Dogecoin continues to defy odds with whopping profit made in 2022

Adeniyi Odukoya
Dogecoin records over 1000 millionaires in 2022. The token’s momentum is one to watch out for amidst other factors that could bolster its performance in the cryptocurrency market.

When Dogecoin (DOGE) surfaced in 2013, many investors did not favour it because of its outlook. However, the coin maintained growth in the market. Only a few found it worthy of being monitored and invested in. It was a risk to take the altcoin by the scruff and invest a tangible sum of money into it.

Read also: Dogecoin: 71% of crypto experts believe it is time to sell

Dogecoin
dogecoin

Interestingly, the brave investors who took the risk have no regrets, as DOGE recorded a whopping $1000 profit in 2022—a year regarded as a meltdown year for cryptocurrency. 

According to the data unveiled by BitInfoCharts.com, as of November 1, 2022, there were 1,046 Dogecoin millionaires, almost two times as many as the 590 millionaires recorded on September 11. Contrary to initial speculations about its possible drop in market valuation, Dogecoin has surpassed every possible doubt.

Significantly, the altcoin recorded at least 1,000 millionaires earlier this year, in April. The bearish loop of the market tore down a meagre part of its mind-blowing strides. This minimized the number of members affiliated with the DOGE-exclusive club.

DOGE Overtakes Ethereum & Bitcoin 

In the last seven days, the altcoin has leapfrogged Ethereum and Bitcoin with an eye-catching increase of 132%. Coingecko reported that Dogecoin currently trades at $0.145. While it is not as popular and sophisticated as Bitcoin and Ethereum, Doge’s recent increase in profit has furthered its stance in the market.

The two traditional cryptocurrencies witnessed a mild bloom of 2.2% and 8.9%, respectively, in the past seven days. This is a call to action for investors who initially dismissed and underestimated the intrinsic potential of DOGE. Dogecoin’s market capitalization over the last week is unrivalled and unequalled by any other cryptocurrency enlisted as part of the top 10 cryptos in the market.

Dogecoin’s Prediction By Experts 

Amidst the spike in DOGE’s market capitalization, many experts and crypto enthusiasts have expressed their thoughts and opinions about the coin. David Gokhshtein, as @devidgokhshtein on Twitter, tweeted: $DOGE, the official currency of Twitter.

TradingBeasts predicted in its detailed technical analysis that DOGE would end 2022 at $0.22. Going into 2023, DOGE will sustain the wave and proceed into 2024 at a potential spike of $0.30.

DigitalCoinPrice, on the other hand, projects that the altcoin will reach $0.18 by the end of 2022 and proceed by gradually climbing until it reaches $0.40 in 2027. WalletInvestor’s prediction analysis for the altcoin is not any different from Trading Beasts’.

Elon’s Acquisition of Twitter, A Further Boom For Dogecoin

Some days ago, Tesla’s CEO finalized his acquisition of the Bird app, propelling the market cap of Dogecoin. Elon is popularly regarded as the “Dogfather.” And there was an expectation about DOGE’s imminent surge upon Elon’s completion of his purchase of Twitter.

Though it had already spiked before the transaction was completed, DOGE enjoyed a further push through the business mogul’s purchase of Twitter. There are speculations that the coin might get integrated as a means of payment on the Bird app, but that still remains an idea that has yet to be solidified.

Unlike the previous uncertainties around Dogecoin, the acquisition by Elon Musk dispels all. It places it on a pedestal that its place in the future can be predicted without an ounce of doubt.

Wind-up

Before this development, earlier predictions about Dogecoin spelt doom for the token’s future in the crypto space. The regular charade and timely giggles by Elon Musk stopped, and assumptions rose, foretelling misfortune for Dogecoin.

The tides have taken a different course now, and the future is exciting for Dogecoin, considering its latest happenings. Crypto investors have to rethink and measure their options; Dogecoin might just be here to stay for as long as possible.


Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!

Technext Newsletter

Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!