So far 2021 has been a wild ride for crypto currencies and Dogecoin is no exception. While a true moon never really happened, the coin has shot as high as around $0.72 back in May but is currently hovering around the $0.33 mark as of this writing.
For years DOGE as been a fan favorite and was most often used as a tipping coin, allowing holders to swap it back and forth to show appreciation for creative works online. There have been numerous real-world and online events including parties, celebrations, and local meetups all centered around the community Dogecoin fosters. While many people have their own descriptions Dogecoin, the two most common themes I hear around it are that it’s fun, and it’s a currently of the people.
In recent weeks we’ve seen some governments like China “crack down” on crypto currencies by forbidding financial institutions to trade in them. Conversely, other countries like El Salvador are embracing the future, accepting Bitcoin as legal tender.
Here in the US, companies like Robinhood are working on their own DOGE wallet, while Coinbase recently started trading Dogecoin which allows it also be spent nearly anywhere via their branded debit card. Moves like this make it simple for people to use their coins to make purchases in retail settings and online. With these kinds of ease of use methods, coupled with so many options for buying, selling, and trading the coin now available, I feel that the only thing holding it back is price. In my opinion, the sweet spot for DOGE is between $1.20 and $2.80 for people to feel confident enough to use it in everyday retail.
Can Dogecoin clear the gap and get to those levels? Only time and the love of the community will tell.