Given the exciting things happening on the Dogecoin network, the price of Dogecoin is showing a slight pullback to trade at $0.070. If Dogecoin keeps gaining popularity as a low-fee tipping mechanism and if it is integrated into the Twitter social media network, Dogecoin’s price might hit $0.60 by the end of 2023, says Connor Brooke, a cryptocurrency specialist for Business 2 Community.
Brooke elaborates by noting that DOGE’s recent listing on the THORchain decentralized liquidity protocol has increased speculation about the token’s potential utility and, by extension, its long-term demand.
But its recent and dramatic drop could be related to a general drop in the mood of the global crypto market, which was caused by geopolitical instability, rising COVID concerns, the Fed’s tightening policy, and the collapse of well-known exchanges.
Let's first start with a few events in the crypto that posed a risk to financial stability:
U.S Fed aggressive tightening of monetary policy.
Fall of crypto exchanges, Defi platforms & StableCoins.
The increased use of leverage in investment strategies.
Contd
— KoinX (@getkoinx) December 28, 2022
The collapse of the Terra/Luna ecosystem, hedge funds like Three Arrows Capital, and the exchange FTX were just a few of the many factors that contributed to the downfall of cryptocurrencies. Although the declines in Dogecoin pricing appear to be short-lived, many positive aspects are emerging in the Dogecoin network.
However, the team and community behind Dogecoin continue to push for further adoption of the digital asset, even though it is still the biggest meme coin by market valuation in the cryptocurrency space. The acceptance of Dogecoin as a payment method by merchants and organizations like Tesla has increased significantly during the past year.
You can now buy gift cards with Dogecoin
Update to v1.6.0 now! pic.twitter.com/9nJf6y48Sb
— MyDoge Wallet (@MyDogeOfficial) December 27, 2022
This time, a new option for DOGE owners to utilize their currencies in the real world has been introduced via the MyDoge Wallet. So far, this news hasn’t had a big effect on the price of Dogecoin, but it does seem to be helping them gain more popularity.
Dogecoin’s current price is $0.070, with a 24-hour trading volume of $347 million. Dogecoin has increased by 4.45% in the previous 24 hours. CoinMarketCap now ranks #8 with a live market cap of $9 billion. The circulation supply is 132,670,764,300 DOGE coins.
Dogecoin Outperforms Bitcoin and Ethereum
Dogecoin has continued to be one of the year’s best performers. In the year 2022, the meme currency, which gained enormous popularity in 2021, is still holding onto its gains better than its larger competitors like Bitcoin and Ethereum.
Dogecoin outperforms Bitcoin, Ethereum gains: Analyst sees Apex Crypto at $18k if it hits that level – Bitchttps://t.co/oKtK2Heavn#BusinessNews pic.twitter.com/Ah5a7mNbyA
— NowMyNews (@NowMyNews) December 2, 2022
Technically, most cryptocurrencies have lost a significant portion of their value, but while Dogecoin has only lost about 58% of its value in 2022, other cryptocurrencies, such as Bitcoin and Ethereum, have had annual losses of 65% and 67%, respectively.
Top crypto gains and losses of 2022
Bitcoin did: -65%
Top gainer: Trust wallet token with +238%
Hardest hit: Luna -100%
SOL -92%
ETH -67%
XRP -54%
Dodge -44%
ADA -77%
MATIC -65%
SHIB -73%
2023 in 4 days, let’s keep going.
WAGMI
— Dcryptgirl (@dcryptgirll) December 26, 2022
Thus, this was considered one of the positive factors that may help dogecoin prices maintain their positive position in the crypto sector.
Latest Dogecoin Developments “MyDoge Wallet”
Dogecoin is still the most popular meme coin in the cryptocurrency world, and its management and community are still working hard to make the digital currency more accepted around the world.
Dogecoin has been used as a payment method by several companies, including Tesla, during the past year. This time, the MyDoge Wallet has made it possible to use DOGE in the real world in a new way.
MyDoge Wallet recently announced on Twitter that it has implemented a new option for DOGE owners. Users would be able to purchase gift cards with their Dogecoins thanks to the new connection. This was added in the most current version 1.6.0 of the wallet applications for iOS and Android.
One Year of #BUIDLing
MyDoge first public beta was released on Dec 26, 2021
Thanks to all the pawesome shibes out there for the love & support. We continue to BUIDL pic.twitter.com/iusRXpraEN
— MyDoge Wallet (@MyDogeOfficial) December 26, 2022
Users of Dogecoin may now use their DOGE to buy gift cards from retailers like Amazon and iTunes. In fact, customers who use the MyDoge Wallet to make purchases on a variety of online stores and marketplaces can receive cash back in DOGE.
Despite news indicating further progress in the acceptance of Dogecoin for mainstream use, the price of DOGE has not increased significantly.
Dogecoin Developers Refute PoS Change Rumors
The creators of Dogecoin have dismissed speculation that the network will switch to proof-of-stake (PoS), stating that they simply want to publish a proposal on the subject. Michi Lumin, the Dogecoin Foundation’s lead engineer, denounced the attack on his Twitter account on December 29.
#catnews Dogecoin devs deny rumor of immediate PoS switch following community concern https://t.co/yzHQvtdd79 #bitcoin #blockchain #cryptocurrency #eth
— Crypto & Tech News (@crypto_and_tech) December 29, 2022
According to Lumin, the Dogecoin Foundation needs the approval of validators to change the network.
Given the recent poor performance of the broader cryptocurrency markets, investors may be looking to diversify their holdings with pre-sale tokens of intriguing, up-and-coming cryptocurrency projects.
Calvaria (RIA) – Final Presale Stage Now
In 2022, major blockchain-based games such as Axie Infinity lost considerable traction. As a result, many investors interested in the cryptocurrency gaming area are seeking for other options. Calvaria, a new play-to-earn battle card crypto game, could be a viable option.
Calvaria aims to increase crypto acceptance by building a bridge between the real world and crypto, in the form of an entertaining and accessible crypto game.
Calvaria’s RIA token pre-sale should be considered by investors. Calvaria has now raised $2.6 million, with a crypto whale purchasing $97.5K earlier this month. The presale is nearing the end, with only 16% of the tokens remaining.
Related news:
- Dogecoin Price Prediction 2022 – 2025
- Is Dogecoin a Good Investment?
- Dogecoin Price Prediction as Hacked UK Politician Promotes DOGE Scam on Twitter – Here’s What You Need to Know
- Dogecoin Price Prediction – DOGE May Be Under Elon Musk’s Spell and That Could Be Bad
Fight Out - Next Big Train-to-Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $5M Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by Arslan Butt.
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