Meme-tokens have already been on the market for almost 9 years and affected it in ways never expected. The first ever dog token that started the so-called movement is Dogecoin, which in the previous years made its early adopters and investors rich, but recently didn’t perform so well and left the community wondering whether to sell or to hold their DOGE. Read our Dogecoin price prediction to understand better what’s happening with the favorite coin of Elon Musk.
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Dogecoin Fundamental Analysis
Dogecoin is a meme-cryptocurrency created as a joke by software engineers Billy Markus and Jackson Palmer. It is an open-source peer-to-peer cryptocurrency, that initially was hard forked of a Litekoin. The founders were just trying to make fun of the huge token price speculations and the big cryptocurrencies like Bitcoin “threatening” to take over the world at the moment, giving birth to the first-ever meme-token and dog-coin. It features the Shiba Inu breed dog from the viral meme.
The project was launched on December 6, 2013, and gathered a large community around it in a short time. After appearing on Reddit, the token became extremely popular. In just 2 weeks it got over 19000 followers and its price surged 300%. Despite its humorous origin, the token can be used to transfer value just like any other cryptocurrency.
Unlike most other projects that are trying to bring more utility to the project, Dogecoin was not intended to have any. But over time the fans found and developed new use cases for the token. It became the tipping currency for the writers on Reddit and became a currency for charity. In 2014 the community transferred over $170000 worth of Doge to more than a dozen charitable cases, including one that supplied dog services for blind kids.
The Dogecoin network operates on the Proof-of-Work consensus mechanism, with the users able to mint new tokens and get rewarded for it. The mining code of DOGE was copied from the other project named LuckyCoin, which is a fork of Litecoin, that itself is forked from Bitcoin. The mining rewards on the Dogecoin network are randomized, meaning the user can get anything from zero to potentially millions of tokens for adding a new block. This randomness was implemented to prevent taking Dogecoin seriously and mining it for a long time. The founders assumed that such an uncertain mechanism will annoy the users.
After a little less than a year from the launch though the project appeared much more livable than expected and the founder decided to change the mining schedule to a fixed in March 2014. From that time each block contained 10,000 DOGE, meaning that around 5,2 billion tokens are minted yearly. The difficulty adjustment happens on the Dogecoin network each block.
In 2014 the creator of Litecoin proposed to merge-mint Litecoin and Dogecoin, meaning that miners would mine both Dogecoin and Litecoin simultaneously, which boosts the network security of Dogecoin. When the proposal was accepted it caused faster block production. It produces blocks 10 times faster than Bitcoin, which means that transactions on Doge are faster than on Bitcoin.
The issue with the project is its infrequent development. Other than the founders, the team consists of volunteers, that doesn’t update the network so often. Since the launch, it just released a few major code updates, the last ones are in February 2021 and in January 2019. Another part that is suspicious about the project is that over 40% of the assets are held in just 2 wallets with one of them having 28% of the tokens.
The price of Doge got also affected a lot by the support of Elon Mask, that from the long back informs about his intention to take DOGE to the moon. He even proclaimed himself a Dogefather.
DOGE token has an unlimited supply and its price isn’t supported by scarcity and relies on buyers constantly buying new tokens that enter the circulation to maintain their value. Initially, there was a fixed supply of 100 billion tokens, but later the limit was removed. The inflation rate also reduces over time. In 2019 it was 4%, and by 2027 it will reach 3% and then drop to 2% by 2035.
Dogecoin Live Price Chart
Unlike the previous years, since the summer of 2021, the price of DOGE was not surging so much. In fact, after the recovery from the bears season during the summer the token was mainly following a downward trajectory. On September 5 Dogecoin was trading for $0.31, but in just 3 days lost over 20% of its price and dropped to $0.25. It continued declining till the end of the month and on September 27 was trading for $0.20.
From that point, the DOGE coin went up, following the bullish trends approaching the market. But again, other dog tokens such as Shiba Inu, Floki Inu, Dogelon Mars, etc. skyrocketed at the beginning of October, gaining thousands of percent, DOGE couldn’t even double its price. On October 28 the value of Dogecoin was $0.3, and that was as high as the asset can get for the next 10 months.
From this time the price of DOGE started to decline with short and unsuccessful recovery attempts. By the middle of November, it reached the level of $0.23 and after maintaining the price for just a week, continued moving on the downward trajectory, reaching $0.2 at the beginning of December. In one day on December 5, it dropped to $0.17 and stayed around this level till December 25. At that time after a short jump to $0.19, the price continued to decline.
During the first week of 2022, the token lost more value and reached $0.14, but managed to recover the price to $0.18 by the middle of the month, before dropping even more. The new price level was around $0.13, where it stayed til the beginning of February. A short jump up to $0.16 didn’t affect the situation and the Dogecoin price continued declining. This period was hard for the whole crypto market and lasted till the middle of March. At that time to swap DOGE traders paid only $0.11.
From the second half of March, the crypto market started to show signs of recovery. Dogecoin started to gain price and even reached $0.17, but very briefly on April 5. The market didn’t flip the trend and DOGE went down again. For another month it bounced within $0.12-$0.13 and on May 7 a little before big tokens like Bitcoin and Ethereum were hit hard, it started to decline, and then dropped together with the whole market.
On May 11 Dogecoin was traded at $0.084. In the coming days, it could only recover to $0.088, where it stayed till the beginning of June when the market got hit again by the major tokens sell-ff by the investors disappointed in the trends.
On June 11 the price dropped to $0.05 and struggled to break the resistance point for the whole coming week. By June 26 it managed to climb up to $0.072 where it stayed almost till the middle of August. After briefly jumping to $0.086 on August 16 the price of DOGE established a new downward trend. The experts don’t see the token recovering much value in the nearby future, but still, consider that it can go up in the long term.
Dogecoin Technical Analysis
In late July 2021, Dogecoin broke out of the bearish trend that dominated the coin’s price chart since May. There are clearly positive signs, like the fact that the breakout happened very cleanly at the end of the descending triangle pattern, which is a textbook bullish reversal and as such gives the traders some assurances. Another positive sign for Dogecoin is how easily it broke through the most recent resistance at ~$0.26.
Now the next thing to watch is whether it will go above the next resistance level at ~$0.42. Many traders currently consider this line a price target in their long plays, so it’s certainly worth watching if DOGE will keep its momentum after that.
Dogecoin Price Prediction
Dogecoin Price Prediction for 2023
Dogecoin Price Prediction for 2024
Dogecoin Price Prediction for 2025
Dogecoin Price Prediction for 2026
Dogecoin Price Prediction for 2030
As it can be clear from the analysis cited above, Dogecoin (DOGE) projections are rather contradictory. There is no universal consensus either about positive or negative future DOGE price movements. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the Dogecoin projects, the crypto environment in general, legal position, and so on. We kindly remind you that before investing in any cryptocurrency, it is essential to do your own research (DYOR).
Does Dogecoin have the potential to hit $100?
No, Dogecoin does not have the potential to hit $100 with its current circulating supply and the market fundamentals. If Dogecoin ever reached $100, its market cap would be higher than the whole cryptocurrency market’s and top-3 companies’ in the world capitalization combined. Dogecoin's future price could hit numbers like that if there were serious changes in the protocol — for example if a routine token burning was introduced.
What will Dogecoin be worth in 2050?
Dogecoin will be worth around $2 in 2050, according to the more realistic DOGE crypto price predictions. Note that this currency is very volatile (in an already volatile market), because it’s a meme coin with its value heavily dependent on people’s attention, so Dogecoin's long-term predictions are extremely hard.
Can Dogecoin reach $1000?
No, Dogecoin won’t ever reach $1000, as even the wildest DOGE price predictions never make estimates like this. At $1000, its market cap given the current circulating supply (note that it isn’t capped, so it can grow even more) would be more than $130T, which would dwarf the current GDP of the US, for example.
What is the Dogecoin 2021 price prediction?
Dogecoin price predictions for 2021 are mostly optimistic, expecting price increase to continue and putting the cryptocurrency's price at about $0.5 by the end of the year. Some Dogecoin forecasts for 2021 are even more positive, saying its price will reach $1 this year.
Will Dogecoin get to $3 in 2021?
The possibility that Dogecoin will get to $3 in 2021 is very low, despite its recent bullish turn. Things like that are never completely out of the question, though, as we’ve seen some amazing growth in this coin’s past. Still, answering the question “What will Dogecoin be worth in 2021”, most experts don’t usually put numbers like $3 in their Dogecoin projections for 2021.
Will the Dogecoin price reach $1.5 by 2022?
Dogecoin price might reach $1.5 by 2022 if the current trend continues. There are some price predictions for Dogecoin that expect these kinds of numbers, although most Dogecoin predictions for 2021 and 2022 are more moderate.
What will be the price of Dogecoin in the next 6 months?
The price of Dogecoin is expected to grow in the next 6 months. The majority of experts expect Dogecoin’s future price in this time frame to reach ~$0.5, but some of the more optimistic DOGE price predictions cite numbers closer to $1.
Will Dogecoin hit $5 in 2021?
It’s very doubtful that Dogecoin will hit $5 in 2021 or the next several years. Even Dogecoin forecasts for 2025 mostly put its price between $1 and $2 by that point, so reaching $5 in 2021 doesn’t seem likely.