2021 was signified by the boom of meme tokens that were not even considered as a serious crypto before. This tendency started from the well-known Dogecoin, explicitly supported by Elon Musk. The huge interest from the community after Dogecoin’s bullish rally in the beginning of the last year made asset one of the most desired investment options. Read our Dogecoin Price Prediction to see what is happening with the public’s favorite crypto dog token.
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Dogecoin Fundamental Analysis
Dogecoin (DOGE) is THE original meme coin: Dogecoin was founded all the way back in 2013 by Billy Markus and Jason Palmer as a more fun alternative to other cryptocurrencies existing at the time, using the internet meme Shiba Inu dog Doge as the "face" of their digital coin. This lighthearted approach worked well in generating interest in crypto and Dogecoin in particular.
Dogecoin’s design is based mostly on Litecoin (which, in turn, is almost identical to Bitcoin). One of the few differences between those altcoins and Bitcoin is their use of the Scrypt technology in the Proof-of-Work protocol, which initially made them harder to mine as the process requires sophisticated equipment. Dogecoin also used to have randomized block rewards for miners, which was later changed to a fixed amount.
The coin is used mainly as a means of payment for products and services, with Dogecoin transaction fees being quite low. It had a fairly unique use case in a tipping service on Reddit and Twitter, allowing users to make quick gifts to other users they liked.
Dogecoin is a fairly popular coin, due to both its memetic, even satirical, nature, and the support of celebrity businesspeople like Elon Musk and Mark Cuban. Notably, its creator Jason Palmer quit the project in 2015, as he became disillusioned with the whole crypto movement, so obviously, not everybody still endorses this coin.
Dogecoin Live Price Chart
A year ago Dogecoin was going through the most successful period so far. At the beginning of March 2022 the asset was traded for $0.06 and was already showing bullish signals. But almost no one could expect its price to suddenly rise up to $0.3 on April 16.
Media influencers' support and the overall hype made users push the demand for the asset. That caused DOGE price to grow even more and on May 8 it hit the all-time high of $0.7. This kind of uptrend made many crypto enthusiasts believe that DOGE has all the chances to reach $1 within a year.
But Dogecoin couldn’t maintain such a high price level for a long time and after 3 days Dogecoin’s price started to decline. By mid-May, asset lost half of its price and was traded for $0.4-$0.5. DOGE price continued to decline in the coming months with the whole crypto market also moving to the downtrend.
On June 21 the coin was pulled off $0.17 but recovered to stabilize around $0.25 for the next week. Dogecoin price stayed bearish till the mid-June when it went down to $0.17 again and from this point asset started to gain value. At the end of August the price started to rise faster affected by the global bull rally.
By the end of the summer, the asset was traded for $0.3. After the short period of price correction that took the coin down to $0.19, DOGE jumped to $0.26 on August 7 and continued to grow. It reached the highest price of $0.3 of the period on September 6. After that DOGE was in the downtrend till the beginning of October.
Together with the crypto market DOGE went bullish, but couldn’t reach higher than $0.3 on October 28. Since that time Dogecoin crypto was going down, bouncing between $0.13 and $0.18 and slowly losing value.
Despite the recent chart declining, many analysts expect the token to go up in the nearby future. The most positive outlook predicts DOGE to reach $1 by the beginning of September 2022.
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 2022
Dogecoin Price Prediction for 2023
Dogecoin Price Prediction for 2024
Dogecoin Price Prediction for 2025
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.