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Dogecoin, a standout in the crowded world of cryptocurrencies, holds a special allure. Crowned the king of meme coins, it has made a name for itself in the crypto sphere. The ecosystem’s native token (DOGE) has a reputation for exhibiting colossal gains during bull markets, leaving many wondering whether right now is an ideal time to accumulate DOGE at dirt-cheap prices.
Dogecoin’s rise from the ashes of the COVID-19 crisis was nothing short of phenomenal, soaring 64,000% from its lowest point to reach a new peak in 2021 – generating life-changing wealth for early-bird investors. However, is this time different? Will Dogecoin reclaim the spotlight once market sentiment reverses and mainstream investors flood the market? This article will explore these questions and more, providing you with a holistic price prediction for Dogecoin in the short and long term.
Dogecoin is a meme-inspired cryptocurrency featuring a Shiba Inu dog image with comic sans phrases. It was created in 2013 from a fork of Litecoin’s codebase by Billy Markus as a joke cryptocurrency with the aim of attracting mainstream attention. It gained popularity in 2014 but saw explosive growth six years later.
In mid-2020, a viral video on TikTok created a chain reaction, causing the price of DOGE to jump sharply. The low price per coin of DOGE at the time caused demand to snowball as more investors believed they could get rich if the price hit $1 – and it almost did, achieving an all-time high in mid-2021 of $0.74. Another significant catalyst for Dogecoin’s development is Elon Musk, a business magnate who has talked about the project publicly on his Twitter account.
Similar to Bitcoin and Litecoin, Dogecoin operates under a proof-of-work consensus mechanism. The system is decentralized, meaning that no central authority controls it. Instead, Dogecoin is run by thousands of computers distributed around the world and supported by a technology known as a blockchain — a decentralized, distributed ledger that records the provenance of a digital asset.
Dubbed the people’s currency, Dogecoin made more headlines than nearly any other cryptocurrency investment during the 2021 bull market. Its price skyrocketed from 2 cents in 2020 to $0.69 at its peak in May of 2021. Early investors made over 10x in a matter of months, but those who got in during the market mania have lost the majority of their investment.
As of summer 2023, Dogecoin is down around 90% from its all-time highs. With little innovation stemming from the project, investors may wonder, will Dogecoin go up, or is the meme token destined for failure?
For Dogecoin to surpass its all-time highs, its market cap would need to reach nearly $100 billion. This valuation would make Dogecoin more valuable than most Fortune 500 companies, including Airbnb, PayPal and BMW. Dogecoin has survived past bear markets and is one of the oldest coins still being actively traded. Given its long history, Dogecoin may be here to stay.
To answer whether or not Dogecoin will reach new all-time highs, you may want to ask why Dogecoin is valuable in the first place. A cryptocurrency token based on a meme, offering little real utility, probably shouldn’t be worth billions of dollars – so why is it?
DOGE is valuable because of the passionate community that supports it. Trading since 2013, the token has accrued a community of investors including Elon Musk, Gene Simmons and Snoop Dogg. Many of these investors voice their support on social media, onboarding new users to try out Dogecoin. As of July 2023, 4 million people have invested in Dogecoin.
Dogecoin has been decreasing in price for more than 2 years. The drop doesn’t come as a surprise because all cryptocurrencies have been in a bear market for some time now. Ever since the Fed began raising interest rates, the market has shifted to be risk-off, curbing most investors’ appetite to buy into the crypto markets.
Generally, altcoins are more volatile than established cryptocurrencies like Bitcoin and Ethereum. While this status may be lucrative in a bull market, most altcoins have dropped over 90% from their peaks during the bear market.
Dogecoin’s price has been impacted by the type of investor it attracts. DOGE holders are often more casual investors than those investing in tokens with good fundamentals or innovative use cases. Consequently, fewer Dogecoin investors hang around during a bear market, as many are primarily concerned with the token’s price. When DOGE price action cooled, many casual investors began to seek out the next hot investment, leaving the crypto sector.
At the time of writing, Dogecoin’s market capitalization is roughly $12 billion. Shiba Inu, the world’s second-largest meme coin by market capitalization, trails Dogecoin with a market capitalization of around $7 billion. Dogecoin and Shiba Inu are beloved by many enthusiasts in the cryptocurrency space and tend to dominate social media feeds during euphoric times in the market.
Dogecoin’s growth is largely predicated on market sentiment. During extremely fearful times, Dogecoin underperforms; however, during euphoric times, Dogecoin has the potential to explode in popularity.
When analyzing Dogecoin’s market position it’s important to distinguish between market capitalization and price. Dogecoin’s low price can be deceiving to new investors, causing them to inaccurately gauge Dogecoin’s price potential. Market capitalization is calculated by multiplying the total circulating supply of coins by the current market price of a single coin. It measures the total value of a cryptocurrency on the open market and can be useful for determining growth potential.
At the time of writing, DOGE’s price is roughly $0.09. Therefore, if DOGE were to reach $1 investors would experience a return of over 10x. Under the right market conditions, this price is definitely achievable; however, it assumes that Dogecoin still remains relevant in the next bull run. However, If DOGE’s price were to reach $10, Dogecoin would need to reach a whopping market value north of $1.3 trillion. This value is more than the current market cap of the entire cryptocurrency industry. As a result, when making realistic price predictions, it’s paramount to take into account market capitalization.
Walker Holmes, the co-founder of MetaTope — a non-fungible token (NFT) project — is bullish on Dogecoin with the foresight that Elon Musk sticks with the project and continues to endorse it. While Holmes did not provide a price prediction, he justified his stance by the fact that Doge has a great community and “has the ability to attract a culture of content creators and creatives.” Musk’s purchase of Twitter, a vital artery of communication for the cryptocurrency work, could be massive if he continues to support it.
Holmes’ prediction is further supported by other experts in the space, such as Gavin Smith – general partner of crypto hedge fund Panxora. Like Holmes, Smith explains Dogecoin’s persistence by pointing to the project’s large and loyal community.
Kevin He, chief operating officer at fintech firm CloudTech Group commented that the birth of Dogecoin was originally a joke, and added: “We believe that cryptocurrencies like Dogecoin, which are completely useless and the value is purely supported by the community, will not gain value in the future.”
Changelly is a useful tool that can be used to try to predict the future prices of Dogecoin and many other digital assets. It offers a wide range of forecast data that it derives through artificial intelligence and market research. Overall, Changelly suggests that Dogecoin’s price should increase over the next few years, although not without risk.
Moreover, it is important to note that historical performance does not predict future performance. Prediction tools can be useful; however, they are by no means accurate, especially for longer-term predictions. For a more thorough prediction, it is important to consider both historical price performance and the macroeconomic backdrop, among other factors.
Changelly has an optimistic outlook on Dogecoin in 2023. The minimum Dogecoin price is predicted to be $0.13 in 2023, while its maximum price can reach $0.16. The trade price will typically be about $0.13. From current prices, this would be over a 40% return on investment (ROI).
While the cryptocurrency market is famous for moving quickly in both directions, it’s unlikely that Dogecoin will hit $1 in 2023. The market remains risk-off, and the amount of capital needed to bring Dogecoin to $1 is in the tens of billions.
A more realistic timeline for Dogecoin to reach $1 would be during another cryptocurrency bull market. For DOGE to hit $1, the broader crypto market would likely need to see trillions of dollars flow into it. Bitcoin’s next halving is scheduled for mid-2024, and historically, Bitcoin halvings have preceded cryptocurrency bull markets. If a bull market follows the 2024 halving, then a market cycle peak may be in order around 2025.
Changelly envisions a bright future for Dogecoin in 2025, with a predicted minimum price of $0.27 and a possible high of $0.33. The expected trading price hovers around $0.28, offering a handsome 200% ROI based on current prices.
While 2030 may seem far away, Changelly still has provided price predictions for Dogecoin. Note, it is important to take this prediction with a grain of salt given how far it is in the future. This prediction rests on the assumption that both the crypto market and Dogecoin will maintain their significance.
Changelly predicts Dogecoin will be traded for at least $1.85, with a possible maximum of $2.21. As a result, on average, you could expect the DOGE price to be around $1.90 in 2030. This would yield a colossal return of 2000% if it were to occur.
Dogecoin can be traded on major exchanges such as eToro, WeBull, Uphold and Gemini. Many of these platforms allow you to purchase Dogecoin using your credit card, through swapping features or through different trading pairs such as DOGE/USDT.
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Like the overwhelming majority of altcoins. Dogecoin’s ability to reach its ATHs is largely dependent on the performance of Bitcoin. Bitcoin is the flagship of the cryptocurrency space and possesses significant first-mover advantages and a dominant market position.
Most experts, such as Benjamin Cowen, believe the bull market could be revived by the end of 2023, which would set the stage for Dogecoin to increase in price. However, these forecasts are purely speculative and are based on the views of market analysts. It is impossible to precisely foresee how prices will fluctuate in the future.
Another key determinant of the crypto market’s trajectory is Bitcoin halvings. Many investors believe that the value of Bitcoin and many popular altcoins will increase and may achieve greater growth between now and Bitcoin’s fourth halving in 2024. This is another time period in which Dogecoin could reach its ATH of $0.74.
Now that you have seen a holistic Dogecoin price prediction, you need to know how to store your DOGE safely. Hardware wallets and software wallets can be used to store Dogecoin. Hardware wallets are regarded as the most secure way to store Dogecoin. With a hardware wallet, the only person who can access your crypto is you because it keeps your private keys offline.
Software wallets enable crypto holders to securely store their digital currencies and tokens in one place. These types of wallets allow users to buy, swap, lend and earn cryptocurrency in an efficient manner. The Coinbase Wallet is an example of a software wallet.
Ledger claims to offer the highest level of protection for crypto assets, making it an excellent option for a hardware wallet. In addition to Dogecoin, Ledger hardware wallets support more than 1,800 altcoins including Ethereum (ETH), Dogecoin (DOGE), Chainlink (LINK) and all ERC-20 tokens.
ZenGo is one of the most secure mobile crypto wallets in Web3. Leveraging MPC technology, ZenGo removes the vulnerability of the need for a private key, making it much more secure than traditional crypto wallets. ZenGo allows users to buy, sell, send and receive Dogecoin and securely connect to Web3 dApps.
The cryptocurrency market is inherently volatile, often fluctuating by large amounts within a short period of time. Prices are extremely volatile as a result of their reliance on investor sentiment and market emotion. As a result, prudent investors will actively follow the prices in the cryptocurrency market.
If you’ve decided it’s a good idea to invest in Dogecoin, the next logical question is when you should make your investment. Is now a good time to buy Dogecoin? Depending on who you ask, now could be a great time to buy Dogecoin. DOGE is down over 90% from its all-time high price of $0.69, offering a discounted buy-in price compared to the bull market.
The cryptocurrency markets are risky, and Dogecoin is more risky than many other crypto investments. With little inherent value or utility, it’s possible for Dogecoin to continue its downward trend. As the crypto market matures, investors may begin to prefer more fundamentally-sound investments, making meme coins a thing of the past. While Dogecoin’s price may go up, it’s up to you to decide whether the token is worth your investment.
Dogecoin may be trading at about $0.026 according to Changelly’s price prediction. This would mean an increase of over 200% but there are no guarantees.
Changelly predicts that Dogecoin will reach about $1.68. This would be an incredible feat and would require a massive 2,200%.
Dogecoin is far from dead and recently saw a decent resurgence. This doesn’t neccesarily mean that it will reach all-time highs again but it likely won’t be reaching $0 any time soon.
