15 min readDogecoin is a Cryptocurrency altcoin that trades under the DOGE ticker symbol against USD and other Cryptocurrencies like Bitcoin. It was created in December 2013 as a “joke” and was named after the popular meme based on a Shibu Inu dog “Doge.”
Due to the popularity of the meme at the time, the “joke” currency quickly turned into a project with a thriving community and started to see regular use as a transfer of value. Although its still considered a “meme coin” due to it wide acceptance within its community, celebrity “endorsement” and media coverage, it has evolved into a Crypto many traders and investors keep an eye on.
As far back as 2017 when the Dogecoin price was still at a meager $0.001674 it saw a staggering trading volume of 222.57 million, showing both its displacement in the Crypto market and it high level of adoption by its enthusiasts.
Additionally, because of its low fees and fast speeds, Dogecoin is often used to move money and capital from one Cryptocurrency exchange to another. Frequently, Cryptos with some sort of utility within the Crypto ecosystem will garner more attention and as a result more investors.
This characteristic can help traders make a Dogecoin price prediction by looking into the trading volume of transactions and circulating supply over a specific period of time.
Years later, Dogecoin is still a popular digital currency altcoin and has even attracted interest from the likes of Elon Musk, who the Crypto community has affectionately dubbed the “CEO of Dogecoin.”
Of course, these are the characteristics of the token that, unfortunately, challenge analysts when they make a Dogecoin price prediction.
DOGE Overview
Today (22 December 2024) DOGE (DOGE/USD) is trading at $0.31158 per DOGE, with a market cap of $93895246 USD. 24-hour trading volume is $5421033 USD. DOGE price has changed by -2.7% in the last 24h. Circulating supply is 979133700 DOGE.
The Elon Musk Dogecoin connection
Musk has even talked about Dogecoin publicly on the popular TV show Saturday Night Live, and is now working with Dogecoin developers closely in attempt to streamline transaction efficiency and speed. But all the positivity couldn’t stave off a large crash in mid-2021 or subsequent Dogecoin price constrictions.
Although there have been multiple promises that Musk would accept Doge as a payment method on X and for Tesla’s website for merchandise (in fact there is an entire FAQ page dedicated to it), this has yet to happen. Additionally, there are some allegations that he was actually investing in the meme coin behind closed doors. Again allegedly because Mr. Musk is a bit litigious.
Dogecoin’s longevity
Because Dogecoin has been around so long, it has a place in the Crypto space for the long haul. However, Dogecoin price predictions are rare and relatively low compared to other Crypto assets like Bitcoin, Ethereum, Ripple, Litecoin, and EOS. The reason is making a Dogecoin price prediction is challenging due to all the external and unpredictable factors that affect the token’s value.
As we mentioned previously, Musk has been known to post on Twitter (currently X) about Doge price and other related opinions/updates. The price is also affected by the community sharing info and making collective moves on the Crypto on occasion.
This guide will help answer important questions like “will Dogecoin ever be worth anything?”, “should I buy Dogecoin?”, and “when will dogecoin reach x price?” using realistic Dogecoin price predictions from experts and technical analysis prediction charts.
Dogecoin Price History
Dogecoin price history extends back a decade at this point, making it one of the oldest Crypto altcoins out there. Dogecoin reached its former all-time high of $0.7376 in May 2021, but then the asset fell into a long term downtrend where the future outlook was extremely bearish.
After reaching its previous all-time high for a short period in 2018 following a significant drop, things in 2019 appeared to be turning around, and Dogecoin along with many other top Crypto tokens started to see a resurgence.
Dogecoin and TikTok
In 2020, it was the subject of a TikTok trend where users attempted to pump and dump the price of DOGE Coin. Users incorrectly called it a Stock, but nonetheless, it had users asking, “why is Dogecoin going up?” instead of “why is Dogecoin dropping and going down?” for a change.
Users are regularly encouraged to buy DOGE coin expecting Dogecoin will rise to a projected value of $1 per DOGE token. Dogecoin almost reached it recently, reaching its maximum price of 75 cents per DOGE. If Dogecoin future price action becomes bullish again, $1 is finally possible.
Dogecoin (DOGE) has had a notable and sometimes volatile price history. Originally created in 2013 as a meme-based Cryptocurrency, Dogecoin gained popularity for its Shiba Inu dog logo and a friendly community. For many years, its price remained relatively low.
Why did Dogecoin surge in 2020-21?
The reason for the 2020-21 Dogecoin surge in value, was largely due to social media attention, celebrity endorsements, and speculative trading by the public that had been introduced to the Crypto through its extensive media coverage.
This surge was influenced by events like Elon Musk’s tweets and mentions on platforms like Reddit and mainstream media coverage (likely due to the Elon Musk connection).
The Connection between large cap Cryptos and DOGE
But always keep in mind that the Crypto market can move in tangent. When Bitcoin’s price skyrocketed to its maximum price of $68,789.63 at the time, the price of Doge reached its own all-time high at the time of $0.819 the next day. This is typical of altcoins, they tend to trail the big three Cryptos. In downturns, though, they may precede larger cap Cryptos as people risk off smaller more volatile tokens.
Why is Dogecoin surging in 2024?
When Bitcoin’s price surged to news all-time highs in 2024, many meme coin’s prices moved with it. Dogecoin experienced a price increase of over ~100% so far in 2024. In march 2024, Tesla CEO and Dogecoin enthusiast Elon Musk also hinted at the possibility of Dogecoin becoming an accepted payment method for the electric car manufacturing company:
“At some point, I think we should enable that.”
Dogecoin price predictions and expert forecasts
Because Dogecoin future distribution is endless, and so is the supply, most Dogecoin price targets are low compared to projections on other Cryptocurrency assets like Bitcoin, which have a finite and defined amount of coins that will be mined which of course limits the circulating supply.
Less supply usually means a higher price if there is demand. That’s not to say you can’t make a long term Dogecoin price prediction; it is just that the Dogecoin trend hasn’t always been positive, leaving DOGE future adoption up in the air.
Adding to the challenge of making a Dogecoin price analysis, is the fact that Dogcoin doesn’t have an immediate function as a currency or as “gas” for a network like Ethereum. Dogecoin price movements are more often than not fueled by speculation, “hype” or often both.
What to look for when making a Dogecoin price prediction
Other Cryptocurrency markets are often motivated by new projects or innovations – like the most recent tokenization of Real World Assets, or other exciting projects hosted on the Ethereum network.
A Doge price prediction isn’t impossible, but it may require a combination of technical indicators and heavy scrutiny of social platforms, forums and other places where Doge traders may gather.
No matter what the Dogecoin projected growth is and current sentiment, the project could fail and become a poor investment. With new support from big names, however, it just as easily could grow long term.
Although a slightly fantastical scenario due to the Dogecoin price, if a DOGE ETF is approved like Bitcoin, this will bring both renewed interest in the coin and attract institutional traders to the price of the coin.
When the SEC’s X account was allegedly “compromised” and shared that the Bitcoin ETFs where approved a day early, the token surged $1000.
Wallet Investor
Wallet Investor is highly bearish on Dogecoin, expecting it to start declining sometime this year. And at the moment, Wallet Investor doesn’t seem to have a five-year Dogecoin price prediction.
The Economy Forecast Agency
The Economy Forecast Agency predicts downside for Dogecoin after continuing its drop that started towards the end of 2023. Instead, they expect Dogecoin to struggle to stay above $0.10 even until 2028. With a current price of $0.18 USD at the time of writing (March 2024) DOGE has outperformed this initial prognosis.
Dogecoin technical analysis
Dogecoin’s price chart looked quite chaotic when a pump driven by Elon Musk, TikTok, and other mainstream investors, happened.
With huge price peaks starting in April of 2021 and moving more or less banded by the $0.20 and $0.18 price levels, Dogecoin seemed primed for a breakout to the coveted $1.00.
Did Dogecoin reach $1.00?
Instead, DOGE dropped to its minimum average price below $0.10 and has been moving more or less horizontally since, with meandering momentum. This is not unjustified, of course, since Musk was sued for insider trading of Dogecoin – pointing to his $124 million sale of Dogecoin after he “jokingly” changed Twitter’s original logo to the Doge meme dog.
This choppy performance makes it much more difficult to make a Dogecoin price prediction. But there are tools and methods you can use to make a more substantiated trade.
Alternative news channels
There is another source or channel for information – forums and online Crypto communities.
Although traditional markets and instruments are covered on these sites, the Crypto community is largely online.
These platforms or networks are where they share information, opinions, even potential “price traps” like the now infamous attempt to pump the coin’s price in ’21.
However, here is a more direct Dogecoin price prediction forecast using technical analysis across the years 2021, 2022, 2023, 2024, 2025 and 2026. Predictions beyond that are too difficult to make and are just pure speculation.
Dogecoin price prediction 2024
DOGE returned to the mainstream when a suit was filed by Dogecoin investors in New York court against famous Dogecoin holder and promoter Elon Musk and various others in September ’22.
The Crypto cooling of ’22
Much like most other cryptos, DOGE also lost about 60% of its value that year from its previous highs of $0.7376, but slowly and conservatively recovered, reaching $0.1012 early in December of 2023.
But this growth was short lived and the coin started contracting slowly as the year-end Crypto rally, that has been an established and reoccurring event in recent years, cooled off.
While for a long time it seemed like DOGE was struggling to stay above $0.10, spring of 2024 has brought new momentum into the price’s movements. With a current price of $0.18 the crypto commnity’s interest has renewed and this may be a factor for a future Dogecoin price prediction.
Of course, another consideration when making a Dogecoin price prediction is the value of the token, which is low compared to the Big 3 Cryptocurrencies (Bitcoin, Ethereum and Tether).
This means a big enough trade will benefit more from smaller movements and the probability of these smaller movements are much higher.
Dogecoin price prediction into 2025
Markets are cyclical, so in time, even Dogecoin will see another potential bull market breakout, and this seems to have started earlier in 2024 than expected and may continue into 2025. The bull market would then kick into high gear in the years to follow. That is unless something catastrophic happens and changes the chart technical structure.
Additionally, the Crypto market is largely interconnected. You will often see Bitcoin lead a rally, with other challenger coins and altcoins following. We have seen this happen during year end rallies over the past few years.
It makes sense since Bitcoin, Ethereum and Tether are the most visible and mainstream Cryptos, so when they see substantial gains, this will likely attract both Crypto investors and laymen. So, watching the market at a shorter time-frame may reveal upcoming movements or may help confirm a Dogecoin price prediction you’ve made earlier.
A general Crypto rally, or the continuation of the rally that was seen towards the end of 2023, and the beginning of 2024 may help and pull up the Dogecoin minimum price. Any consequent rallies may have the same effect.
What is Dogecoin? The Crypto coin named after the “Doge” meme
Dogecoin was developed by Bill Markus and industry pioneer Jackson Palmer. Dogecoin’s code is based on another Cryptocurrency, Luckycoin. However, DOGE coin has been far luckier in its rise to success.
Luckycoin itself is based on Litecoin, which is based in part on Bitcoin’s code. Like Litecoin, Dogecoin uses the proof-of-work algorithm for consensus of the blockchain protocol.
The virtual unlimited supply of Dogecoin
Unlike Bitcoin and other Cryptocurrencies, there isn’t a hard-capped finite supply. The Dogecoin supply is unlimited, and currently, around 130 billion DOGE tokens are in circulation. At a current price today of $0.21, the Dogecoin market cap now has a value of $31 billion dollars. At the recent peak, it was worth more than 75 cents and the market cap more than $80 billion. Not bad for a meme or a joke.
The Dogecoin community’s affect
The Dogecoin community is extremely active, and in the past, raised over $55,000 at the market price at the time to sponsor a Nascar driver, Josh Wise, to run Dogecoin and Reddit paint on the car during a race. Dogecoin news is more popular than ever before due to the involvement from celebrities such as Snoop Dog and Elon Musk, and much more. It also was a part of the Reddit WallStreetBets and TikTok trend where users pumped the coin on Robinhood. Things started to turn south for Dogecoin shortly after Elon Musk gave it his full support. Prices crashed, and then negativity began to surround the meme culture culminating with a person at the Bitcoin Miami conference being detained for screaming “Dogecoin to the moon.”
Dogecoin’s future is looking strong
Dogecoin’s future is looking strong, as is the rest of the Cryptocurrency market. But with even the highest possible prices only reaching under $1, TikTok users and anyone else wondering will Dogecoin hit 1 dollar are likely to be disappointed.
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What Is Dogecoin?
Dogecoin is an altcoin Cryptocurrency named after the Shibu Inu dog meme, Doge. Dogecoin was created as a joke and named after a meme, but it still has a place in the Crypto market even today.
Should I Invest in Dogecoin?
That answer is entirely up to each individual and the information we have provided. In any case, always do your own research. This guide provides all the details needed to avoid any pitfalls if you do decide to invest, and what the potential upside or downside may be.
Is Dogecoin A Good Investment?
Dogecoin can be expected to appreciate in value at a reasonable rate, but nowhere to the same prices as Bitcoin, Ethereum, EOS, Litecoin, and Ripple. Because of this, it is difficult to call Dogecoin a good investment when there are so many better choices available.
What Happened To Dogecoin?
Dogecoin’s reputation was harmed, and its price potential hurt when TikTok users attempted to pump and dump the Cryptocurrency. The earliest investors made money while the rest of the users were dumped on. The selloff hurt the community and caused any interest that Dogecoin had going to fizzle out.
Will Dogecoin Go Up?
Dogecoin is expected to go up according to technical analysis charts and expert price predictions and forecasts. However, nothing is certain in the Cryptocurrency space.
How Much Is Dogecoin Worth?
Dogecoin is currently worth under a penny a roughly $0.002 per DOGE token.
How Many Dogecoins Are There?
The current maximum Dogecoin supply consists of 126,480,303,952 DOGE tokes.
Will Dogecoin Increase In Value?
Yes, it is very likely that Dogecoin will increase in value. However, the upside is limited due to the large supply of tokens in the billions.
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