Dogecoin (DOGE) is not only a cryptocurrency with a niche use case that originated from a meme but also one of the longest standing altcoins in the market. During the six years of its existence, it has strengthened its positions and built one of the most supportive communities around, proving that it can even be used as a both short- and long-term investment. So, this week, ChangeHero decided to bring you DOGE price prediction for the year 2020, as well as forecasts for its price for the next five years until 2025 and even beyond.
Introduction to Dogecoin
Dogecoin (DOGE) is a cryptocurrency, built on Luckycoin (a fork of Litecoin) code. It started as a joke in 2013 but became popular thanks to the Doge meme which flooded the Internet at that time, as well as finding its niche in tipping. Over the years, despite the meme fading out of the spotlight and the initial developers abandoning the project, Dogecoin managed to stay afloat thanks to the people that formed one of the most welcoming and sustainable communities in the crypto sphere. You can read more about Dogecoin in our beginner’s guide.
At the time of writing, Dogecoin ranks 30th by market capitalization. With the circulating supply of 124 626 844 295 DOGE and market cap total of $316 827 338 USD, a single DOGE is worth exactly 1 DOGE… or $0,002542 USD, if we’re being serious.
Dogecoin Price History
DOGE Price Performance between 2013 – 2016
The Dogecoin price journey can be clearly divided into two periods. The initial peak in 2014, soon after the launch, can be explained by the novelty of the coin, its meme value and a specific use case. Back then, its value quickly rose to 228 satoshis or $0,001964 USD from a starting price of $0,000603 USD.
Soon after the pump receded, things started to look grim for Dogecoin. Prior to 2017, its value used to grind against fourth-place decimals of a dollar for years. A pump in early 2016 took the price up to 137 satoshis from 43 sats, but it did not last for long. An average DOGE price in 2016 and 2017 was a bit higher than in the two previous years, which can be interpreted as a sign of Dogecoin somewhat solidifying its positions.
DOGE Price Performance between 2017–2020
2017 was a year that changed a lot for cryptocurrencies, including Dogecoin. With more listings and rising interest in the whole market, Dogecoin gets involved in more trading and its price spectacularly soars in sync with the Bitcoin early 2018 to an all-time high of $0,018773 USD. The opening price for 2017 was $0,000223 USD, and the closing — $0,008972, an increase of 4000% over the year.
This would not be the last time when Dogecoin price followed BTC’s, as seen later in August of the same year. In 2018, DOGE established a price range around $0.002–$0.003 USD that it has been keeping since then, with the exception of a couple of occasional pumps. Just have a look at the opening prices for the following years:
- 2019 — $0,002346 USD;
- 2020 — $0,002028 USD.
Since mid-2019, Dogecoin has been trading sideways, while still under the influence of general market trends (bullish rally and crash in Spring 2020, for example). Experts claim there has been an accumulation trend that can resolve in a new pump.
What can have an influence on DOGE price:
The bridge with the second largest cryptocurrency network can definitely improve the technology behind both Dogecoin and Ethereum, as well as introduce interoperability between these two chains. The developers admit it is on the table but not in the foreseeable future. We would still keep that in mind, since a news that big might trigger significant movement in Dogecoin price.
The trading volume has increased significantly during the last two years. More exposure means both more opportunities to buy the coin and more awareness. DOGE pairs are dominated by crypto pairs, which used to be a problem, since it was not easy to purchase DOGE with fiat. These days, most DOGE trading occurs in pairs with BTC and USDT, and stablecoins are accommodating capital at an avalanche-like rate.
If we are talking about mainstream adoption outside the crypto market, Dogecoin is doing well. According to the statistics provided by Cryptwerk, the number of merchants and payment gateways that accept it is steadily growing. At the moment, there are 558 points of purchase where you can buy goods and services with DOGE registered with Cryptwerk, which is more by 40 than just a month ago. Dogecoin is supported by as many as 20 payment gateways, the largest being CoinPayments and CoinGate.
The social media analytics platform LunarCrush at the time of writing evaluates the Average Social Sentiment, calculated from the posts on social media, around Dogecoin as 70% bullish.
Trader and influencer @crypto_blkbeard supports the bullish sentiment around the coin, claiming the pump is long in the making.
And this pump, should it happen anytime soon, is really awaited by the community! Previous patterns have suggested that Dogecoin is ahead of other altcoins when a market-wide rally occurs, as pointed out by @MustacheTommy.
User @YearOfDoge asked the community whether they think DOGE will reach a new all-time high this year, as the previous one happened under the similar circumstances — within a year after the Bitcoin halving. While not everyone is sure how high Dogecoin will rise, most of the Twitter users that answered (even if we don’t count “Wow” as “Yes”) agree that DOGE will beat its previous ATH of $0.02.
DOGE Price Prediction for 2020
BraveNewCoin DOGE Price Prediction
BraveNewCoin tends to make their analyses on a monthly basis. This May, technical analysis shows a bearish bias but the short-term prediction suggests a possible trend reversal at a resistance level of 33 sats. According to this prediction, if certain conditions are met, Dogecoin could regain some value.
The Right Trader DOGE Price Prediction
Despite the fact that this prediction was made in February, and the price dynamic has changed significantly due to the March market crash, the Right Trader brings up points in favor of strengthening of DOGE positions that still stand true: Dogecoin has demonstrated a relative stability for years and still has the support of its community for longer than other coins, which looked more promising. He claims that within this year, reaching a new high of $0.005 is possible, since the Bitcoin halving also serves as a sign of an onset of a market-wide rally.
TradingView Dogecoin Price Prediction
TradingView contributor alanmasters (known for their altcoin price forecasts) shares their suggestion that DOGE will test the resistance level by June, and from there two scenarios are possible: either the trend continues, taking the price up to 42 sats over the next few months, or it reverses, returning to the support level of 28 sats.
What all these predictions have in common is that for most of the year we can expect DOGE to continue trading at the prices we have now, between 20 and 40 sats. This, however, is going to change if Bitcoin rallies as a result of the halving, as was the case two previous times.
DOGE Price Prediction for 2021–2024
WalletInvestor Dogecoin Price Prediction for 2020 and 2021
For this and the following year, WalletInvestor’s algorithm predicts the following price dynamic: at the start of 2021, Dogecoin may spike up to $0.0040 USD, but save for that price jump, the forecast suggests that it will be traded between $0.0025 and $0.002 USD. That being said, this prediction still leaves a lot of wiggling room between possible lowest and highest prices, for no prediction is by any means definitive.
CryptoRating DOGE Price Forecast for 2021–2023
CryptoRating puts Dogecoin as a short-term investment into “With Caution” category but as an investment for 3 to 5 years, it might make a significant return: by mid-2021, its price will see a +32.95% change, in 2023 its worth will be estimated around $0.005 USD, a +116.26% from now.
CryptoGround Price Prediction for Dogecoin in 2021–2024
Their predictions are based on historical data with a side of technical analysis, and the data lets us come to the conclusion that in the short term, Dogecoin is not going to see any significant change, but within a year it might gain +28%, which is the beginning of a steady growth over the next years. The penny parity, according to this prediction, will finally be achieved by 2024.
Predictions for Dogecoin Price by 2025 and 2030:
Five years is considered to be a term long enough for an asset to gain enough value if it is a worthy investment to begin with. Dogecoin’s ROI at the moment is 354.97%, which goes to show that in more than six years of its existence its value was recognised and solidified. But is the current price of Dogecoin the definitive value, you might ask?
On the one hand, Coinpedia author suggests that in five years DOGE will be worth $0.04 or even $0.05 from an optimistic standpoint or $0.0121 from a realistic one. While there are definitely going to be price fluctuations, in the big picture a slow but steady climb is coming.
On the other hand, Captain Altcoin’s Rene Peters is not too shy to admit that a coin cannot hinge on a community alone, though this is the same reason the coin will not die, in their opinion. Their long-term prediction gives a forecast of $0.04 USD per one DOGE in the year 2025. Peters is not sure whether it is even possible to give a forecast of Dogecoin price as far as in 2030, but if it survives that long, it surely will be worth its while. Oh, and just as a joke, given how hard it is to guess the price years in advance, Peters says that one DOGE might be worth $2 in 2040. Imagine if in two decades his prediction will come true?!
Despite years of historical data, there is still not enough of it to predict how much Dogecoin will be worth in 2030. Any estimate is as good as a guess now. A lot depends on whether the community will be around, whether the developers decide to improve the coin or just support it, whether using DOGE for shopping will become a thing.
ChangeHero’s DOGE Price Prediction
All of these DOGE price predictions have one thing in common: they admit that Dogecoin stuck around for long enough not to crash anytime in the future, mainly thanks to the community. A popular inside joke goes, Dogecoin is a stablecoin because of how steadily, save for a few pumps, it has been sticking around $0.002–$0.003 USD. But is it a bad thing, though? Isn’t volatility one of the factors that is said to curb mainstream adoption?
Unless the alt-season narrative sticks around and garners enough attention to attract a lot of investment into Dogecoin, its price is not very likely to exceed previous all-time highs anytime soon. A large pump might happen in 2020, as suggested by the accumulation trend and the expectations of the Bitcoin halving influence on the whole market. Might we suggest getting some DOGE on ChangeHero before the storm?
In the words of Messari’s Ryan Selkis, “Dogecoin will continue to rock because legends never die”. It started as a meme and quickly became a gateway currency for the crypto-curious, celebrated for its light-hearted community. Dogecoin is here to stay, get tipped and show the people the wonderful world of altcoins.
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This article is not a piece of financial advice. No price prediction is guaranteed to provide exact information on the future price.
When dealing with cryptocurrencies, remember that they are extremely volatile and thus, a high-risk investment. Always make sure to stay informed and be aware of those risks. Consider investitions in cryptocurrencies only after careful consideration and analysis and at your own risk.