Cryptocurrency experts named top 5 factors that will help Dogecoin cryptocurrency to grow

Crypto industry analysts note that the Dogecoin (DOGE) meme-coin is under pressure from the crypto market. However, they are convinced that over time, the digital asset will be able to cross the desired $ 1 per coin mark.

If Dogecoin does manage to reach the goal, it will mean an increase of about 1250% from its current price. Finbold experts have analyzed the factors that can potentially bring the crypto asset to this level, noting that they can act individually or together.

Continuous support from Elon Musk

The CEO of Tesla and X has long been one of the biggest influences on the price of Dogecoin. The billionaire has openly recognized DOGE as one of his favorite digital assets, besides BTC. Recently, the price of DOGE has skyrocketed by more than 20% after rumors that Elon Musk may introduce the virtual asset as a means of payment on Platform X.

Growing institutional interest

Increased interest in investing in Dogecoin from large financial institutions can also help the meme cryptocurrency grow. Analysts are convinced that this will signal to the market that the digital asset is a legitimate investment opportunity.

Widespread adoption and use

If the number of cryptocurrency investors in Dogecoin increases, as it did when the cryptocurrency added about 340,000 new owners this spring, the meme coin has a chance to reach $ 1 despite strong competition from other meme assets.

The wider use of DOGE may also be facilitated by the coin’s acceptance as a means of payment. By the way, the American movie theater chain AMC Entertainment (NYSE: AMC) has already done this in March 2022. At that time, the company added Dogecoin and Shiba Inu (SHIB) payments as an option to its mobile app.

Favorable regulatory environment

Finbold experts write: «Amid what can be seen as a veritable crusade against cryptocurrencies by government and regulatory authorities in the US, the support of officials will go a long way for the entire sector, making it easier for businesses to accept DOGE as a payment method.» By the way, this is already possible in a number of countries. The list includes Malta, Switzerland, Portugal, Singapore, Canada, Slovenia, Japan, the Netherlands, Germany, Estonia, and El Salvador.

Technological innovations

Analysts are convinced that if the Dogecoin development team makes significant technological improvements to its ecosystem, such as increasing its security or scalability, the asset may become more attractive to investors and crypto enthusiasts.

At the time of writing, the most popular meme asset is trading at $ 0.074 with a market capitalization of $ 10.41 billion. Traders made daily trading deals worth $ 327.3 million.