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Author: Harshini Nag Updated: July 28, 2022

With its dramatic rise to popularity in 2021, Dogecoin has firmly established itself as more than just a meme coin in the crypto world. Its unlimited supply and ability to perform high-speed, low-cost transactions allowed DOGE to initially establish utility as a coin. And with SpaceX and Tesla CEO Elon Musk advocating for DOGE in 2021, the parody coin has shown a price rise of almost 6,000% over the last year, as of August 2021.

Since its creation, Dogecoin has focused on creating a peer-to-peer digital currency that could reach a broader demographic than Bitcoin. Thus, with the backing of the famous Doge community and the upcoming tech upgrade, it is no wonder that Dogecoin is being cheered as the next big thing in the crypto space.

A Brief History on the Price of Dogecoin

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.

Key News for Dogecoin

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 Timeline

  • 6 December 2013: Dogecoin, created by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer, was officially launched. (Dogecoin was priced at around $0.000232)
  • 13 December 2013: The coin witnessed a 300% price rise in 72 hours. (DOGE’s price increased from $0.00026 to $0.00095)
  • 25 December 2013: Within days after its launch, DOGE witnessed the infamous Christmas day theft where the online cryptocurrency wallet platform Dogewallet was hacked and millions of DOGE were stolen. (DOGE’s price dropped from $0.00071 on 24 December to $0.00041 by 29 December)
  • January 2014: Dogecoin’s trading volume temporarily surpassed the combined trading volume of Bitcoin and all other cryptocurrencies for the first time. (DOGE hit $0.0018 in January)
  •  January 2018: Dogecoin benefitted from the 2017-18 cryptocurrency bubble and hit its then all-time high of $0.018. This allowed Dogecoin’s market capitalization to break the $1 billion milestone. (DOGE hit $0.018 in January)
  • July 2020: A viral TikTok challenge aimed at getting DOGE to hit $1 sparks a buying spree and the value of the coin increases by over 600%. (DOGE reached $0.0052)
  • December 2020: “Dogefather” Elon Musk publicly mentioned Dogecoin for the first time via a tweet that said “One Word: Doge”. The price of the currency improved by 20% soon after the tweet. (DOGE hit $0.005 from $0.003) 
  • January 2021: Dogecoin was involved in Reddit’s GameStop short squeeze incident as users encouraged netizens to buy more DOGE. The increase in popularity coupled with Musk’s advocacy on Twitter briefly raised the price of the coin by 800% in 24 hours. (DOGE was $0.069 by the end of January after briefly reaching $0.10)
  • February 2021: Dogecoin rose by 40% after a series of tweets by Elon Musk. These included the famous “Dogecoin is the people's crypto” and “no highs, no lows, only Doge” statements by the crypto giant. (Doge hit $0.08 in February
  • 14-16 April 2021: Coinbase’s listing in the NASDAQ created a rally in the crypto market. During this period, Dogecoin's market capitalization approached $50 billion, briefly making it the fifth -highest-valued cryptocurrency. (Doge was valued at as high as $0.47 during this period)
  • 15 April 2021: Musk’s tweet of Joan Miró's 'Dog Barking at the Moon' painting captioned “Doge Barking at the Moon” also contributed to the price rise. Dogecoin’s value improved by over 100% post the tweets. (Doge was valued at as high as $0.19 on this day)
  • 4 May 2021: DOGE broke the psychological $0.50 price level. (Doge hit $0.60 and continued to rise)
  • 8 May 2021: Dogecoin emerged as the fourth-largest cryptocurrency by market cap after establishing a market value of more than $85 billion. The next day, the coin hit its all-time high of $0.73. (DOGE hit $0.73, after which it started dropping) 
  • 9 May 2021: Unexpectedly, the coin witnessed a cumulative drop of 43.6% and wiped $35 billion off its market cap after Musk’s appearance on Saturday Night Live. (Doge reached $0.45 by the end of the day)
  • 3 June 2021: Dogecoin was listed on Coinbase on this day, pushing the price of the currency from $0.31 on the previous day to $0.44 on the day of the listing. (Doge hit $0.44)
  • June to July 2021: Dogecoin is currently priced at $0.20 and continues to steadily move towards its $1 ambitions. Its value is significantly affected by Elon Musk’s actions and any overt backing of the cryptocurrency by the Dogefather has led to a price rise in the market. (Doge’s price has been volatile, fluctuating between $0.20 and $0.40)

Compare Dogecoin with Fiat Currencies, Commodities, and Crypto

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. 

Compare Dogecoin with the US Dollar

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.

Compare Dogecoin with Gold

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.

Compare Dogecoin with Bitcoin

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.

Dogecoin Future Price Predictions

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.

Dogecoin Price in 2021

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 Price Predictions for 2022

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.  

Beyond 2022 for Dogecoin

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.

Dogecoin Price Conclusion

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.

Frequently Asked Questions

  1. Dogecoin was created as a joke for crypto enthusiasts in 2013. It was named after the ‘doge’ meme which features a Shiba Inu. The cryptocurrency was meant to be a satirical alternative to the hype around Bitcoin and was initially used as part of a tipping system on Reddit and Twitter to reward quality content.
  2. Similar to Bitcoin and Ethereum, Dogecoin works on the blockchain. The blockchain is a distributed, secure digital ledger that stores all transactions made using a decentralised digital currency.
  3. Yes, you can mine Dogecoin. In exchange for processing transactions and supporting the blockchain ledger, miners earn additional DOGE, which they can then hold or sell on the open market. However, mining requires expensive equipment and expertise to earn significant rewards.
  4. Yes, SpaceX and Tesla CEO Elon Musk has publicly endorsed Dogecoin, leading to an increase in its value. Musk has lauded DOGE as the people’s crypto and stated that it has the potential to perform better than Ethereum and Bitcoin in the future.
  5. As of August 2021, there are over 130 billion Dogecoin tokens in circulation according to CoinGecko. However, Dogecoin’s unique selling point is that there is no lifetime cap on the number of Dogecoins that may be created by mining. This means that Dogecoin is inflationary by design.
  6. The Bitcoin blockchain confirms blocks every 10 minutes, whereas Dogecoin confirms blocks every 1 minute, making Dogecoin transactions 10 times faster than Bitcoin. Transactions via Dogecoin are also cheaper than those via Bitcoin or Ethereum.
  7. You can purchase Dogecoin either through a cryptocurrency exchange or through a broker. You can trade based on the market price via an exchange. Exchanges offer advanced trading features, lower transaction costs and are preferred by seasoned traders. Brokers, on the other hand, transact at a price set by them and act as an intermediary between the market and the traders. They are perfect for new investors as they offer convenience and customer support.
  8. While celebrity support and the fear of missing out among investors definitely affect the price of DOGE, its user-friendliness and cheaper transactions also contribute to the improvement in its value. DOGE’s future price is also expected to be affected by its recent listing on Coinbase and its upcoming upgrade.