Sep 8, 2021
Dogecoin Price Prediction
Dogecoin Fundamental Analysis
Dogecoin (DOGE) is THE original meme coin: Dogecoin was founded all the way back in 2013 by Billy Markus and Jason Palmer as a more fun alternative to other cryptocurrencies existing at the time, using the internet meme Shiba Inu dog Doge as the “face” of their digital coin. This lighthearted approach worked well in generating interest in crypto and Dogecoin in particular.
Dogecoin’s design is based mostly on Litecoin (which, in turn, is almost identical to Bitcoin). One of the few differences between those altcoins and Bitcoin is their use of the Scrypt technology in the Proof-of-Work protocol, which initially made them harder to mine as the process requires sophisticated equipment. Dogecoin also used to have randomized block rewards for miners, which was later changed to a fixed amount.
The coin is used mainly as a means of payment for products and services, with Dogecoin transaction fees being quite low. It had a fairly unique use case in a tipping service on Reddit and Twitter, allowing users to make quick gifts to other users they liked.
Dogecoin is a fairly popular coin due to both its memetic, even satirical nature and the support of celebrity business people like Elon Musk and Mark Cuban. Notably, its creator Jason Palmer quit the project in 2015, as he became disillusioned with the whole crypto movement, so obviously, not everybody still endorses this coin.
Dogecoin Price Chart
Dogecoin entered 2021 on a strong note, DOGE price growing from ~$0.01 to ~$0.08 by February. Later Dogecoin’s price declined a little, trading at $0.05–$0.06 throughout March, but later Elon Musk’s tweets about the coin, as well as the general market sentiment, sent the DOGE token’s price flying, and in May, it reached an all-time high of $0.7376.
Later the price turned bearish, reaching $0.16 in late July, but as the crypto market began to recover, so did Dogecoin’s price. By mid-August, DOGE’s price went up to ~$0.35, which is a very good level compared to the coin’s price history, so the experts making Dogecoin forecasts seem to be feeling pretty good about the coin’s future.
Dogecoin Technical Analysis
In late July 2021, Dogecoin broke out of the bearish trend that dominated the coin’s price chart since May. There are clearly positive signs, like the fact that the breakout happened very cleanly at the end of the descending triangle pattern, which is a textbook bullish reversal and as such, gives the traders some assurances. Another positive sign for Dogecoin is how easily it broke through the most recent resistance at ~$0.26.
Now, the next thing to watch is whether it will go above the next resistance level at ~$0.42. Many traders currently consider this line a price target in their long plays, so it’s certainly worth watching if DOGE will keep its momentum after that.
Summary
As it can be clear from the analysis cited above, Dogecoin (DOGE) projections are rather contradictory. There is no universal consensus either about positive or negative future DOGE price movements. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the Dogecoin projects, the crypto environment in general, legal position, and so on. We kindly remind you that before investing in any cryptocurrency, it is essential to do your own research (DYOR).
FAQ
Does Dogecoin have the potential to hit $100?
No, Dogecoin does not have the potential to hit $100 with its current circulating supply and the market fundamentals. If Dogecoin ever reached $100, its market cap would be higher than the whole cryptocurrency market’s and top-3 companies’ in the world capitalization combined. Dogecoin’s future price could hit numbers like that if there were serious changes in the protocol — for example if a routine token burning was introduced.
What will Dogecoin be worth in 2050?
Dogecoin will be worth around $2 in 2050, according to the more realistic DOGE crypto price predictions. Note that this currency is very volatile (in an already volatile market), because it’s a meme coin with its value heavily dependent on people’s attention, so Dogecoin’s long-term predictions are extremely hard.
Can Dogecoin reach $1000?
No, Dogecoin won’t ever reach $1000, as even the wildest DOGE price predictions never make estimates like this. At $1000, its market cap given the current circulating supply (note that it isn’t capped, so it can grow even more) would be more than $130T, which would dwarf the current GDP of the US, for example.
What is the Dogecoin 2021 price prediction?
Dogecoin price predictions for 2021 are mostly optimistic, expecting price increase to continue and putting the cryptocurrency’s price at about $0.5 by the end of the year. Some Dogecoin forecasts for 2021 are even more positive, saying its price will reach $1 this year.
Will Dogecoin get to $3 in 2021?
The possibility that Dogecoin will get to $3 in 2021 is very low, despite its recent bullish turn. Things like that are never completely out of the question, though, as we’ve seen some amazing growth in this coin’s past. Still, answering the question “What will Dogecoin be worth in 2021”, most experts don’t usually put numbers like $3 in their Dogecoin projections for 2021.
Will the Dogecoin price reach $1.5 by 2022?
Dogecoin price might reach $1.5 by 2022 if the current trend continues. There are some price predictions for Dogecoin that expect these kinds of numbers, although most Dogecoin predictions for 2021 and 2022 are more moderate.
What will be the price of Dogecoin in the next 6 months?
The price of Dogecoin is expected to grow in the next 6 months. The majority of experts expect Dogecoin’s future price in this time frame to reach ~$0.5, but some of the more optimistic DOGE price predictions cite numbers closer to $1.
Will Dogecoin hit $5 in 2021?
It’s very doubtful that Dogecoin will hit $5 in 2021 or the next several years. Even Dogecoin forecasts for 2025 mostly put its price between $1 and $2 by that point, so reaching $5 in 2021 doesn’t seem likely.
Disclaimer: This article should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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