In today’s world where digital currency is gaining the place it demands, Bitcoin is the only crypto most people know. Following the massive success of bitcoin, dogecoin was launched in December 2013. Popularly known as the meme coin, DOGE flips between a hustle and core player. Read further to know everything about Dogecoin Price prediction for 2021 and beyond.
Did You Know That Dogecoin Is Now Being Buzzed Among Great Investors And Traders As It Could Reach The $1 Milestone Soon?
Though it was started as a meme coin, dogecoin is estimated to reach greater price values in the future. Remarkably, the coin spread widely in social media like Tik Tok and Twitter. In the year of 2020 there popped up a dogecoin Tik Tok challenge which became so popular that a lot of people even started investing in dogecoin from then!
Impressed by the currency’s growth and waiting to make an investment? But worried about what the future holds for Dogecoin? Here is a detailed study, stating the latest Dogecoin updates and price forecast.
|All Time High||$0.7376 May 08, 2021|
|All Time Low||$0.00008547 May 07, 2015|
|Circulating supply||130,251,141,098 DOGE|
|Total Supply||130,251,141,098 DOGE|
Table of contents
- What is Dogecoin (DOGE)?
- Fundamental Analysis
- Dogecoin Price Prediction 2022
- 5 Years Dogecoin Price Prediction
- What Does the Market Say?
- EXPERT’S CORNER | What experts say about Dogecoin?
- Historic Market Sentiments
What is Dogecoin (DOGE)?
Following the massive success of bitcoin, dogecoin was launched in December 2013. Within one month there were over a million visitors to the ofDogecoinficial website. It started with a price of $ 0.006 as a joke. Today, the coin has made over 5000% in 2021.
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 anywhere from the world!
The altcoin was initially started to poke fun at the famous cryptocurrencies of that time like Bitcoin. But Jackson Palmer wanted to make it a reality and started working on it. At the beginning, dogecoin was only considered to be a meme coin. As this year started, the currency saw a great jump in its value as popular celebrities like Elon Musk started tweeting about it. Musk, currently the richest person in the world, says that, ‘He sees potential in dogecoin and is working with its developers’.
DOGE is a peer-to-peer, decentralized, and digital currency that allows you to send money online easily. Popularly, it is in use as a tipping currency in various community platforms like Reddit and Twitter. The coin was forked from Litecoin in December 2013 and differs from Bitcoin’s proof-of-work in several ways. It is even used by retailers to accept payments. Its logo is a dog, Shiba Inu, 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. The 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.
Dogecoin is most often called the Spending coin and is more rapid in its transaction pace. This is because of the better blockchain built up. Also DOGE was made to be user friendly and it is now said to have a higher inflation rate. Dogecoins are inflationary coins while Bitcoins are deflationary coins, this is because Bitcoins have a limit on the number of coins that will be produced and used for mining.
On the flip side, dogecoin does not have any such limits and so, are inflationary, which adds to its advantage. Like any other cryptocurrency, dogecoin can be sold and brought in a currency exchange and also one can have it in a digital wallet. According to Coinmarketcap, you can buy/sell or trade DOGE on Binance, OKEx, Upbit and many more.
Dogecoin, grew rapidly and became the digital currency accepted by popular companies as a medium of payment. Mark Cuban’s Dallas Mavericks began accepting DOGE payment earlier this year. Later, companies like Kessler Collection, AirBaltic, EasyDNS added Dogecoin along with Bitcoin as a pay option.
Moreover, the network has been quite active this year, carrying forward upgrades with speed and block time. In March, the platform announced developments like reducing the transaction cache time to 24 hours. Adding to it, the network also visions to work on increasing the speed of block creation, thereby raising the utility factor!
Dogecoin Price Prediction 2021
On a bullish note, DOGE continued to trade at $0.007 during the start of 2021. Further, it maintained a consolidated trend until the mid of April. The altcoin traded at $0.34 when it entered May. Subsequently, Elon Musk’s appearance on the famous Comedy Show, SNL and his tweet regarding the same coupled with the tagline ‘Dogefather’, set the price to surge. That is, on May 8th, the price swell from $0.58 to $0.69, in a single day!
Later, in a show called, Saturday Night live, where Musk guest hosted, he called DOGE a ‘Hustle’. When the host asked about the coin, he cross questioned if it’s a hustle, Musk accepted calling it the same. Consequently, the price lost almost 1/3rd, falling from $0.49 to $0.39, on the very day (May 12). Later on, the market crashed on the 19th, the Dogecoin price flipped from $0.48 to $0.33. Subsequently, the price moved on a bear-end and is sailing at the $0.2 mark.
Having a look at the Dogecoin’s trend chart, on a bullish note in the coming days we can expect it to hit its current immediate resistance level at $0.276(1). Further, if the momentum is intact, the price can surge to the next resistance (2) at $0.445 in the coming months. On an intensified bull rally, DOGE can hit back its ATH(3), as its next resistance at $0.73 and by the year’s quarter end. Therefore, it may pave its way near to $1 juncture as the year ends.
With respect to the support levels, it can hit its immediate support margin(1) at $0.236 in the coming days. Later, flipping into a bearish triangle, the price can retest the next support level(2) at $0.15.
Dogecoin has always had the hype on the floor, helping it to reach the eyes of newbie traders who just enter the market. The fact that the altcoin has a strong community base, engaging in the coin all day indicates that DOGE can reach possible highs. On this note, the Dogecoin price may hit a maximum of $0.974 as the year ends.
On the flip side, DOGE has always been having a Plump and Dump scenario in space. Anytime, we can expect investors to sell off all their holdings after their target is in-hand. If this happens, the DOGE price will again fall into the plum ‘n’ dump pattern and might dump anywhere at $0.201. Secondly, talking about the average figures, it may lie at $0.711 , with considerable market pressure!
Dogecoin Price Prediction 2022
If the altcoin closes this year hitting the highs, then 2022 might start bullish at $0.99. On the other hand, if a bearish trap engulfs, then 2022 trade might resume at a similar trend at $0.21.
The fact that Dogecoin is easy to mine has always kept the altcoin on the front seat. Moreover, this year the most popular crypto exchanges like Gemini and eToro have listed DOGE, causing the price to soar. If the currency gets listed in other familiar exchanges in the coming year, DOGE price can soar again and strike at $2.382 by the end of 2022. However, considering the regular buying and selling pressures, the average Dogecoin price may be near $1.639 .
On the other hand, the fact that the digital currency does not still have a great value drives a negative impact on Dogecoin. Many believe it just to be a speculation and if this belief remains unaltered, then the price can slump to $0.474 .
5 Years Dogecoin Price Prediction
Dogecoin has external factors intervening its price movement frequently. For instance, when Elon Musk tweeted that Dogecoin will reach the moon, many investors started turning towards it. Thus, an increasing FOMO with Elon Musk being there at Doge’s may impact the price to heat up reaching a high of $7.833 in the next five years. Secondly, if DOGE could survive with a substantial growth rate in a highly competitive space in the future, the averages shall strike at $6.497.
On the other hand, in the coming years, if aspects of the crypto like Zero staking rewards and not much of functionality impacts the market, then its price may fall. On this string, Dogecoin price can see a dip to $4.911 .
What Does the Market Say?
According to Digitalcoinprice, Dogecoin’s price will rise in the coming years. It may trade within $0.3589 by the end of 2021. By 2023, The Meme Token might trade around $0.5154 and by the end of 2025 the price may trade close to $0.7102.
According to WalletInvestor, Dogecoin is a good long-term investment. In subsequent years, It will grow steadily within the $0.329 trading range in 2021.
According to Cryptonewz, Dogecoin price shall cross $1 by the end of 2021. However, with an extreme bullish trend, the price may reach $1.7 and on the contrary, if the bears take over, then the price may close the yearly trade at $0.91.
Further by 2023, the price may reach $1.4 and attempt hard to maintain above these levels throughout 2024 by trading at $1.7 and eventually by 2025 close the trade around $1.96.
Capital.com predicts that the Dogecoin may 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.
EXPERT’S CORNER | What experts say about Dogecoin?
— Bloom Capital (@BloomCapital_) June 2, 2021
Most crypto experts formulate their predictions on a bullish note for DOGE at EOY. Predictions strike at Dogecoin x $1 For 2021, with strong support levels.
Know 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. The fact that Marketers are quite optimistic about the project and celebrities hopping legs can drive Dogecoin into a value that everyone would awe at.
Adding to it, According to Coinpedia’s formulated Dogecoin price prediction, if its trading volume rises further (Note that it is already soaring), then we can expect the DOGE price to surge to $0.97 as the year ends. But factors like no institutional money flow into the network can ridiculate the meme coin to drop to $0.20.
As a long-term forecast some new projects and technological developments (if they occur) to improve the scaling feature, can cause a DOGE price spike to $7.83. But if FUD rises among investors with the price switching into a volatile triangle, then a dip to $4.91 may happen in the next five years.
|Year||Potential High||Potential Low|
Also Read: Enjin coin price prediction: Will ENJ price reach $10 by the end of 2021?
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.