- February 24, 2022
- Posted by: Bogdan
- Category: bitcoin, Crypto, Cryptocurrency news, doge, Dogecoin, Technical analysis
Dogecoin (DOGE) is expected to reach $0.163 a unit this year, according to a top product comparison site.
In a survey, some 33 analysts predicted the value of DOGE to reach $0.316 per unit by 2025.
By the end of 2022, DOGE is predicted to reach a price of $0.25, the analysts said.
According to Fred Schebesta, Finder’s CEO, investors can likely “sit tight knowing that although there will be more, others will come and go, DOGE will forever remain the original.”
Analysts feel meme-based assets, in general, will lose their appeal to investors in the future, notwithstanding a few Dogecoin supporters.
Dogecoin (DOGE) Will Also Drop After Rising
But many analysts also predict that DOGE’s value will plummet as a result, as such is the nature of crypto.
DOGE, SHIB, and many more cryptocurrencies have attracted the attention of newcomers to the crypto space.
By 2022, the novelty of meme coins will have worn off as investors seek more valuable assets.
Dogecoin Working Mechanism Explained
The mining code for Dogecoin was initially taken from LuckyCoin, another cryptocurrency project.
For creating new blocks, miners in LuckyCoin — a fork of Litecoin, itself a fork of Bitcoin – were rewarded with a random number between 0 and thousands of free coins.
As the Dogecoin community evolved, Jackson Palmer and Billy Markus, two of Dogecoin’s co-creators, made the decision, in March 2014, to switch to a fixed block reward schedule.
It’s estimated that 5.2 billion Dogecoins are produced each year under the current timetable.
DOGE total market cap at $14.846 billion in the daily chart | Source: TradingView.com
Related Article | Dogecoin Core Developer Bids Adios To The Project – Will This Hurt DOGE?
While Bitcoin’s mining difficulty is adjusted every 2,016 blocks, Dogecoin’s mining difficulty is adjusted every block.
Charlie Lee, the developer of Litecoin, came up with merging Dogecoin with Litecoin mining in 2014.
Dogecoin’s network security would be improved via “merged mining,” which would allow miners to mine both Dogecoin and Litecoin concurrently.
Since blocks on Dogecoin are generated far more quickly than on Bitcoin (one minute vs. 10 minutes), transactions on DOGE are much more rapid.
Meme Coin To Gain Only 16.5%
Dogecoin is expected to gain just 16.5% of its current value by the end of 2022, at $0.163 per unit.
The meme coin is now trading at $0.11, with a 24-hour low of $0.11 and a high of $0.14.DOGE posted a 24-hour volume of $650.45 million.
Dogecoin’s value has dropped by 12.6% in the previous seven days, according to data from CoinMarketCap.
However, it has risen by 147% versus the US dollar so far this year, despite this.
Related Reading | Litecoin Creator Praises Dogecoin, Can The Token Get Its Bark Back?
DOGE has a market value of around $17.5 billion, making it the 13th biggest cryptocurrency.
Currently, the meme coins market cap is 0.96% of the $1.8 trillion crypto ecosystem.
Analysts expressed a variety of viewpoints on the value prospects for Dogecoin in the future.
One such aspect is the Bitcoin market’s current downward trajectory as a result of the deteriorating crisis in Ukraine.
Since Russia’s mobilization and deployment of troops yesterday, the crypto market has fallen, hurting all stable coins, including Dogecoin.
Featured image from Laptop Mag, chart from TradingView.com