Even though Dogecoin’s (DOGE) staggering 3,500 percent annual rise was not enough to propel it to the top of the cryptocurrency performance rankings in 2021, the popular parody coin did garner the most attention. The cryptocurrency was the most searched for on Google in 2021, according to Google Trends.
The price of the pet coin reached an all-time high on May 8, after which it began to decline in value and has failed to gain traction ever since. Can Dogecoin continue to be the cryptocurrency community’s favourite canine in 2022? Here are five predictions regarding the future of Dogecoin in the coming year.
1. Dogecoin will be given a makeover
Towards the end of December, the Dogecoin Foundation released a “trailmap” for the cryptocurrency. A trailmap is similar to a road map, but it is less rigorous, in keeping with Dogecoin’s community-driven, consensus-based approach to development and implementation. The following are some of the most essential aspects of the new strategy:
The Dogecoin.com website has been redesigned. This will feature a comprehensive list of frequently asked questions about Dogecoin, which will be referred to as a “Dogepedia.”
The development of a new Dogecoin technical specification. It will be easier for new developers to get started with Doge as a result of this. As an added bonus, a new library of building blocks will be available to people who wish to create Dogecoin-based goods.
The GigaWallet is a digital wallet that allows you to store up to 1,000 gigabytes of data. Dogecoin Foundation wants shops and exchanges to be able to easily integrate Dogecoin into their operations without any complications. In order to achieve this, the team is developing a GigaWallet that can be set up in seconds.
The gist of it all is that the more helpful a coin is, the more likely it is that people will employ it. And the greater the number of individuals who use Dogecoin, the more likely it is that it will become a universal currency.
2. Elon Musk will continue to tweet about the Department of Energy.
The self-proclaimed Dogefather has been a regular proponent of Dogecoin on the social media platforms. In the coming year, it seems unlikely that the billionaire will refrain from tweeting about his favourite cryptocurrency. He believes that Dogecoin is the cryptocurrency of the people and that it is easier to spend Dogecoin than it is to spend Bitcoin (BTC).
Musk’s tweets have played a significant role in Dogecoin’s rise to prominence. Musk even brought up Dogecoin during his performance on Saturday Night Live, which was a significant factor in the cryptocurrency’s recent surge.
Related: Bitcoin Can Hit $200,000 in 2022
3. A greater number of merchants will accept DOGE.
According to Cryptwerk, over 2,000 retailers presently accept Dogecoin, compared to nearly 7,700 merchants who accept Bitcoin. That number is steadily rising. Tesla, owned by Elon Musk, stated in December that it will take DOGE as payment for merchandise. As of the end of 2021, AMC Theatres accepted payments in a few different cryptocurrencies. The company expects to accept Dogecoin and Shiba Inu (SHIB) payments by the end of the following year, around March 2022.
Another billionaire cryptocurrency enthusiast, Mark Cuban, stated on Twitter last summer that Dogecoin was “the people’s method to pay.” According to him, individuals spend hundreds of dollars in DOGE at the Dallas Mavericks store every year. Cuban claims that, in contrast to Bitcoin, which individuals tend to store in the belief that its value will increase, DOGE holders are more comfortable using their DOGE. Dogecoin can also be purchased through the majority of the top cryptocurrency exchanges.
4. Dogecoin’s rivals will be hot on his heels in the race for popularity.
The entire phenomenon of meme coins is a relatively new phenomenon. The trend of pop culture colliding with financial ventures began to take hold in earnest in 2021, according to industry experts. And while Dogecoin’s success has demonstrated that they cannot be ignored, it is difficult to predict what will happen next.
Dogecoin, on the other hand, will face increased competition in the future as a result of the growth of pet coins. This is especially true because meme currencies have a tendency to see abrupt price increases, often for unpredictably good reasons, driving them up the cryptocurrency charts. This was seen late last year when Shiba Inu momentarily surpassed Dogecoin in market capitalization.
What determines whether Dogecoin is able to hold its own against the impersonators is mostly dependent on whether or not the coin can regain any momentum. It does, however, have a dedicated network of supporters. However, it will be tough for it to maintain its anti-establishment image while still ranking among the top 20 cryptocurrencies in terms of market capitalization. Once you’ve achieved success, you simply cannot continue to be the underdog.
5. Dogecoin will continue to fight for its trademark.
Another difficulty that Dogecoin needs to handle is the registration of its trademark. Because Dogecoin was established as a joke that was never intended to be used for anything, the cryptocurrency’s creators did not register the trademark for it. Several of the Dogecoin clones are now interested in acquiring the Dogecoin brand. Moon Rabbit, in particular, has created a business named the Dogecoin Foundation and purchased the domain name doge.org, which stands for “Dogecoin Foundation.”
How things turn out in 2022 will be intriguing to see. When a brand becomes successful, it is one thing to develop a strategic direction for it; it is quite another to claim legal ownership of a brand years after it was first introduced.
