A recap of the coin for 2021, including everything you need to know about DogeCoin.

Dogecoin began as a Reddit joke coin in December 2013. However, shortly after launch, the coin gained mainstream acceptance, attracting a variety of use cases. Among its earliest applications were online tipping and charitable giving.

DOGE has grown in prominence over the years, becoming one of the most significant crypto assets and the largest meme coin by 2020. It entered the top ten cryptocurrencies in terms of market capitalisation. Dogecoin is a household name among many cryptocurrency users. This guide examines Doge's price movements in 2021 and forecasts what to expect in 2022.

DOGE Increased by Over 3100% in 2021

In 2021, Dogecoin performed admirably. It is true that 2021 will be the best year for DOGE since its inception. DOGE was trading at $0.005685 at the start of the year. By February, the coin had reached $0.034, and by early May, it had risen to $0.7376.

Despite the fact that the coin's price increased, the bullish trend did not last long. After more than a month, the coin had lost a significant portion of its value. As of December 2021, the currency was trading at around $0.18, down more than 70% from its May all-time high.

In comparison to the start of the year's prices, DOGE has made massive profits in 2021.

Therefore, what drove its value to such a high level of performance?

The primary factor was the bullish crypto market that began in December 2020. Following the halving of bitcoin, BTC and the entire cryptocurrency market began a bull run. However, a more bullish statement occurred in early 2021, when bitcoin tripled in value. The majority of other cryptocurrencies followed suit, with DOGE being one of the beneficiaries.

While bitcoin made a sizeable contribution, external support from influencers and key opinion leaders accelerated DOGE's growth. Elon Musk and Snoop Dog are two prominent KOLs who have influenced Doges prices. Their tweets resulted in a massive increase in the communities surrounding those top cryptocurrencies.

Additionally, another significant factor contributing to Dogecoin's growth is the increase in use cases. In 2021, multiple businesses and platforms will accept DOGE as a form of payment. The Dallas Mavericks initially accepted the coin for ticket purchases. According to Mark Cuban, owner of the Dallas Mavericks, "DOGE is the only coin that people use for transactions."

Finally, Dogecoin is one of the most popular cryptocurrency networks. Dogecoin's official Twitter page currently has a massive 2.7 million followers. Additionally, it is the most popular coin on Reddit, having originated there.

As soon as the coin reached its all-time high, it lost over 70% of its value. The price decline signalling the start of a bearish statement triggered by BTC-related factors. Elon Musk has been criticised on social media for allegedly plotting a pump and dump scheme. However, by the end of 2021, Musk remained a supporter of DOGE, thereby contributing to its reformation.

Elon Musk's influence and the Bitcoin price movements contributed to the fluctuating Doge prices in 2021.

What Is in Store for DOGE in 2022?

The DOGE community is extremely optimistic about the coin's future in 2022. The crypto space will indeed expand further next year, as evidenced by cryptos such as Dogecoin. By 2021, the coin had gained widespread institutional acceptance as a payment method. In 2022, the trend will continue, with more retailers and exchanges endorsing DOGE.

In 2021, Tesla was inextricably linked to Dogecoin. Several investors attempted to persuade Elon to accept it as a form of payment for Tesla. While nothing is official yet, enthusiasts of the coin can track developments in 2022.

By mid-2021, some DOGE enthusiasts had proposed a new application for the material: hot tubs. This would increase the coin's utility in daily life. Elon appeared to be a fan of the concept, but it is still being explored. Enthusiasts will be delighted to learn more about the use case in 2022.

Several DOGE assassins have already been identified. However, the crypto space may see the rise of additional Dogecoin killer tokens and coins such as Floki in 2022. If any of them behave similarly to Shiba Inu, DOGE may face increased competition.

With all of the anticipated changes, 2022 is likely to be a more significant year for the coin. The question is how the aforementioned developments will impact its price.

Price Prediction and Technical Analysis for Dogecoin in 2022

According to some analysts, DOGE will reach the $1 mark by mid-2022. Others predict that the price will reach $1.5 in the next five years.

Doge is currently trading below its 200-day simple moving average, according to technical indicators. Due to the massive changes that the coin will undergo next year, it is quite possible that it will perform better in the long run.

While there is speculation that DOGE will reach a new all-time high of $1, investors may have to settle for a much lower price of around $0.40, according to walletinvestor. To reach an all-time high next year, the coin must continue to garner community support.

In aggregate, DOGE is expected to increase its pumping capacity by 2022. Investors can simply wait and see how events unfold.

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