A lot of positive fundamentals happened in the last couple of days. From the UK approving cryptos to Elon going through with his Twitter acquisition. All those factors contributed to higher crypto prices. Dogecoin was among the best performers, as its adoption should increase with Twitter’s new board of directors. Will Dogecoin reach $1 soon? Let’s analyze in this Dogecoin price prediction article.
What is Dogecoin Crypto?
Dogecoin is the first meme coin ever. Originally, Dogecoin was only developed as a pure parody of Bitcoin and was purely a fun currency. Over time, however, more and more investors became interested in cryptocurrencies, so the price suddenly rose sharply and Dogecoin became famous. The meme of the confused Shiba Inu dog, which is the symbol of Dogecoin, also contributed to this.
Dogecoin uses the Proof-of-Work consensus mechanism. Ethereum formally switched to a PoS network, ending ETH mining. The second-largest PoW blockchain after Bitcoin is now Dogecoin (DOGE), as Ethereum no longer employs a PoW consensus. It can also be used as a decentralized means of payment, as an alternative to Bitcoin. Due to the spread via social media and well-known personalities such as Elon Musk, Dogecoin can see massive gains in value within a short time, especially in bullish market phases.
How to pronounce Dogecoin?
Most people still pronounce Dogecoin wrong. They say “Dodge-Coin” (Dowdge-Coin). However, the correct pronunciation should remove the “D” becoming as it’s written “Dogecoin”.
Is Dogecoin PoW or PoS?
Dogecoin uses the proof-of-work consensus mechanism. This means that miners are responsible for validating transactions and safekeeping the Blockchain. With Ethereum out of the mining game, Dogecoin is today the second-largest proof-of-work blockchain after Bitcoin.
Dogecoin’s current market stands at around $10.3 billion and a price of $0.075 per DOGE (as of the time of writing, 27-10-2022).
Can I Mine Dogecoin?
Anyone with a mining rig can mine Dogecoin. However, the difficulty of the network is getting harder by the day. DOGE is created by the proof-of-work mining method, in which miners validate transactions by utilizing computers and a significant amount of energy to solve challenging mathematical problems.
This is why you’ll need bigger expensive mining equipment in order to compete with the millions of other miners.
Dogecoin Price Prediction – Will Dogecoin reach $1?
Previously, Dogecoin managed to jump to $0.75 right before Elon Musk made his public appearance on live TV. He openly spoke about DOGE and how he supports it. However, there were many speculators that benefited from the increasing prices. DOGE was part of a heavy short-selling, which made DOGE crash.
The following years were not so good for cryptos, as the cryptocurrency market has been crashing since Q4 2021. Today however, there are many signs of a crypto comeback.
In addition to the UK approving cryptos, Elon is going with his Twitter deal. This took a positive impact of DOGE prices which increased by more than 25% since the past week to the current price of $0.075. We do expect however a short-term adjustment which might bring prices lower towards $0.070.
Can DOGE reach $1? Well, we need first to see the entire crypto market go back to its uptrend. Once the crypto bullrun is in place, DOGE should be able to break the 10 cents price barrier and continue higher. Reaching 1$ should not happen anytime this year, and prices are expected to reach 1$ sometime in Q42023 or even Q1 2024.
Dogecoin Coinbase – Can I Buy DOGE on Coinbase?
Kraken Dogecoin – How to Buy DOGE on Kraken?
Buying Dogecoin on Kraken is also an option. However, the ticker of Dogecoin on Kraken is not DOGE like on many other exchanges, but its XDG. You can the XDG pair versus the EURO, USD or XBT (Bitcoin).
Buy Dogecoin on Kraken
In order to buy XDG on Kraken, you’ll need to open an account, verify it and fund it. Refer to our full guide in this article. Now that you have a funded Kraken account, you can choose to purchase Dogecoin. For a quick purchase, simply go to the “Trade” tab and look for the crypto pair you’d like to trade, and go to “New Order”.
From there, you’ll click on trade, and select the amount you’d like to trade. You’ll see in real-time the price you pay and the price you get. You can even skip the confirmation page for faster purchases.
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