fewer analysis tools than most
- Only taxable, non-retirement accounts are available
How Long will it Take for Dogecoin to Reach $1?
As new entrants to the cryptocurrency space flood the available exchanges in the coming months, many traders expect Dogecoin to outperform the general market. Based on past performance and the current pace of market expansion, some investors are predicting DOGE to reach parity with the U.S. dollar soon.
While the concept of Dogecoin holding a market cap of more than $100 billion may seem hard to justify for the time being, the community of believers hodling the coin are convinced that it can still go much further.
Where to Store Dogecoin Safely
It is imperative to have a secure wallet for your cryptocurrencies and DOGE is no exception. Whether you need offline storage or solid connectivity for trading, the following recommendations will store your DOGE securely, giving you full control of your digital assets.
Best Hardware Wallet: Ledger
Ledger represents the ultimate in secure offline storage. This sleek device stores your private keys and provides full isolation between your assets and less secure devices, like your phone or computer.
Best Software Wallet: Exodus Wallet
Exodus is a software wallet that lets you earn interest on your digital assets. It also supports connection to the Trezor hardware wallet for maximum security and convenience. The wallet has a desktop and mobile app, giving you convenient options to access your digital assets. There are several other apps available for saving with over 145 cryptocurrencies supported.
Aside from storing your coins and earning interest, you can also exchange, send and receive coins at any time. 24/7 support, a large knowledge base, FAQs, videos and charting ensure that you always have the best information.
Exodus doesn’t charge anything to use its wallet. However, remember that there are network fees when transacting on the blockchain. For networks like Solana and Polygon, this may only be a few cents, but for blockchains like Ethereum, you may need to pay significantly more to process transactions.
Founded in 2015, Exodus is a multiasset software wallet that removes the geek requirement and keeps design a priority to make cryptocurrency and digital assets easy for everyone. Available for desktop and mobile, Exodus allows users to secure, manage and exchange cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) and more across an industry-leading 10,000-plus asset pairs from a beautiful, easy-to-use wallet. The noncustodial functionality is encrypted locally on users’ own devices, ensuring privacy, security and complete control over their wealth. Exodus is on a mission to empower half the world to exit the traditional finance system by 2030.
- Newcomers to the cryptocurrency world
- Ease of use
- Trezor integration
- Free
- Huge selection of cryptocurrencies
- Excellent 24/7 customer support
- No personal info needed
- Needs more staking options
- FTX app not available on the mobile app
Can You Use DOGE with DeFi?
A wrapped Dogecoin, known as tDoge, has brought Dogecoin into the DeFi space. Investors interested in staking for interest can make returns just for holding the currency on certain exchanges within the decentralized finance space.
Current Crypto Prices
The market has been surging over the past few weeks, with tremendous gains realized by investors in the altcoin space in August 2021. Cardano, a popular alternative blockchain company, has made recent headlines after topping $2. It now sits at $2.17.
Bitcoin is holding onto a base of support, consolidating around $47,000, but losing market share to an exploding class of altcoins. Bitcoin dominance is holding at 44% but trending downward as we watch a number of altcoins like Dogecoin outperform the general market.
Is Dogecoin a Good Investment?
Ultimately, Dogecoin is a payment-oriented cryptocurrency with a fantastic community and creative media presence. It lacks in technicals, as it doesn’t have innovative smart contracts, and it isn’t even the best option for a simple payment solution. While the oversized influence celebrities hold over this altcoin can sometimes be hard to stomach, it might still behoove investors to get in on this mainstay meme coin before the masses discover it (again).
The post How High Can Dogecoin (DOGE) Go? by Micah C. Miracle appeared first on Benzinga. Visit Benzinga to get more great content like this.
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