As of 2021, there are over 4,000 different cryptocurrencies in existence. At the top of this immense number of digital currencies are Bitcoin and Ethereum. These two leading digital assets have seen enormous gains for smart investors. But many people have seen their investments quadruple through certain altcoins. Some of which, was started as a joke. One of these altcoins is called Dogecoin (pronounced “dohj coin”).
When investing in crypto, it’s vital to diversity your portfolio and not put all of your eggs in one basket so to speak. If you’re investing in Bitcoin or Ethereum, it can be a good idea to invest in certain Altcoins too. Dogecoin in particular has the potential to provide investors with “much wow!”. Our Dogecoin price prediction aims to find out just how much.
“But fate loves irony. The most entertaining outcome and the most ironic outcome would be that Dogecoin becomes the currency of Earth in the future.”― Elon Musk
Dogecoin is currently priced around $0.3260 per coin, but what will the price be like a few weeks or years down the line? It’s a question asked by cryptocurrency investors around the world whether they’re beginners or veteran traders. Whilst accurately predicting the crypto forecast is nigh on impossible, there are several factors we can look at to get a fairly accurate insight into what’s in store.
The following price prediction aims to show you how the price of Dogecoin could potentially develop in the future. From new investors and the latest legislation to prediction strategies and expert analysis, our forecast utilizes a wide range of critical factors to bring you the most accurate price prediction possible.
What is Dogecoin?
Whilst Dogecoin has grabbed headlines around the world in 2021 due to its incredible gains, it’s actually been around since December 2013. It was developed by Bill Markus and Jackson Palmer who based the code for Dogecoin on another cryptocurrency called Luckycoin. The latter has been far less lucky than Dogecoin has been, however.
Although Dogecoin uses proof-of-work algorithms for consensus of the blockchain protocol similar to Bitcoin, the digital asset was originally started as a “joke” and was named after the popular “much wow!” meme based on a Shibu Inu dog “Doge.” When the meme coin skyrocketed by 1750% in 2021, it quickly shook off its joke status and the eyes of the crypto sphere were upon it.
At the time of its creation, the Doge meme was extremely popular. This led to Dogecoin gaining a cult following and a very active crypto community. These meme enthusiast investors began to regularly use Dogecoin as a transfer of value. Meme value aside, Dogecoin offered fast transaction speeds and low speed. So it was increasingly being used to move money and capital from one cryptocurrency exchange to another.
As the years went by, the community around Dogecoin continued to grow. One of its most well-known investors was Elon Musk. The owner of Tesla publicly endorsed Dogecoin and caused its price to skyrocket. This earned him the affectionate nickname of “CEO of Dogecoin.”
In addition to Musk, the publicity of and subsequent price of Dogecoin only rose further when Snoop Dog invested into dogecoin and it was heavily promoted on the WallStreetBets subreddit. The loyal Dogecoin community even managed to raise over $55,000 to sponsor Nascar driver, Josh Wise, to promote Dogecoin on his car during a race.
When it comes to the supply of Dogecoin in comparison to other major cryptocurrencies like Bitcoin, Dogecoin supply is unlimited. This can have a significant impact on its future price. But it has been around for a while and has developed a significant community, meaning it’s less of a joke and more of a potential investment opportunity.
Dogecoin has potential, but it’s also one of the most volatile cryptocurrencies there is. its past performance has shown there is a significant potential for it to see major growth and an increase in value, but it can equally drop for long periods of time too. Experts and analysts across the crypto sphere have predicted that this innovative digital asset might reach highs of up to $5.44 by 2025.
But when will Dogecoin see such gains? Our Dogecoin price prediction will assist potential investors in finding answers to the question of how high the price of this fascinating digital asset can go and when.
Before we get into the price prediction of Dogecoin, next we’ll cover some frequently asked questions about this quirky cryptocurrency to give you a better understanding of this long-running digital asset and its price potential.
Is Dogecoin legal?
One of the most common concerns for newcomers to decentralized digital currencies designed to be untraceable is legality. Provided you are not in one of the few countries that have banned countries and are not using Dogecoin for illegal use, then Dogecoin is 100% legal to buy, own, and use.
What is Dogecoin used for?
One of the biggest selling points of Dogecoin is its use for daily retail transactions that can act as a workaround for the high transaction fees of mainstream cryptocurrencies like Ethereum and Bitcoin. Said transaction fees and slow transfer speeds are one of the biggest weaknesses of major cryptocurrencies.
Dogecoin, on the other hand, is well known for both its low transaction fees and high transfer time that is up to 10x fast than Bitcoin. Both of which are attractive benefits for prospective investors.
How does Dogecoin gain value?
The community that supports a cryptocurrency plays a huge role in increasing the value of a particular cryptocurrency. Dogecoin is no different. Provided that it provides a useful purpose to investors and people are willing to mine it, Dogecoin will continue to increase in value. If the support disappears, then so to will the value.
Dogecoin in particular has a very strong and loyal community behind it, not to mention some extremely wealthy investors like Elon Musk, Gene Simmons, Jake Paul, and Mia Khalifa. All of these people are determined to see Dogecoin become a success. As a result, it’s highly likely that the value of Dogecoin will continue to rise.
Will Dogecoin reach $100 per coin?
When the price of Dogecoin surged by 1750% in 2021, many people asked whether it could eventually hit $10 per coin. Dogecoin has a lot of potentials. With a market cap of $180 billion, it’s likely that this digital asset can reach $1 or more in the near future. But $100 is highly unlikely.
The reason lies in the market cap. At $15 trillion and $21 trillion respectively, the total GDP of China and the USA is around $36 trillion combined. Each time the price of Dogecoin rises by $1, the market cap of the coin also would need to rise by $180 billion.
So, for Dogecoin to reach $100, the total market cap would need to be over $18 trillion. This would mean Dogecoin being bigger than the Chinese economy and not far from being head to head with the U.S. economy. So this is highly unlikely to happen.
Where do people buy, sell, and trade Dogecoin?
You can buy, sell, and trade Dogecoin from any reputable crypto trading platform. If you are a new investor, then we suggest using eToro. It’s safe, regulated, and beginner-friendly. The eToro interface is very simple to use, and it has an array of trading tools to allow you to trade safely.
Dogecoin Price History
Many newcomers to crypto may be shocked to learn that the price history of Dogecoin is almost a decade old now. This is one of the oldest altcoins in existence but only became mainstream in 2021 as a result of its historic price surge. But this wasn’t the first time the price of the coin has skyrocketed.
In early 2018, Dogecoin underwent an earlier all-time high when it hit $0.018773. But after that, the meme coin went into a drawn-out bearish downtrend. In 2019, the price of the coin slowly began to rise again as many crypto coins began to rise again.
In 2020, TikTok users began promoting Dogecoin in an attempt to pump and dump the price of the coin. It resulted in the coin reaching yet another all-time high. In 2021, the price reached its all-time high of over $0.75 when it was endorsed by Tesla CEO Elon Musk.
Whilst Dogecoin wasn’t immune from the recent crypto crash and saw its price drop massively, its rise to $0.75 has led to many people expecting it to hit $1 or more in the near future. But what do the experts think?
Expert analysis of the Dogecoin price potential
One of the best tools we can use to try and determine the potential future price of Dogecoin is to analyze the opinions of various crypto experts. Let’s delve into three estimated growth outlooks for various industry experts and analysts.
Digitalcoin released a bearish Dogecoin price forecast. Revising an original prediction of $0.73, they predicted the price will average around an average of $0.49 in 2021. In 2022, they predict that the price will average around $0.60 in 2022. Over the long term, they expect it to hit $0.98 sometime in 2025.
The Algorithm-based forecasting service Wallet Investor predicted that dogecoin has the potential to reach $0.42 by the end of 2021. At the end of 2022, it predicts that the price will rise to $0.57 and hit $0.72 by the end of 2023. In the long term, it predicts that dogecoin will hit the magic number of $1 by late 2025.
The outlook of cryptocurrency aggregator CoinSwitch on Dogecoin is bearish. They expect over the next five years, the price of the digital asset will drop by up to 88% from its current price.
Over both the short and long term, the overall expert opinion is bearish on the price prediction of Dogecoin. Over both the short and long term, this innovative technology has the potential to be a very wise investment for smart investors. But what does technical analysis tell us about the Dogecoin price forecast?
Technical analysis of the Dogecoin price potential
Now we move onto technical analysis to try and predict the future price of Dogecoin. This section will utilize powerful tools like the Japanese candlestick, chart patterns, and trading indicators. As well as giving traders the upper hand in day trading, they can enable us to discover long-term price predictions based on pure technicals when we assess longer time frames.
Dogecoin Price Prediction 2021 – 2022
At the beginning of 2021, the price of Dogecoin was around $0.0232. Currently, the price is $0.3228 meaning the skyrocketed by 1291%. By the end of 2021, it’s predicted that the Doge price will be around $0.83 with a year-to-year change of +3478%.
Dogecoin Price Prediction 2022 – 2023
Starting 2022 at a predicted $0.83, it’s forecast that the price of Doge could rise to around $1.63 by the middle of 2022. By the end of the year, the price may see an increase of +771% on the current price as it finishes 2022 somewhere around $2.81 An increase of +771% on the current price.
Dogecoin Price Prediction 2023 – 2024
Between 2023 and 2024, it’s predicted that Dogecoin will start the year at $2.81, before seeing the price rise to somewhere around $2.68 within the first six months of the year. It’s possible that it will climb again and finished off the year at a slightly higher price than the previous year at $3.21. An increase of +894% on the current price.
Dogecoin Price Prediction 2024 – 2025
After starting 2024 at $3.21, it’s believed that Dogecoin could climb up to $4.54 sometime in the first six months of the year. It will then rise slightly higher to $4.89 towards the end of the year. An increase of +1,415% on the current price.
The technical analysis of the Dogecoin price prediction forecast tells us that the price of DOGE has the potential to reach up to and possibly beyond 1000%. This data was provided by technical analysis from the Coin Price Forecast.
Conclusion to the Dogecoin price prediction
The historic price of Dogecoin has shown that it has the potential to reach highs seen only by the likes of BTC and a few other major cryptocurrencies. However, the majority of experts believe that Dogecoin is going to go down over the long term in the future. But the analysis prediction tells us that smart investors who get in at the right time and sell at the right time may see potentially serious gains in their profits.
“If I had to choose between buying a lottery ticket and Dogecoin I would buy Dogecoin. But please don’t ask me to choose between it and anything else.”― Mark Cuban
From low transaction fees to payment speeds 10x faster than Bitcoin, Dogecoin has a lot of significant advantages. In addition, it has a loyal community behind it amongst which are some very influential figures. All of these factors suggest that Dogecoin is not going to collapse anytime soon.
Whilst Bitcoin has gone on to reach a current price of around $30,000+, Dogecoin is currently incredibly affordable for new investors. At its current price, investing in Dogecoin is more affordable and much less risky than investing in 1 whole Bitcoin. Now, if you’re curious about how to invest in Dogecoin securely and safely, then we know the ideal crypto trading platform for you.
Where to buy Dogecoin?
In the early days of its journey, Dogecoin was not easy. But thanks to the recent revolution it’s seen, it’s been made available to people in a variety of ways. One of the best places to buy Dogecoin is arguably on eToro.
Dogecoin is available to buy and trade on eToro alongside 18 other cryptocurrencies. This is a well-established, highly regulated, and secure platform that has the potential to revolutionize your crypto trading.
What’s more, is that eToro allows you to access their incredible array of trading tools such as the Stop Loss, Take Profit, and built-in charting software that all let you maximize your potential profits whilst ensuring safe trading practices that protect your hard-earned funds. Also, eToro offers Leverage Trading on Dogecoin. This allows you to multiply small amounts to become large powerful positions that drive massive profits.
“Maybe I’m just too old, but I’m going to let this mania go on without me.”—Jeffrey Gundlach, DoubleLine Capital CEO and Chief Investment Officer
Overall, the financial situation, risk tolerance, and investment strategy of each person vary. Only invest money you can afford to lose and balance out the risky nature of crypto investment by building a diversified portfolio.
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Disclaimer – This content is for informational purposes only and is not investment advice. The trading of Dogecoin and other alternative cryptocurrencies has potential rewards, and it also has potential risks involved. Trading may not be suitable for all people. Anyone wishing to invest should seek his or her own independent financial or professional advice.