Dogecoin Will Reach US$1, only if Elon Musk Plays Along Well

According to experts, Dogecoin will reach US$1 as developers keen to implement additional use cases

Dogecoin will reach US$1. At first, it used to feel like a statement but now it has become a question. But experts believe that Dogecoin will reach US$1 as it was one of the standout performers in the cryptocurrency market during 2021, peaking in May before gradually descending in the following months. However, there are still numerous reasons to be optimistic about Dogecoin's prospects, with the developers keen to implement additional use cases to boost the coin's value proposition. Ever since it hit the market, Dogecoin has proven itself a worthwhile investment. For years, Dogecoin was just another cryptocurrency in the market. Since 2020 when Elon Musk started hyping it up, Dogecoin has emerged as one of the most sought-after in the cryptocurrency market today. The currency is primarily used as a payment alternative that includes very low transaction fees. At the moment, there are around 1900 merchants that accept DOGE as a form of payment. One more unique feature is the tipping service that allows users on Reddit and Twitter to use it for sending quick gifts to other users. However, despite these uses, there isn't very much utility to Dogecoin. It is expected that the growth of this currency will mostly depend on whether influential figures choose to keep supporting it. Another factor is the Dogecoin community since it has over 4.5 million followers on Twitter and Reddit alone. What does look promising is that the Dogecoin Foundation has released that they have a plan for 2023 for how to enhance the token's utility. The main goal is to make DOGE beneficial to its users by focusing on payments and making them universal. Also, the fact that Elon Musk is planning to launch a space mission funded entirely by Dogecoin in the first quarter of 2022 will certainly boost its value in the long term.  

Dogecoin payment on Twitter

The one feature that Elon Musk has specifically suggested adding to Twitter is a Dogecoin payment option for Twitter Blue subscribers. Making "Pay with Dogecoin" a viable option for different actions on Twitter could immediately make this crypto more mainstream, given that Twitter has 237.8 million monetizable daily active users around the world. Basically, any premium action on Twitter, such as making a non-fungible token (NFT) your profile photo, could be integrated with a Dogecoin payment option. And, if this payment option becomes popular on Twitter, other social media platforms might also decide to integrate Dogecoin.

Dogecoin will reach US$1?

Launched in 2013, Dogecoin emerged as the first memecoin that's meant to be a decentralized payments network. DOGE kept a low profile for a very long time until the concept got attention from cryptocurrency investors in the 2020 price rally. AMC Entertainment and GameStop initiatives potentially drew Dogecoin's price up the hill with investors pouring more support. Famous names like Tesla CEO Elon Musk and Mark Cuban started constantly tweeting about Dogecoin, which made the memecoin price go even crazier. So far, the maximum Dogecoin's price could reach is US$0.74 in May 2021. Since then it has fallen drastically and at the time of writing, it is being traded for US$0.05. However, according to experts, Dogecoin will reach US$1 in forthcoming years.

From Proof of Work to Proof of Stake

Recently, Ethereum co-founder, Vitalik Buterin, has confirmed that he is working with the Dogecoin foundation to help the memecoin migrate from its currency Proof of Work (PoW) working model to Proof of Stake (PoS) consensus mechanism. This shift will help Dogeocin create new coins in a more efficient and environment-friendly manner.  

Elon Musk and Dogecoin: Journey to Bull Run

Elon Musk has a special place when it comes to memecoins, especially, DOGE. In July 2021, he confirmed publicly that he owns some cryptocurrency investments, and Bitcoin, Ethereum, and Dogecoin are on the list. Elon Musk and Dogecoin have a great chemistry, just like two best friends that can't go alone. There have been huge speculations on why Elon Musk favors Dogecoin a lot. Finally, he answered to settle down the sand via Twitter. He tweeted, "Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Dogecoin. He added that they aren't financial experts or Silicon Valley Technologists. That's why I decided to support Doge – it felt like the people's crypto.