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Dogecoin (DOGE) is the most popular Meme token in the Cryptocurrency market. It is trading for $0.102 and stands in the 10th position of all cryptocurrencies rankings according to CoinMarketCap. On 8th May 2021, it attained its all-time high price of $0.7376 due to comments made by the world's richest man Elon Musk. It's been over a year, and this psychological resistance persists. Now the question is, how do we proceed from here? We shall consider some of the factors that can improve the price of Dogecoin (DOGE) in the coming years. They include:
- Living without Elon Musk
- Going into other chains
- Increased partnerships with social platforms
- Developing its Decentralized exchange
Living Without Elon Musk
Elon Musk's comments have apparently led to Dogecoin's unprecedented price increase. However, it is vital that the team works hard to change this present orientation. In the wake of Charlie Lee's manipulation of the Litecoin price, he sold all his LTC. Litecoin has since reached a new high.
Going to Other Chains
Presently, Dogecoin (DOGE) is just in a few blockchains. Increasing the number of blockchains where converting DOGE is effortless could add more liquidity and trading volume to the DOGE market. This shift will directly impact the price of Dogecoin positively.
Increased Partnerships with Social Platforms
Dogecoin co-founder Billy Markus suggested using DOGE in tipping content creators for their tweets or post. Dogecoin team will be committed to achieving this with deliberate meetings with these social platforms and settling possible areas of doubt before such integration.
Developing its Decentralized Exchange
Irrespective of Dogecoin (DOGE) acceptance in most top centralized exchanges, it will also be profitable for DOGE adoption to develop its Decentralized exchange. One of the factors that led to the surge in the price of Shiba Inu (SHIB) last year was some features enabled in its Decentralized exchange. Dogecoin team could look into this direction to increase its adoption.
Conclusion
Considering some of these factors, it is possible that Dogecoin (DOGE) could surpass its present all-time high.