Market Analysis

Can Dogecoin Be A Good Investment For 2022 Or Its Rally Was Just A Hype?

The meme-coin saga, which originated with the original Dogecoin many years ago, has only recently taken the cryptocurrency sector by the hurricane, with many rival meme-tokens such as Shiba Inu now giving Doge a sprint for its funds. Nevertheless, they were unable to dampen public enthusiasm in the monarch, as Doge miners established a fresh all-time income record last month.

Based on most recent statistics from consulting firm coinmarketcap, cumulative all-time miner income crossed $1 billion for the inaugural time on November 13, demonstrating that the joke-community coins are still active.

Interestingly, despite the fact that Dogecoin is in circulation since 2014, the huge growth in mined profits was first detected this year. The total amount of miner revenue shown in the figure below comprises both fees and freshly issued native units.

A noticeable surge in income can be seen during May of this year, after which the overall earnings from Dogecoin mining had stayed solidly at $100 million. This tenfold gain may be ascribed not only to increased money inflows into the cryptocurrency market but also to Dogecoin’s enormous fame and publicity throughout this era.

doge

DOGE/USD 1 DAY PRICE CHART: SOURCE- COINMARKETCAP.COM

Metrics that are promising

The increase in miner revenue also correlates with a rise in the price of DOGE in the wider market, which saw unprecedented price gains in April and May. Its growing prominence has likely been viewed as a massive profit opportunity by these miners, leading to this tremendous rise in inactivity. Nevertheless, the asset’s price has been on a decreasing trend since it achieved its last all-time high on May 8, when it was trading at $0.73. Despite being valued at $0.16 at the time of publication, the digital asset’s valuation had increased 5294 percent in the last year. Tesla CEO Elon Musk, who is frequently seen praising the cryptocurrency on social networks, made a huge contributor to its stratospheric ascent throughout this tie. Other supporters include billionaire investor Mark Cuban, as well as Doge’s tenacious community, which has kept it going all these years.

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