Dogecoin Price Prediction in 2023
If you have been in the crypto space for some time, you’ve probably noticed some cryptocurrencies emerge, gain lots of hype and then die a quick death. This is one of the most devastating things any crypto investor can ever go through. Dogecoin is one of the most hyped coins on the market today. Although it’s not as big as Bitcoin, it is receiving plenty of praise from the crypto community.
So, many people are closely watching Dogecoin before investing in it to ensure it’s not another overhyped worthless coin. That’s probably the reason why you are here too. Well, you came to the right place.
This article will discuss everything crucial you need to know about this crypto and give a Dogecoin price forecast. Hopefully, that will help save you from the dilemma of wondering whether DOGE is really investment-worthy. Let’s get started, shall we?
So, What Is Dogecoin?
Dogecoin is a crypto asset like Bitcoin and Ethereum that was created in 2013 by Jackson Palmer and Billy Markus. It started as a joke on social media mainly because it uses the “Doge” meme (Shiba Inu dog) as its official logo. So, that’s where the name “DOGE” originated from, in case you didn’t know. This is probably one of the reasons why it was referred to as a meme coin.
Developers say they chose the Doge meme as the face of their coin as that approach seemed the most fun. They also wanted to make DOGE more friendly compared to other major cryptos such as Bitcoin. This idea paid off as it helped the coin gain even more traction since the Doge meme was already trending on most social media platforms. Therefore, creating a crypto asset with that meme as the logo would attract lots of online attention.
Although popular, most people did not take DOGE seriously enough to start trading it. However, Dogecoin later started winning people’s trust and gaining liquidity over the years. It also received lots of support from celebrities like Elon Musk, which helped it explode even more. Many DOGE investors probably invested because of how much Elon Musk supported the coin.
Although Dogecoin started as a meme coin, the developers consistently try to make it one of the best crypto assets.
Dogecoin Price Prediction 2023
Dogecoin’s market cap at the time of writing this article stands at $8,190,497,479. This market cap has fluctuated a lot, especially between 2020 and now. So, DOGE has also been experiencing the huge volatility that has been raining on the crypto market lately.
DOGE enjoyed a bullish trend in 2021 hitting its price record of $0.74. However, the market value fell massively by the beginning of this year, leaving investors confused and frustrated. This has caused some investors to sell off their DOGE, while others decided to hold on to it as a long-term strategy to earn a profit when the next bullish trend starts.
DOGE’s current market price is $0.06, a figure that is expected to go down to around $0.02. However, all is not lost as DOGE is expected to enter a bullish trend before the year ends and reach around $0.09. In the long-term, DOGE’s all-time high (ATH) will probably be around $0.73 since that’s its previous ATH. This Dogecoin price might likely be constant for the next five or even ten years.
Although a pretty volatile crypto asset, Dogecoin’s price might likely remain below $1 for quite a while. This is because it does not have major use cases at the moment. However, it is being slowly adopted by different crypto platforms as a lendable option and by companies as a payment option. Therefore, there is still hope for the coin price to push towards $1.
What Is Dogecoin Used for?
As mentioned hereinabove, Dogecoin has gained lots of traction and liquidity since people started seeing it beyond being a meme coin. Therefore, it has also penetrated a few areas in the cryptocurrency market, making it applicable in different crypto-related functions. Below are the major and most common ways you can use your DOGE coins today:
Dogecoin’s major use case since its launch has been completing online payments. It’s an excellent payment option, especially due to its considerably low transaction fees compared to other cryptos.
Some major companies even accept Dogecoin as a payment method for their products and services. For instance, Tesla was one of the first companies to embrace this coin as a payment method. Elon Musk even tweeted that Dogecoin lovers could buy Tesla merchandise using their DOGE assets.
Tesla is not the only popular company to accept Dogecoin. The Dallas Mavericks, a renowned basketball team, also allows fans to buy merchandise and tickets with DOGE. Other companies that accept Dogecoin include Twitch, AMC Theatres, and GameStop.
Collateral to Secure Loans
Crypto loans are becoming more popular by the day, meaning you now don’t have to go through traditional lenders to access loans. The good thing is that you can borrow from many crypto loan platforms in the crypto market. However, these loan platforms usually require you to use your crypto assets as collateral to get the loan.
Most platforms have specific assets that they accept as collateral. Nexo is one of the platforms that support DOGE for this purpose. This platform allows you to borrow any amount ranging from $50 to $2 million with DOGE as collateral. Plus, it offers an interest rate of around 7%.
If you want to learn more about crypto loans, read this detailed article. [link to Crypto loans: Your guide]
Earning Passive Income through Lending
Cryptocurrency lending is another popular concept that lets you invest digital assets for a certain period to earn interest. This can be a fantastic way to earn passive income even without much crypto knowledge. The interest payments are usually made daily, weekly, or monthly, depending on the platform you invest with.
Dogecoin is a viable option to lend on some crypto lending platforms and earn regular interest payments. Nexo is one of the best platforms for lending DOGE. This platform offers an interest rate of 3% for lending Dogecoin, and you can withdraw your earnings daily.
Check out this article to learn more about how crypto lending works. [link to How crypto lending works article]
Tipping is becoming more common on social media platforms, which has played a significant role in helping create more crypto awareness. For instance, Twitter has a tipping feature named “Tips” that lets you tip your favorite content creators with cryptocurrencies. The good news is that Dogecoin is one of the supported cryptos you can tip with on Twitter. Reddit is another huge social media platform that lets users tip using Dogecoin.
Holding cryptocurrencies with the hopes of it gaining some value in the future is not new in the crypto space. It’s what’s commonly known as “hodling”, especially for Bitcoin. Applying this concept allows you to buy a cryptocurrency when the prices are discounted and then sell it when the prices are pretty high.
Some crypto investors who believe in DOGE are also trying to do the same. Some of them have bought a considerable amount of this asset and are waiting for it to gain more value so they can pocket some profit.
Rewards for Miners
Dogecoin is a Proof-of-work (PoW) cryptocurrency that needs miners to help increase the amount in circulation. DOGE miners use mining rigs such as ASIC (application-specific integrated circuit) to mine this crypto asset. These miners are rewarded using DOGE depending on how many DOGE coins they mine daily.
Factors that Drive Dogecoin Price
Dogecoin’s price did not experience much movement during its initial stages. However, it now faces major price changes due to a few factors. The crucial ones include:
Support from Celebrities
Influence is a powerful tool and is among the major things that have helped Dogecoin shine and survive in the market. Elon Musk is one of the celebrities known to support Dogecoin greatly. He regularly tweets about his support for Dogecoin, which has contributed to its huge popularity. Therefore, many people are likely to buy Dogecoin since they are convinced that the asset is valuable enough to be bought and supported by Elon.
Other celebrities whose influence and public support for DOGE have played a role in boosting its price are Snoop Dogg, Mark Cuban, and Jake Paul.
Dogecoin has built a strong community of crypto enthusiasts who believe in it, especially on social media platforms. For instance, the coin has around 3.4 million followers on Twitter (at the time of writing), which has been increasing over time. That’s a huge Dogecoin community.
Dogecoin lovers also donated approximately 272,000 DOGE to Ukraine during the recent war. Therefore, this shows there is a big Dogecoin community that will likely grow rapidly over the next few years.
Although Dogecoin has been around for a long time, it is still not as big as Bitcoin. Therefore, like other altcoins, its price is often affected by Bitcoin’s price changes. This means that if Bitcoin gets pretty volatile and loses some value, this effect is also witnessed in DOGE’s price. The opposite is also true.
Dogecoin is a popular cryptocurrency that was worth approximately $0.0005588 during its initial stages. This coin has managed to push its price up to around $0.7376 over the years, displaying its huge potential.
This article discusses crucial details about DOGE and gives rough Dogecoin price predictions. Hopefully, this has helped you understand what has been happening in the Dogecoin world to enable you to decide whether to invest in DOGE.
However, remember that the Dogecoin price predictions given in this article are just estimates and not financial investment advice. Therefore, it’s crucial to consider that DOGE is still volatile and should therefore be approached cautiously. Also, do more research before investing to help make the right decision.
Is Dogecoin Worth Investing in?
Dogecoin has shown great potential and has immense support from Dogecoin communities. This makes it a good investment option, especially for the long term, as it shows signs of going bullish pretty soon.
What’s the Best Place to Buy Dogecoin?
Many major crypto exchanges support Dogecoin. So, you can easily buy Dogecoin on crypto platforms such as Coinbase, Binance, and Gemini.
What Is Doge Price Prediction in 5 Years?
The maximum price for Dogecoin in the next five years will be around $0.78.