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Price predictions for DOGE vary, depending on who you ask. There are both macro and micro-economic factors which influence the price of DOGE. For full guidance and analysis on the future price of DOGE, read our DOGE price prediction technical analysis.
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Launched in December 2013, Dogecoin is a “meme currency” forked from Litecoin by Billy Markus and Jackson Palmer. They intended the coin to be a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience. It’s based on the famous Shiba Inu meme dog, and this has seen it earn some fans around the crypto space, with many celebrities endorsing the coin.
In terms of utility, Dogecoin doesn’t have much since it’s a “joke” currency whose purpose is to make us laugh based on associated memes. But it’s still a crypto coin, and DOGE has been used to tip on Reddit and Twitter as a way of rewarding the creation and sharing of quality content. Thanks to its low price, some people have used it to enter the cryptocurrency market and understand what crypto is all about.
Dogecoin is different from coins such as Bitcoin since it uses the Scrypt technology, which is an improvement over PoW in some ways. Blocks are confirmed faster in under one minute. Also, the mining process isn’t so intense, allowing people to mine the coin on their PCs and using GPUs.
Dogecoin might lack much utility, but endorsements from various celebrities and the crypto community’s love for the project means it has managed to outlast many protocols within the industry.
The project is likely to be around in the long term, thanks to continued adoption from companies willing to receive payments in the coin and people considering it an investment option. If the bull market resumes since many analysts believe it isn’t over, expect to see DOGE revisiting its all-time high.
Understanding the rise of Dogecoin from a joke to the eighth-ranked cryptocurrency on CoinMarketCap is necessary to analyse its future efforts and predict its price movement.
While Dogecoin has 1-minute block intervals enabling it to offer high-speed transactions and its unlimited supply of coins allows it to inflate infinitely, its market value is determined by factors beyond its architecture and utility. The Doge community and the backing of cryptocurrency celebs like Elon Musk influence its price as the coin’s unique selling point is its history as a parody coin.
DOGE’s sudden rise in popularity over the last year can be directly attributed to Elon Musk’s efforts in advocating for the coin. The Tesla CEO has taken to Twitter, Clubhouse and other platforms to show his trust in the meme coin, even calling it the people’s crypto. This, coupled with Dogecoin being at the forefront of Reddit’s GameStop short squeeze controversy, has caused netizens’ interest in DOGE to skyrocket, leading to its price rising from $0.003 on 1 August 2020 to $0.20 on 1 August 2021.
While Doge has also benefitted from the overall bull run in the crypto market due to the COVID-19 pandemic, its spectacular performance over the last year has motivated developers to announce an upgrade that is set to make its architecture more robust. Elon Musk pitched his own thoughts on upgrades to Dogecoin’s blockchain transaction system, stating that it would give DOGE an advantage over Bitcoin and Ethereum. While sceptics continue to disregard the rise of Dogecoin as a fad, its dramatic increase in value is hard to ignore. The upcoming upgrade, Elon Musk’s support and the DOGE community are the most crucial factors that will determine whether the current price rise can be sustained.
Dogecoin’s rise to popularity has highlighted the cryptocurrency’s ability to facilitate fast and cheap transactions, even better than Bitcoin and Ethereum. Investors are looking at the value of DOGE in the long run beyond the current bull run, comparing Dogecoin’s future potential not only with other popular cryptocurrencies but also with fiat currencies and a range of commodities. Here is an overview of how DOGE fairs in the analysis.
The vulnerabilities of fiat currencies including the US dollar were exposed by the COVID-19 global pandemic during the market crash of March 2020. Institutional investment in cryptocurrencies has been the trend over the last year as a hedge against inflation. Cryptocurrencies like DOGE are not only decentralised and offer low storage and transfer costs, but they can also be protected from manipulation by excessive money printing, as is the case with fiat currencies. With its increasing focus on privacy, DOGE presents itself as a viable investment and trading alternative to fiat.
Often lauded as a safe-haven investment, Gold has significantly increased in value over the years, offering investors a traditional hedge against currency devaluation and volatility. However, with the rising popularity of cryptocurrencies, the benefits offered by gold versus crypto are debatable. Bitcoin mirrored the precious metal’s trajectory when the global economy faltered due to the ongoing COVID-19 pandemic, earning it the title of Digital Gold. Cryptocurrencies like DOGE, while not as scarce as Bitcoin, offer the benefits of tradability, liquidity, convenience and the economic value of blockchain when compared with Gold.
Bitcoin’s built-in scarcity and well-funded ecosystem have clearly established its position as the world’s top cryptocurrency. Bitcoin has given excellent returns to investors and has continued to expand its reach during the pandemic. Dogecoin, on the other hand, has only recently caught the attention of investors as a cryptocurrency with immense growth potential. Its ability to facilitate cheaper and faster transactions than Bitcoin, the upcoming upgrade which is expected to fix scalability issues and DOGE’s position as the people’s crypto provide investors with an exciting alternative to Bitcoin.
Whether you are new to the crypto market or a seasoned trader, it is important to be able to analyse trends and predict the future price direction before investing. A good place to start will be to study the movements of DOGE’s price as forecast by experts and understand the possible gains and timelines for such gains.
While Elon Musk’s endorsements have driven DOGE’s price this year, the large sell-offs seen in mid-May have stabilised its price around the $0.20 price point in the short term. However, the renewed upside momentum for DOGE going into August 2021 means that the coin is looking to beat the $0.25 psychological barrier to be able to test bullish waters. Analysts are predicting that the price will reach $0.812 by the end of 2021.
Dogecoin’s extreme volatility over the years has much to do with the highly speculative nature of the market, given the coin has fewer fundamentals backing it than other cryptocurrencies. As Dogecoin has established itself as the currency to look out for this year, it is only expected to further consolidate that position in 2022. Others believe DOGE will go beyond $0.417 in 2022, more than two times its current price.
It is important to understand the factors that can drive Dogecoin’s price in the long run. While Elon Musk’s tweets and enthusiastic posts by Reddit users are important, it is the recent rise in the price of Bitcoin followed by a period of consolidation that is prompting more retail investors to look at altcoins like DOGE.
The Dogecoin community has been vocal about the goal of the cryptocurrency to establish itself at the $1 price point. After DOGE’s performance at the start of 2021, the next few years are expected to be a period of crucial growth as the currency reaches its full potential. This has motivated investors to flock to the DOGE market and capitalize on its price volatility leading to a further increase in the currency’s value.
Thus, Dogecoin is expected to see another bull market breakout, and this could come around late 2023 and into 2024. The bull market would then kick into a higher gear in the years to follow. According to analysts, if Dogecoin successfully passes the $1 price point by 2023, it is safe to assume that Dogecoin price will stand between $1.35 and $1.45 in the next few years.
A conservative prediction of DOGE’s long-term standing, however, could see its price touch the lower support at $0.07634, the analysis stated. The analysts we have mentioned agree that the overall momentum is highly bullish for Dogecoin and believe that the currency will stabilise around the $1 price point by 2025.
For more detailed predictions, read our Dogecoin price prediction guide here.
It is important to exercise caution and understand the history, price analysis and predictions regarding a certain cryptocurrency before investing in the market. However, the volatility of the Dogecoin market is a crucial incentive for investment as it allows traders to capitalise on the currency’s price movement and make profits in the short term. Dogecoin’s spectacular rise to popularity is backed by its strong community and the advantages it offers over Bitcoin and Ethereum. Furthermore, as investors look for cheaper altcoin alternatives to Bitcoin, DOGE is only expected to become more attractive as an investment option.
For more information on other aspects of Dogecoin check out some of our other guides.
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