How and Why was Dogecoin Created?
Dogecoin was created by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer, who actually made it as a joke coin after being inspired by the ‘doge’ meme that was popular at the time, featuring a Shiba Inu. Markus tweeted at Palmer saying he wanted to go in on the venture, and before Palmer even responded, started reconfiguring Bitcoin’s source code, which was publicly available, to turn its user-facing elements into the doge meme.
Eventually Palmer wrote back, and the partnership was formed. A little more than a week after Palmer’s joke tweet, Dogecoin was launched on December 6th of 2013.
Before the product was released, Palmer, who’d been following developments in the cryptocurrency world, absentmindedly tweeted, “Investing in Dogecoin, pretty sure it’s the next big thing.”
He got some replies encouraging him to pursue the idea, and a week later bought the domain Dogecoin.com. Inevitably, the idea got picked up on reddit, a hotbed of doge activity in 2013.
Meanwhile, in Portland, Billy Markus had been trying to program his own digital currency that would appeal to a broader demographic than the profiteers who’ve flooded into Bitcoin since the currency was released in 2008. But the project had gone nowhere. Then he stumbled across Dogecoin.com within a day or two of the site going live.
After some time, Palmer decided to step away from the project, believing that it had no future and that the joke had now gotten old. However, the coin became a crypto community favourite and somehow it has managed to remain popular to this day. In recent years, it attracted the attention of Tesla CEO, Elon Musk, which catapulted its price higher than ever.
As mentioned, Dogecoin originated simply as a joke cryptocurrency. Its creators thought it would be funny to create a coin based on a popular meme. Inspired by both the Doge meme and the cryptocurrency sector, Markus and Palmer set out to create a peer-to-peer (P2P) digital currency that could reach a greater number of people than Bitcoin.
At the time (December 2013), Bitcoin and indeed, the entire crypto market was mostly unknown and pretty much exclusively used by developers, online criminals, and tech geeks. The sector’s short history was already tainted due to its ties to cybercriminals, accusations of money laundering, tax evasion, and assorts of nefarious speculation. Bitcoin’s creator/s Satoshi Nakamoto fully intended that cryptocurrencies take power away from the banks and corrupt or greedy centralised organisations so this really did not make the cryptocurrency sector popular among financial institutions. Some would argue with due reason that this remains the main source for resistance against the blockchain related currency movement today.
So Palmer and Markus decided on a kind of tongue- in- cheek way to make a coin that would bring humour and lightheartedness to the controversial crypto industry but also to make sure that it would distance itself from controversial coins in the very spirit of what it was trying to achieve (smiles). The word spread quickly, despite the small size of the crypto sector at the time and DOGE already had over a million visitors within its very first month of existence. Impressive stuff on the back of a joke.
How Does Dogecoin Work?
Dogecoin’s mechanics are based on Litecoin, which was one of the earliest ‘altcoins’ sometimes referred to as the ‘silver to Bitcoin’s gold.’ DOGE uses Proof-of-Work technology, which means that it can be mined, much like BTC and LTC.
However, unlike Bitcoin and Litecoin, whose supplies are capped at 21 million and 84 million respectively, DOGE does not have a maximum supply and can be mined indefinitely. At the time of writing, Dogecoin has nearly 133 billion coins in circulation, while LTC has only 71 million coins and Bitcoin has 19.1 million units in circulation.
Dogecoin is not a smart contract platform, so it doesn’t have dApps, DeFi protocols and other advanced features. Its main benefits are that it is cheap and fast, and it is a popular choice for transferring money between exchanges since it has very low fees – much lower than Bitcoin or Ethereum.
But, since even fun money is still money, Dogecoin’s community has found many uses for their cryptocurrency. Of course, DOGE can always be used for trading and investing like any other crypto but in January 2014 DOGE also turned its attention to charity and the community raised $30,000 in DOGE for the Jamaican bobsled team in order to send it to that year’s Winter Olympics. They also raised $32,000 to supply Kenya with clean water. Admirable to say the least. This has led many to make comment that Dogecoin’s community is one of its strongest assets.
What made Dogecoin so popular?
As mentioned, DOGE is a very cheap coin to use, which is why it is often used for transacting money. This quickly became a very popular use and for a long time DOGE fees were next to nothing – a fraction of a cent. This has been the case until quite recently as 2021 brought lots of attention to Dogecoin.
As the price of DOGE increased, so did fees. Dogecoin reached the largest average fee around February 8th of 2021 when its price was surging as a consequence of viral attention from Elon Musk and users of crypto-oriented Reddit groups. DOGE fans and holders initiated an ad-hoc viral marketing campaign to piggyback off of the success of other cryptos and it worked, sending DOGE fees from less than $0.01 per transaction to $0.3125. This was the highest fee in Dogecoin’s history. It must be mentioned that the time of writing, however, DOGE is still fairly popular and its fees have once again dropped to a relatively negligible amount.
Dogecoin also has withdrawal fees on certain crypto platforms. Some platforms allow free DOGE withdrawals and some have fees that can go from circa $0.05 to $0.11 while some platforms may charge fees costing several dollars for very large withdrawals.
What Teams Are Working On Dogecoin Development?
We know that Dogecoin was worked on by Jackson Palmer and Billy Markus, its co-founders and original developers. For years, DOGE was wandering through the crypto industry rudderless but the surging price and interest in the token have over the last few years resurrected its tech development.
Dogecoin had a number of developers over the years, such as Michi Lumin and Ross Nicoll, who had previously contributed to the coin for the last time in October 2019. With DOGE being resurrected in 2021, Nicoll and four other developers have started working on upgrading the coin’s software. They have found that the biggest problem is actually scalability as the existing nodes allow outbound connections but not inbound connections as node users are not disabling their firewall to allow incoming connections from peer nodes.
While DOGE doesn’t have a massive development team, it does have a dedicated community that is trying to solve one issue at a time, which might be quite a task, given that technical development at DOGE did not move much over the past few years.
Can Dogecoin Be Used Anonymously?
It should be noted that Dogecoin is not a privacy coin – which is a class of cryptocurrencies that are meant to be used for anonymous payments. Thanks to blockchain explorers most crypto transactions can now be followed with ease, especially since exchanges require their users to verify their accounts.
In this way if you create an account on an exchange and verify your identity, buy Dogecoin and withdraw it to your wallet, we can see who that wallet belongs to and how many coins you have in it. The only way to buy DOGE anonymously would be to use Peer-to-Peer platforms where you would send individual money directly via a bank transfer or cash and they in turn send DOGE to you. In this way your wallet would not be tied to your identity.
Another option is to mine the coin and obtain it directly from the source but once again your identity would become known as soon as you connect your wallet to an exchange where your account is verified.
The last option would be to use crypto mixers after purchasing coins on exchanges. Others would still be able to learn that you bought DOGE but they wouldn’t know which coins are yours or which wallet you hold.
How Safe Is Dogecoin?
Dogecoin is as safe as any cryptocurrency. In other words, you are always exposed to risks when it comes to the inherent volatility of crypto assets. Also, if you leave your coins on an exchange, they can be hacked and your coins could be permanently stolen from you. Using hardware wallets can help to prevent this.
Dogecoin itself is a safe coin. It is decentralized, and as such, it is obviously not a scam. It has never given any major promises that would attract people, other than the chance to own a very cheap token just for fun so it never really tried seriously to attract investors.
The only real danger would be 51% attacks on Dogecoin’s blockchain, but given that the coin is popular and it has over 1,300 full nodes, this should not be a major risk, as anyone conducting a 51% attack would have to hack more than half of devices that are running a full Dogecoin node. So, other than investing too heavily in it DOGE doesn’t come with major risks and dangers.
Which Financial Institutions Are Invested in Dogecoin?
So far, Dogecoin has not attracted any major financial institutions. For the most part financial institutions and institutional investors have opted to stick to Bitcoin and Ethereum with a handful of them exploring certain decentralised finance (DeFi) projects.
DOGE, on the other hand, has attracted Musk as a major supporter. He frequently posts seemingly jokey tweets promoting DOGE but has not ever confirmed an investment or at least at what quantity.
The uprise of Dogecoin
Dogecoin has continued to capture public attention as Musk and rapper Snoop Dogg sent out a flurry of tweets, driving up the price of the meme-currency.
This kind of positive celebrity attention / endorsement can only work for the benefit of the coin. For example Musk has tweeted an instructional YouTube video on Dogecoin, while Snoop Dogg uploaded a picture of the dog that inspired Dogecoin with the caption “@elonmusk.”
Musk has been actively tweeting about the currency since its copycat rally to GameStop. Dogecoin surged over 600% driven by the Reddit mania surrounding the GameStop announcement at the end of 2021 that they will accept Dogecoin as payment.
Redditors helped Dogecoin develop its own subculture in 2013
The digital currency instantly exploded on Reddit, generating a market value of $8 million at the time. It became popular for the internet practice of ‘tipping’, which was a way of repaying people on the web for performing ‘good deeds’, like sharing an idea or making a platform more accessible.
Only about a week after launching, Dogecoin became the second-most-tipped currency.
The digital currency has long contributed to a culture that distinguishes itself by a sort of irreverence for institutions like Wall Street. It’s not surprising Reddit users would take up the stock alongside GameStop and AMC in trading against big hedge funds.
Dogecoin developed its own culture of sorts largely due to the currency having a lower barrier of entry than Bitcoin for people who might be interested in cryptocurrencies.
In 2017, the currency crossed a new milestone – $2 billion market value (today $8.8 billion).
The digital coin’s rally, much like GameStop’s rally that was in part driven by Reddit users from WallStreetBets, has been fuelled by the subreddit SatoshiStreetBets, where users planned to send the currency ‘to the moon’ or at least to their goal of $1 per coin.
Dogecoin saw similar efforts in July when an unsuccessful TikTok trend called for forcing the coin to equal a US dollar. Redditors have a long way to go before the coin’s price is equivalent to a dollar; since Dogecoin currently holds around $0.07.
Since its surge in 2020 which concluded in May 2021, Dogecoin hasn’t experienced any real significant news save the Gamestop announcement. In November 2021 most cryptocurrencies reached new all-time highs, while Dogecoin investment appears to have lost steam in the middle of the year and never recovered.
Analysts are divided on whether Dogecoin has what it takes to reach new highs in the future. Which way will Dogecoin go? In 2022, is DOGE a wise investment?
Some reasons why Dogecoin may currently be a wise cryptocurrency investment:
For many years, Dogecoin was a sleeper, but around 2020 when Musk became interested and things started to change. In addition to price increases, the abandoned Dogecoin development team returned and performed technical adjustments to the Dogecoin code.
Dogecoin is decentralized. Decentralization has value if the recent fall of popular cryptocurrencies has taught us anything. Decentralized cryptocurrencies eliminate single points of failure. Despite its sluggish speeds and expensive costs, it is one aspect that makes Ethereum valuable.
One of the most decentralized cryptocurrencies on the market right now is Dogecoin. Anyone can mine DOGE without expensive mining equipment because it uses a Proof-of-Work algorithm. This indicates many supporters of the Dogecoin network throughout the world.
Dogecoin is one of the safer cryptocurrencies to buy now and retain for the long term due to its high level of decentralization. As more investors begin to value decentralization, Dogecoin may experience significant gains. It’s one of the factors that makes Dogecoin, despite being a meme coin, one of the most valuable cryptocurrencies to invest in and keep in 2022.
Dogecoin occupies a highly distinct market niche.
Positioning is essential for success in any market. The cryptocurrency market operates similarly. Because of its positioning as possible digital gold, Bitcoin, for instance, is where it is right now.
Dogecoin is the foundation for most of the other meme coins available today. Due to its market positioning, Dogecoin has an advantage over most of the main DOGE rivals on the market. As a result, Dogecoin may set the example for the other meme coins to follow if the overall cryptocurrency market regains strength.
Similarly, Dogecoin, the first and largest meme coin, has created a community around itself. The Dogecoin community is vibrant and expanding. Since its inception, the district has been one of Dogecoin’s main supports. The network now numbers millions and has well-known members like Elon Musk and Mark Cuban – another billionaire entrepreneur. These are obviously extremely wealthy individuals who also have a sizeable social media following. As a result, every time they mention Dogecoin, they attract additional investors.
This could cause Dogecoin to become one of the best-performing cryptocurrencies in the future. Consider that since Musk and other community members began promoting DOGE, the number of businesses that accept Dogecoin has increased rapidly. This gives you an idea of how much influence the community has on Dogecoin.
As the community grows, more cryptocurrency novices will likely select Dogecoin as their first investment. That should give anyone on the fence about investing in Dogecoin more confidence. It makes sense for many investors to include Dogecoin in a cryptocurrency growth portfolio for the years 2022 and beyond even for this reason alone.
Dogecoin makes ordinary transactions easy
Adoption is the key to a cryptocurrency’s long-term success. Even after the initial enthusiasm has worn off, this is what is anticipated to drive the price. The typical transaction cost is one of the essential elements in deciding if a cryptocurrency is suitable for everyday transactions.
Comparing Dogecoin to Bitcoin or Ethereum, the number of transactions is almost tiny. A few minutes are all it takes for Dogecoin transactions to be confirmed. Additionally, unlike centralized systems like banks, Dogecoin’s decentralized nature ensures users that their transactions cannot be controlled.
These appealing qualities make Dogecoin a potentially wise cryptocurrency investment for a trader who has faith in the future of cryptocurrencies. When Dogecoin becomes more widely accepted as a form of payment, increased demand may counteract its inflationary effects. To date, more than 20 large businesses, including the Dallas Mavericks, accept Dogecoin payments. It’s a promising sign for the direction Dogecoin might take in the future.
Dogecoin is available on several exchanges
The fact that Dogecoin is one of the few meme coins listed on nearly all significant cryptocurrency exchanges should be considered. Even on Robinhood, a website that Americans adore for being a beginner-friendly broker, Dogecoin is listed.
Multiple listings have positive effects on Dogecoin in different ways. As a result, Dogecoin has become a highly liquid cryptocurrency that is less susceptible to manipulation. At the same time, it implies that novice investors have a simple way to access Dogecoin during bull markets. It’s a factor that might raise the price of Dogecoin during bull markets. This became especially clear in May 2021 when a buying frenzy on Robinhood propelled Dogecoin to record levels.
Due to its growing popularity, Dogecoin may hit new highs in the upcoming bull run, given that more exchanges are now listing it. It’s a compelling argument to consider using Dogecoin in a portfolio of cryptocurrencies in 2022.
The durability of Dogecoin has been established
Do you intend to make a long-term investment in cryptocurrencies? Then you may want to consider cryptocurrencies that have not only been widely publicized but also demonstrated their ability to endure. This is significant since numerous coins have come and gone since the crypto industry was established in 2009. Interestingly, Dogecoin, a parody coin with limited practical use has endured everything. It is now the oldest meme coin and one of the most successful meme coins ever created.
Due to the recent collapse of a cryptocurrency worth billions of dollars, currencies like Dogecoin, which has shown a clear survival element may experience tremendous growth in the future. For anyone who thinks cryptocurrencies are the wave of the future of finance this can be one of the main reasons Dogecoin may be a coin to get involved in. If Dogecoin’s history is anything to refer to, it will indeed exist for decades and may be worth significantly more than it is now.
Dogecoin can be scaled
Scalability is one of the main obstacles to bitcoin adoption. The likelihood that a cryptocurrency will ever be able to compete with centralized systems is minimal if millions of users cannot use it without experiencing network issues.
This issue has never existed with Dogecoin. Since it is so widely utilized, network outages and delayed confirmation speeds are seldom a problem in cryptocurrencies with the potential for broad adoption, scaling places DOGE in the lead. Because adoption and long-term value growth are intertwined Dogecoin may be taken seriously.
What are the benefits / pros of Dogecoin?
The biggest benefits of Dogecoin are its fast transaction processing speeds and low transaction costs.
Low transaction costs: As mentioned previously even the highest transaction costs were just $0.31 which is practically nothing compared to Ethereum’s fees which can go up to $50 (or sometimes significantly more) or Bitcoin fees which were known to go above $40 during particularly busy, high-volume periods.
Cheap mining: n other aspects, DOGE can be mined cheaply and it can be used to send money to anyone which makes it a great choice for making international transactions almost instantly. Plus, it can also be used for payments.
Payment means adoption: Originally, it was not very popular as a payment method given that no one was accepting it but over the years, merchants willing to accept Dogecoin started to emerge and more vendors are now accepting it as a means of payment for goods and services.
Fast & secure: Transactions are transparent, fast, and secure, so DOGE might be a good choice if you can find those who accept it as a means for your payment.
Access: DOGE is very accessible. It can also be bought via multiple payment methods, such as; debit cards, PayPal, credit cards and more.
Dogecoin Wallet: Dogecoin has its own wallet that can be downloaded for mobile or other devices, but it can also be stored in many other wallets, such as the Trust Wallet, Trezor, Ledger Nano models, and others.
Of course, storing DOGE in your exchange wallet is the easiest method, as it will be instantly available for trading. However, this is not recommended as you will then not be the owner of the private keys, and if you don’t own the keys – you can never truly say that you own the coin. Plus, the funds can be stolen from the exchange if it gets hacked. If you were to lock up your DOGE in cold storage, only you would ever have access to it.
What are the downsides / cons of Dogecoin?
Infinite supply: The infinite supply of Dogecoin can be seen as one of its main disadvantages. Every year, 5 billion DOGE are put into circulation, which will always be the case. These coins could bring down the price unless they are entirely absorbed in a situation of exceptionally high demand. Given that cryptocurrencies are still in their infancy and have not yet experienced widespread adoption, there is a chance that the growing supply of Dogecoin will outpace the price in short to medium term.
As a result, Dogecoin carries a greater risk than a cryptocurrency like Bitcoin, which has a small and fixed supply. The lack of a supply cap is one of the biggest disadvantages of Dogecoin. This is because cryptocurrencies with no supply cap are unideal assets to hedge against inflation. Furthermore, DOGE’s infinite mining will eventually require more expansive blockchain mining activities. And since it uses the proof-of-work mechanism, it will further expand its pool of miners and the number of computers to support the ever-growing increase in transactions.
Its jovial disposition may contradict real innovation: DOGE was initially developed to poke jokes at existing coins like Bitcoin and Litecoin. This nature obstructs DOGE from integrations and adoption as a digital asset.
Poor technical support: Dogecoin has relatively poor technical support despite its growing community of users and supporters. DOGE’s development team is not as big as Bitcoin, Ethereum, and Cardano. Also, there have been no technological updates and changes from DOGE since 2015. It is also important to highlight the fact that it does not offer any unique selling proposition in terms of technology.
Association with pump and dump schemes: Pump and dump schemes have been in existence for a long time. Though it is prohibited on regulated crypto exchanges, it still has its influence on certain cryptos. Pumping is where a group of people purchase a large number of coins, which increases the price of the asset substantially. Once the coin reaches a higher value than what they were bought for, they release the assets to other buyers and take back a huge return. This manipulation is quite common with DOGE.
It is not the best transactional currency: Unlike other currencies such as Tronic and Ether, which functions as a transactional currency, Dogecoin can currently only be used as a digital currency. Cryptos like Bitcoin, Litecoin, Dash, and Bitcoin Cash have more transactional significance in the market than DOGE.
DOGE introduced crypto millionaires and billionaires to the future of technology that they did not know would exist. But despite its achievements, investors should always test the waters before trading currencies like these.
To summarise Dogecoin
Dogecoin was initially intended to be a crypto satire, but it has grown beyond the founders’ initial vision to rank among the top 20 cryptocurrencies. After Bitcoin‘s popularity, there was an explosion of different cryptocurrencies, many of which had no use. Jack Palmer and Billy Markus, two engineers, were inspired to lampoon the market as a result, and Dogecoin was the ideal vehicle for their efforts. They produced Dogecoin, a worthless coin with an infinite supply. In contrast to the two creators’ expectations, Dogecoin went on to develop a unique community. Over time, the district expanded to the point where Elon Musk expressed interest in Dogecoin in 2020.
Since 2020, an unprecedented Dogecoin rally led by Musk has increased the number of businesses that accept Dogecoin payments. Due to its rising usage, Dogecoin has a promising future. But is Elon Musk the only factor contributing to Dogecoin’s popularity as a cryptocurrency in 2022?
No, many other factors make Dogecoin one of the most significant cryptocurrencies to invest in and retain for the long term. In 2022, would Dogecoin still be a promising cryptocurrency to invest in?
The best investment strategy might not involve betting everything on Dogecoin. Remember that risk exists in even deflationary cryptocurrencies, and DOGE is no exception. In short some would strongly advise including Dogecoin in a diversified cryptocurrency portfolio.
If we take the fact that the development team had given up on Dogecoin until Elon Musk became interested it may indicate that despite Dogecoin’s long existence, the community does not support it sufficiently to continue enhancing its technical capabilities.
This is a significant danger because it suggests that developer interest can depend on how enthusiastic celebrity investors like Elon Musk are about DOGE. A developer might stop supporting Dogecoin, just as they did previously if someone like Musk were to sell all of his Dogecoin holdings publicly.
There are numerous Dogecoin pump and dump strategies. Dogecoin has frequently been the target of pump and dump scams since it is mainly seen as a joke currency. This means there is always a chance to lose money if you invest in a fake Dogecoin surge and then sell your cryptocurrency after the whales have sold all of their positions. While this may certainly become less dangerous as Dogecoin acceptance rises but it is still a significant risk in short to medium term. Because of this, it makes sense for Dogecoin investors to store DOGE alongside other high-potential cryptocurrencies and invest only what they can afford to lose.
The likelihood may be that DOGE is a significant investment and here are two reasons why some argue that it is a strategical idea to buy Dogecoin right now:
- The 4-year crypto cycle
The cryptocurrency market is currently experiencing a severe bear run. If previous crypto cycles provide any indication, the market will likely reach new highs by 2024. In summary, now is a fantastic moment to invest in high-potential cryptocurrencies that are anticipated to experience a significant increase in value during the upcoming down market.
One of the cryptocurrencies that can increase in value during the upcoming crypto bull run will be Dogecoin itself. This is because Dogecoin’s popularity has increased since 2021, and now businesses like Tesla accept it as payment. In addition, Dogecoin’s community is more vital now than ever.
In essence, Dogecoin will likely be worth more in 2024 than it is now. This, together with the bear market hype, may cause it to reach new highs, possibly at $1 or more. Because of this, buying Dogecoin today and holding it for the long term may be considered by some a sound strategy.
- The development crew has returned
After years of absence the Dogecoin development team came back in 2021. They have been striving to improve Dogecoin, including addressing all network issues. This indicates that confidence in the Dogecoin network will probably improve over time as the development team are forced to take the project more seriously. The same will increase adoption, which will increase Dogecoin’s intrinsic value. As a result, Dogecoin has tremendous potential for future value increase.
Non financial advice – a few more things to consider for information purposes only:
- Only invest in Dogecoin with money you can lose
- Purchase during market downturns like this and sell during bull markets
- Purchase Dogecoin only from reliable cryptocurrency exchanges
- Ensure that your account is secure, including by utilizing 2-FA
- A hardware or software wallet (keeping control over your keys) is the ideal place to keep them
- Diversify; make investments in additional cryptocurrencies in case Dogecoin turns out to underperform the market
Elon Musk has vowed to continue supporting Dogecoin despite the recent fall of the cryptocurrency market. This is significant news because he is one of the main factors for Dogecoin’s recent success. For this reason, 2022 investors might consider Dogecoin a suitable cryptocurrency investment.
But every intelligent investor is aware that there are no risk-free investments. To invest in Dogecoin, like any other investment, you must be informed of the hazards involved.
Dogecoin has an infinite supply of coins. The infinite supply of Dogecoin is one of its main disadvantages. Every year, 5 billion DOGE are put into circulation, which will always be the case. These coins could bring down the price unless they are entirely absorbed in a situation of exceptionally high demand. Given that cryptocurrencies are still in their infancy and have not yet experienced widespread adoption there is a chance that the growing supply of Dogecoin will outpace the price in short to medium term.
As a result, Dogecoin carries a greater risk than a cryptocurrency like Bitcoin, which has a small and fixed supply.
The best investment strategy might not involve betting everything on Dogecoin. Remember that risk exists in even deflationary cryptocurrencies, and DOGE can be considered as no exception. In essence, it’s advisable to include Dogecoin in a diversified cryptocurrency portfolio if you do invest.
Doge has been subject to a $0.74 high but when we look at todays year over year we can observe Aug 2021 at $0.20 and August 2022 $0.07.
Because of this, it makes sense for Dogecoin investors to store DOGE alongside other high-potential cryptocurrencies and invest only what they can afford to lose.
Is Dogecoin a wise investment? Well Musk has vowed to continue supporting Dogecoin despite the recent fall of the cryptocurrency market. That alone simply cannot be underestimated. The following of this entrepreneur is absolutely gargantuan and most will take his advice seriously. Even if for this reason alone 2022 investors might consider Dogecoin a suitable cryptocurrency investment.