People in this field of cryptocurrency knows about this coin since 2013 but most of them didn’t give attention to DogeCoin as a long term investment.
But after the tweet of Elon Musk in April 2021, This coin got lots of attention.
From April 2020 to April 2021 price of DogeCoin increased to around 280 times. Which is a very big number for such a type of coin.
So here we can see how a small tweet by Elon Musk resulted in a lot of attention for DogeCoin and its price jumped from $0.0025 to $0.71.
Since in the present date 14 May 2021, Price of DogeCoin is around $0.51 but soon it will cross its all time high which was $0.72.
DogeCoin Price Analysis Of 2020
After the first tweet of Elon Musk about DogeCoin in April month of 2021, Its price started to grow and it reached to around 0.0045 at the end of December 2021which is approximately double.
But we can see Elon Musk now openly talking about DogeCoin coin.
In many tweets we can seen in history, Elon Musk talking about DogeCoin indirectly.
Even on May 2021, tweet by Elon Musk, was indirect hint to support DogeCoin before #SNL show ( Saturday night Live show ).
After the SNL show, a big dump in DogeCoin can be seen, which was part of a panic by new investors in DogeCoin.
Every expert was saying that DogeCoin will dump before reaching $1. And the price prediction of DogeCoin proved true.
Many people including Elon Musk, predicted that DogeCoin’s future would be bright.
The journey of DogeCoin from in the mid of January 2020 to April 2020 was very smooth in terms of growth.
Dogecoin’s predicted price almost touched that value, which was expected by most of the experts of this cryptocurrency market.
But one main thing that we can notice, All the movements in the price of the DogeCoin was part of tweet by Elon Musk.
Dogecoin Price Analysis Of 2021
Since No one can exactly predict the future of any type of asset. So here we can’t predict with 100% accuracy.
In the very starting when Elon Musk started to talk about through his tweet about DogeCoin then many people were thinking that price of DogeCoin will touch to around $1 to $10 easily.
But what happened, we all knew very well.
In the very start people were investing their money in hype situations.
We can see in many tweets of Elon Musk about DogeCoin coin. Elon Musk was only tweeting about DogeCoin to draw attention of crypto investors to invest in DogeCoin.
In this field of cryptocurrency market, experienced traders know very well how to use hypes and news to make crypto trades profitable.
Before 14 May 2021, Situation for DogeCoin was only part of hype and news. In the cryptocurrency market, Traders were following the hype and generating money through trading. Most of the buyers in DogeCoin were for short term traders to make profit.
To choose short term investment in DogeCoin coin was really a good thing as a good Investor in cryptocurrency.
But now the situation is totally different.
Earlier people were predicting DogeCoin price on the basis of money support and celebrities.
In the early situation, After Elon Musk many celebrities entered into this hype of DogeCoin.
We can see how many influencers made and shared memes on DogeCoin to make it more popular.
Even a big celebrity of Porn Industry from Pakistan, tweeted about DogeCoin price prediction of $1.
But in the present time Elon Musk is not only trying to implement DogeCoin engagement in payment option in practical life, So he is now working on the efficiency of DogeCoin technology.
Elon Musk tweeted about DogeCoin to make it more efficient.
According to the tweet by Elon Musk about DogeCoin on 14 May 2021, Elon Musk is working on some improvement work with DogeCoin developers to make DogeCoin faster and more efficient.
According to Elon Musk, Bitcoin like cryptocurrency is a good thing and they are promising but they will not accept Bitcoin because Bitcoin is not an efficient option to use in payment solutions.
So, Now Elon Musk will work on DogeCoin to make it faster and consume less electricity ( which is part of mining).
All these activities of Elon Musk clearly indicate that there is no chance for Tesla to choose another crypto coin except DogeCoin.
And this is a 100% clear indication that the price of DogeCoin will cross $1 easily.
Problem With DogeCoin Improvement To Make It Efficient
No doubt that nothing is impossible in the field of technology and it is proved by Elon Musk in history already.
But here we are in cryptocurrency and here we can see many good and better coins beside DogeCoin.
But here it is the love of Elon Musk with DogeCoin to accept and make it better than any other coin in this field of cryptocurrency market.
On one side Elon Musk is saying that Bitcoin is not efficient and not a better option to choose in payment purpose. And the technology of Bitcoin which is based upon SHA-256 which makes it costly to mine new Bitcoin and also transaction fees are not only high in terms of money value, but it is causing lots of worst emissions which are harmful for the earth’s atmosphere .
According to Elon Musk Bitcoin consumes a very high amount of electricity in every transaction and in mining procedure, that’s why they are suspending Bitcoin as payment option is Tesla.
But here it is the most challenging part with DogeCoin to improve in terms of efficiency.
As all of us know very well about DogeCoin, it is a copycat of bitcoin technology. All the technologies which are working behind DogeCoin are the same as Bitcoin’s technology.
Only one difference between these two coins is limited mining and unlimited mining in Bitcoin and DogeCoin respectively.
Here transaction fees can be improved with the use of Lightning Network concept.
Lightning network is a concept used in cryptocurrency to make transactions much faster and much cheaper. To know more about Lightening Network click here.
But in DogeCoin we can’t change actual programing. Bitcoin and DogeCoin both are examples of DApp ( Decentralized Application).
In DApp based applications we can’t alter the existing data and rules of application.
So how is this possible for DogeCoin to make it in a new form of technology?
Possible Solutions To Make DogeCoin More Efficient
The most faster and cheaper transaction in the cryptocurrency field is possible in Solana.
Solana is a solution of low scalability factor in the cryptocurrency world.
But here DogeCoin is very far from Solana coin technology.
And it is totally impossible for DogeCoin to change the existing consensus to Proof-Of-History.
Now doubt prediction in the price of any coin whether it is DogeCoin or any other good project based coin can be result into 100% true. But here the whole team is going to do something new that does not exist in the present time.
So here we can assume that the team of DogeCoin can relaunch their coin with new technology and they will give the equivalent number of DogeCoin in a new technology based network.
There is big chance that the DogeCoin Developer team may launch their own network like ERC-20 or TRC-20.
In the present time TRC-20 is the king of transaction efficiency of transactions.
Most of the coins are adopting the TRC-20 network, So that they can provide their users faster and cheaper transaction options.
Use Of Lightning Network Concept
But there are chances to use the lightning network.
No doubt the lightning network is already used by many cryptocurrencies. But here with the DogeCoin developer team, DogeCoin needed to work from a new perspective.
They can make the Lightning Network concept more easy to use through development of the new DogeCoin wallet.
Launching Of DogeCoin At TRC-20 Network
There is another chance that DogeCoin may launch their coin on the TRC-20 network.
Or it may be possible that a DogeCoin Developer can develop their own project like Solana.
But here all these are probability, we can’t say with certainty what will happen in future.
Entry Of New Consensus With DogeCoin
As all of us know very well that in the world of technology everything is possible. And many times Elon Musk proved his talent through SpaceX.
But there may be chances that if Elon Musk’s team has an option already to implement cryptocurrency blockchain technology to make everything faster and better cryptocurrency in the form of DogeCoin.
We already saw how consensus in blockchain technology is changing.
In the very starting Bitcoin entered the internet world which was based on Proof-Of-Work consensus.
But from time to time new developers develop Proof-of-Stak and then Proof-Of-History consensus. So here chances are limitless for DogeCoin because DogeCoin is much supported cryptocurrency.
DogeCoin Future Of 2021
After the SNL show, On 10 May 2021 Elon Musk announced that SpaceX will launch a satellite Doge-1 to the moon next year.
Here next year is obviously 2022.
In the present time people may forget this thing but DogeCoin for the future.
In the present time DogeCoin efficiency improvement is in hype and that is making DogeCoin to increase its price.
But if by chance people will forget at the end of 2021 then this news of satellite Doge-1 launch to the moon will attract people’s attention in DogeCoin Investment.
So here we can say the end of year 2021 may result in a sudden pump in DogeCoin price.
But how much? We can’t say surely. Here the main thing is the hype of launching satellite by next year ( 2022), But what is the exact or estimated date? No one knows.
Because Elon Musk hasn’t revealed anything yet about the date of launch of Doge-1 Satellite.
So there are probabilities that SpaceX may launch his Doge-1 Satellite in the beginning or mid or may be at the end of 2022.
But surely the exact date of launching of Doge-1 Satellite will be responsible for the pump of DogeCoin price.
Will It Be Safe To Invest In DogeCoin For Two Or Three Years?
Here the team of Truebitcoiner have 5 experienced experts of the cryptocurrency market. And almost every type of prediction by the Truebitcoiner team results in good results.
But here we are not a financial advisor. Here we are only to share information in more depth so that people can make their decision with more ease without going through confusion.
Here we can give a hint that Investment in DogeCoin in the present time ( may 2021) can’t result in any type of loss for the next two to three years.
Here we are not supporting DogeCoin. Here all the Factors are working together in the support of DogeCoin future.
The whole cryptocurrency market is looking for the best coin to invest for the long term.
In the present time DogeCoin is old DogeCoin and nothing is special instead of Investment by rich people in recent months.
But in future improvement in DogeCoin technology to make it more efficient and satellite launch like projects will make DogeCoin to be used in practical life at a very high level.
In the present time we listened to only a few upcoming projects and programs about DogeCoin. But surely in the future we will listen to many new, more creative projects about DogeCoin that will make DogeCoin as a king of Cryptocurrency Market like Bitcoin and Ethereum.