In the crypto world, there are plenty of projects and start-ups getting recognized. Dogecoin is one of the emerging crypto projects which was just a meme at the time of inception, but now it’s among the top 10 cryptocurrency according to market cap.
Looking to invest in Dogecoin? Or Do you hold but are confused about whether the price rises or crashes?
Happily, you have landed into the right place. As this article covers the fundamentals of the digital asset as well as the possible price movements and predictions.
Without taking much time, let us dig into the composition
|Market cap||$ 39,731,058,543.0000|
|Circulating Supply||$ 129,389,738,588.9510|
|Trading Volume||$ 6,070,560,233.0000|
|All time high||$ 0.4189 April 20, 2021|
|All time low||$ 0.0001 May 6, 2015|
Table of contents
- Fundamental Analysis Of Dogecoin
- FunFact about Dogecoin
- Dogecoin Price Prediction 2022
- Price Prediction For The Next 5 Years
- Dogecoin Market Prediction
- Historic Market Sentiments
- Fundamental Analysis Of Dogecoin
Fundamental Analysis Of Dogecoin
‘Dogecoin’ name seems strange right!
According to some reports, the name Dogecoin is derived. It was just a meme when it was launched.
DOGE is a peer-to-peer, decentralized, and digital currency that allows you to send money online easily. It was forked from Litecoin in december 2013 and differs from Bitcoin’s proof-of-work in several ways.. The Doge cryptocurrency is even used by retailers to accept payments. Its logo is a dog, which is their friendly mascot.
Dogecoin is a user-friendly cryptocurrency project launched on December 06, 2013. It uses its own blockchain and is widely supported by many wallets and Exchanges. Dogecoin’s main use case is for making payments and recently it has also been used as a tipping coin for rewarding small tokens to people during social media interactions.
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FunFact about Dogecoin
Its most distinct feature, however, is its mascot. The developers of Dogecoin chose a “fun” approach towards its development.
Dogecoin was created by Billy Markus, Oregon, and Jackson Palmer. It was introduced as a joke, but who knew it would become so significant in the crypto world. It is also used by retailers to receive payments.
Dogecoin Price Prediction 2021
On a bullish note DOGE continued to trade at $0.007 during the start of 2021. Dogecoin broke its previous price records and progressively hit an All-Time-High of $0.08 on February 08, 2021 with a historical 800% rally within a couple of hours, however, it experience a massive 300% decline too.
Further it maintained a consolidated trend until the mid of April. Later the price rise was eye catching with more than 100% rise on consecutive 2 to 3 days.
It might compete with other peer cryptocurrencies by 2021 and might even go up in the ranking. DOGE price might hit the highest level at $1 by the end of 2021.
Dogecoin Price Prediction 2022
DOGE price might initiate the trade at $1.8 during 2022. If the DOGE manages to acquire the attention of marketers, the price could reach up to $5. The meme token may also hit $8 with support of major well-known influencers.
Price Prediction For The Next 5 Years
In a 5-year time frame, Dogecoin is likely to reach a $15 mark. It might reach $25 also if it does not come across any turbulence. With certain developments and collaborations with other projects and with the influence of experts, Dogecoin might rise.
Dogecoin Market Prediction
According to Digitalcoinprice, Dogecoin’s price will rise in the coming years. It may trade within the $0.4687 by the end of 2021. By 2023, Dogecoin might trade around $06731 and by the end of 2025 the price may trade close to $1 at $0.9274.
According to WalletInvestor, Dogecoin is a good long-term investment. In subsequent years, Dogecoin will grow steadily within the $0.317 to $0.313 trading range in 2021.
According to Cryptonewz, Dogecoin price is expected to cross $0.5 by the end of 2021. However with an extreme bullish trend, the price may reach $0.6 and on the contrary, if the bears take over, then the price may close the yearly trade at $0.4.
Further by 2023, the price may reach $1 and attempt hard to maintain above these levels throughout 2024 by trading at $1.45 and eventually by 2025 witness a slight pull back and close the trade around $1.35.
Capital.com predicts that the price is expected to trade within the same levels as $0.3 to $0.33 by the end of 2021. Following a slow and steady uptrend, the price may rise upto $0.75 by 2025 and surpass $1 by 2026.
Our Dogecoin Predictions
Dogecoin has been embraced by retailers such as eGifter, AllGamer.net, and hundreds of other online stores as a way of payment for products and services. Marketers are quite optimistic about the project.
Dogecoin might rise, if the traders focus on buying it and following any huge announcements or support from any famous celebrity. Therefore, if any of these things happen, the price may jump to reach $1, else may follow a steady growth and close the yearly trade of 2021 around $0.6 to $0.7.
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Historic Market Sentiments
Dogecoin made its debut in December 2013 at $0.0006 with a $3.5 million market capitalization. For a year, Dogecoin was on an upward trajectory and doubled exponentially.
But the year 2014 was not as good for Dogecoin, New cryptocurrencies emerged on the market, such as NEO, Stellar, and Monero, and traders turned their attention to them. DOGE’s price fell to $0.0001.
Co-founder Jackson Palmer quit the project unexpectedly in 2015. He explained that he preferred to concentrate on the technical aspects of the blockchain. With the news, the world began to speak of DOGE’s impending death, but this did not happen. DOGE managed to trade at $0.00014 by the end of December 2015.
Dogecoin, however, did not cross the $0.0002-0.0003 price range until 2017. Yet consumers purchased coins for personal payments, and the capitalization of the altcoin rose steadily. Then the value of the coin increased dramatically to $0.003 in the spring of 2017 and further continued to vary. Surprisingly, DOGE surged to $0.007 at the end of 2017.
Many altcoins started to decline in price already at the beginning of 2018, as several Southeast Asian countries began tightening state regulation on the cryptocurrency sector. Dogecoin was no different, but it recovered quickly to hit $0.017 and the price became steady. Later the price declined to $0.002 during April. The price slightly recovered to $0.006 by September. DOGE dropped again to $0.002 to end the year 2018.
The altcoin though traded sideways in 2019 for much of the year. A little bit of surge escorted the market price up to around $0.004 around July, but later lost much of these returns by the end of the third quarter. Dogecoin was back tethering at $0.003 in late 2019. At the end of December 2019 Dogecoin was trading at $0.0020.
Dogecoin continued its trade at $0.002 during the start of January. With a steady improvement, the price managed to reach $0.003 by mid of February and further declined to $0.0015 by mid-March. With certain price variations, Dogecoin hit $0.004 by July. DOGE started an upward trajectory as the expansion of Bitcoin’s price rally in November and carried on the trade at $0.003. Dogecoin ended the year 2020 at $0.004.
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Yes, Dogecoin might definitely be a good investment, if you are looking to invest for a long-term.
Some analysts believe that Dogecoin is on a bull run and could hit $1 by the end of 2021. Now that more people are seeing the potential in the currency, more will be inclined to purchase, which in turn means a run to $1 is imminent.
Dogecoin can be traded on exchanges like Binance, OKEx, HitBTC, Thodex, VCC Exchange and many more.
Dogecoin has the potential to be a lucrative short-term investment.
Dogecoin (DOGE) Price fluctuations depends on the fundamental analysis, technical analysis charts and expert price predictions and forecasts. However, nothing is certain in the cryptocurrency space.
Dogecoin Forecast and DOGE/USD Analysis October 22, 2021
DOGE/USD are traded at 0.2460 and continue to move within the correction and the bullish channel. Moving averages indicate a short-term bullish trend for Dogecoin. Prices are testing the area between the signal lines again, which indicates pressure from buyers of the asset and a potential continuation of the rise from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 0.2345 area. Where can we expect a rebound again and a continuation of the rise in the Dogecoin rate with a potential target above the level of 0.3205.
Dogecoin Forecast and DOGE/USD Analysis October 22, 2021
In favor of the growth of DOGE/USD quotes, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the coin growth option will be a fall in the value of the asset and a breakdown of the 0.2105 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 0.1745. With the breakdown of the resistance area and closing of quotations above the level of 0.2845, we should expect confirmation of the development of a bullish trend in Dogecoin, which will indicate a breakdown of the upper border of the ”Triangle” model.
Dogecoin Forecast and DOGE/USD Analysis October 22, 2021 therefore imply an attempt to correct and test the support area near the 0.2345 level. Where can we expect a rebound and continued growth in DOGE/USD to the area above the level of 0.3205. An additional signal in favor of a rise in Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.2105 area. This will indicate a continued decline in cryptocurrency with a target below 0.1745.
Dogecoin Adoption in the US Supercedes Bitcoin and Ethereum, According to New Crypto Survey
The adoption rate of Dogecoin (DOGE) in the US is nearly double that of the rest of the world, according to a new survey from the Australian publication Finder.
The survey polled 41,645 individuals in 22 countries and found that nearly a third of all cryptocurrency holders in the US own Dogecoin.
“Of those that own crypto, Dogecoin sees its highest adoption in the United States with 30.6% of crypto owners saying they own Dogecoin. This is 1.6 times the global average adoption rate of 19.2%.”
The Finder survey says that Cardano (ADA) enjoys the highest popularity in Australia, where more than a quarter of the country’s adult crypto holders own ADA.
“Cardano sees its peak in adoption in Australia, where 26.3% of the online population who own crypto say they have Cardano, which is 1.4 times the global average adoption rate of 18.5%.”
Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) enjoy the highest adoption rates in Asia.
More than three-quarters of Japanese crypto holders own BTC, while over half of Singaporean crypto holders possess ETH. Slightly more than a quarter of Indonesian crypto holders have BNB.
“Bitcoin has the highest adoption in Japan with 76.7% of adults who own crypto saying they own Bitcoin. This is 1.3 times the global average adoption rate of 58.9%.
Ethereum sees its highest adoption with crypto owners in Singapore with 52.4% of adults who own crypto saying they own Ethereum. This is 1.9 times the global average adoption rate of 27.4%.
Binance Coin sees its highest adoption among those who own crypto in Indonesia, with 26.9% of respondents who own crypto saying they own Binance Coin. This is 1.8 times the global average adoption rate of 15%.”
Dogecoin Price Struggling Near Vital DMA Lines, With Average Volume Activity.
- Dogecoin price is currently trading near its major moving averages of 20, 50, 100, and 200-day lines, with slightly lower volume activity.
- The digital asset is presently trying to suppress its vital DMA lines and holding its 100 and 200-day lines.
- The pair of DOGE/BTC is trading at 0.000003868 BTC with an intraday gain of +1.02%, and the ratio of DOGE/ETH is CMP at 0.0000595 ETH with a 24-hour change of -5.98%.
Dogecoin price over the monthly chart is trying to sustain above its all vital moving averages of 20, 50, 100, and 200-day lines. Meanwhile, volume activity over the chart is slightly lower and needs to grow strongly. Similarly, the sustainability above its vital DMA lines with supportive volume activity will boost more upside in upcoming trading sessions.
Once the crypto asset jumps above its vital DMA lines, supportive volume activity will create the next lap of bullish move till $0.32 to $0.36. Support on the lower side is $0.2250 and $0.1945, whereas resistance on the higher side is $0.2720 and $0.3260.
Dogecoin price is trading under the bullish chart pattern while creating higher highs and lows
Dogecoin price at the weekly chart is trading under the bullish chart pattern while creating higher highs and lows. Meanwhile, the technical parameters are slightly neutral, with a slight recovery from lower levels. Volume over the chart slightly increases and needs more growth for a continuation of the pattern. DOGE price is trading at $0.2573 with an intraday gain of +2.34%, and the volume to market cap ratio is 0.06616.
Relative Strength Index (BULLISH): Dogecoin price RSI is heading towards the overbought zone after a good recovery from the lower levels. In contrast, the coin trades on a higher note and projects slight caution with longs and RSI at 56.