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Amid a bearish trend in the crypto market, popular meme crypto Dogecoin today (August 09, 2022) lost its market capitalization, slipping below 10th rank on CoinMarketCap. Dogecoin is one of the most widely accepted cryptocurrencies by merchants, companies, and crypto payment processors. You can pay with DOGE for online services, computer games, travel, buying clothes, to buy cars, and even houses. Elon Musk also announced his Boring Company will accept Dogecoin (DOGE) as payment for rides on its Las Vegas transit system, Loop. You can already fill up a Tesla using Dogecoin at select supercharging stations. This proves that Elon Musk always has Dogecoin's back.
Since its inception, some of the best stock and crypto exchange platforms have listed Dogecoin, including eToro, which is one of the biggest multinational crypto brokerages. It is the listing in eToro that has substantially increased the clients' demands to trade Dogecoin. The platform has also attributed to more traffic from clients who wanted to trade DOGE.
After the Bitcoin halved in 2020, the cryptocurrency market started to rally, and Dogecoin started gaining upside momentum. As the bull started gaining momentum, Elon Musk, who happens to be one of the most influential figures in cryptocurrency, started tweeting about Dogecoin, adding to its momentum in the market.
By January 2021, Dogecoin was in a full-blown bull market and peaked at a high of US$0.73 in May 2021. However, after the broader market correction that started in May 2021 and lasted until July, Dogecoin never recovered to its all-time highs of US$0.73.
Dogecoin entered the cryptocurrency market as a memecoin to make fun of the top cryptocurrencies. But it has transformed itself into a popular cryptocurrency with its smart functionalities. Elon Musk, the CEO of Tesla, SpaceX, and the recent owner of Twitter, is one of the top crypto influencers and the Dogecoin promoter in the cryptocurrency market. He is known for the Musk effect, influencing the masses with his cryptic tweets.
Dogecoin investors have started depending on Elon Musk to allow it to be traded on the microblogging site, Twitter. After the Terra LUNA fall, Elon Musk made a tweet that Dogecoin as a memecoin still has the potential to be a strong cryptocurrency. But, the crashing and shocking news of Terra dominated his tweet and none have been excited about it. The tweet just increased the Dogecoin price from US$0.1172 to US$0.1270. Elon Musk is known for offering capital to the developers of Dogecoin blockchain protocols and software development.
Elon Musk has already announced that Tesla is accepting Doge crypto and banned accepting Bitcoin and other cryptocurrencies. This increased the cryptocurrency price before the Terra mishap. He is the Dogefather in the cryptocurrency market. In January 2022, he announced that he will consume the Happy Meal of McDonald's only if the fast-food chain started accepting the memecoin for the payment transaction. Elon Musk has also hinted that SpaceX can also start accepting Dogecoin as a suitable payment mode through crypto wallets.
DOGE/USD is expected to perform well in the foreseeable future. Here are some of the highs analysts have expected for Dogecoin to test in the decade.
Dogecoin price prediction 2022: If the cryptocurrency market turns bullish in 2022, DOGE is expected to test $0.30 by 2022.
Dogecoin price prediction 2025: With adoption and cryptocurrency regulations set to get better, Dogecoin is expected to reach a high of $0.77 by 2025.
Dogecoin price prediction 2030: By 2030, Dogecoin is expected to be widely accepted as a mode of payment by multiple businesses globally. This could see Dogecoin test $1 by the end of 2030.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
