Dogecoin (DOGE) is not just a cryptocurrency with a niche use case that originated from a meme. It is also one of the longest standing altcoins in the market! During more than seven years of existence, it has strengthened its positions and built one of the most supportive communities. This alone is proof enough that it can even be used as a both short- and long-term investment. In this article, ChangeHero rounds up the Dogecoin price predictions for this year, in five years and even 2030.
What is 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. Dogecoin circa 2014 found its niche in tipping. Over the years, the meme went out of the spotlight and initial developers abandoned the project. Dogecoin stayed afloat thanks to the people that formed one of the most welcoming and devoted communities in crypto. You can read more about Dogecoin in our beginner’s guide.
Dogecoin Price History
2013 – 2016
The Dogecoin price journey can be divided into several periods. The peak soon after the launch can be explained by the coin’s novelty, meme value and a concrete use case. Back then, its value quickly rose to 228 satoshis or $0.001964 from a starting price of $0.000603.
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 from 43 sats to 137, but it didn’t last for long. On average, the DOGE price in 2016 and 2017 was a bit higher than in the two previous years. It can be interpreted as a sign of Dogecoin somewhat solidifying its positions.
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. Its price spectacularly soars in sync with the Bitcoin in early 2018 to $0,018773 USD. The opening price for 2017 was $0,000223 USD, and the closing — $0,008972, an increase of 4000%.
This would not be the last time when Dogecoin price followed BTC’s, like in August of the same year. In 2018, DOGE established a consistent price range around $0.002–$0.003.
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). Time and time again, experts expected the accumulation trend to resolve in a new pump.
The first time their predictions came true seemed to be in July, 2020. However, this was not a result of some technical or fundamental change. Dogecoin just became really popular with investing TikTok, a slew of the viral video app user base dabbling in stocks. As a result, DOGE doubled in price to $0.00448. After returning to the old range near $0.003, Dogecoin rose to that high again only at the close of 2020.
In 2021, though, Dogecoin went vertically up. First, DOGE was influenced by the Bitcoin rally (again) and rose to $0.012 in January. By February, Dogecoin was picked up by the WallStreetBets movement to a previously unseen heights. The current ATH of Dogecoin is $0.07797 on January 29, 2021.
At the time of writing, Dogecoin ranks 15th by market capitalization. With the circulating supply of 128,220,052,199 DOGE and market cap total of $4,101,784,408.01, a single DOGE is worth exactly 1 DOGE… or $0.03152, if we’re being serious.
What can have an influence on DOGE price?
Popularity on the Internet
Time and time again, Dogecoin is remembered for what it is: an approachable and accessible altcoin. The meme origin also helps build the image detached from the stereotypical stock and cryptocurrencies, making it even more approachable. The TikTok and WSB pumps picked DOGE up for these reasons exactly. This factor is by no means fundamental but history shows it surely makes an influence on the 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 wasn’t 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.
How to buy Dogecoin? DOGE is traded at several exchanges. You can also buy Dogecoin with other cryptocurrencies on ChangeHero.
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 1,004 points of purchase where you can buy goods and services with DOGE registered with Cryptwerk. A year ago, there were less than half of that. Dogecoin is supported by as many as 27 payment gateways, the largest being CoinPayments and CoinGate.
No highs, no lows, only Doge
— Elon Musk (@elonmusk) February 4, 2021
After announcing a break from Twitter, Elon Musk started tweeting about DOGE after a while. Some users are already happy while other users consider the possibility of him being hacked. Either way, those tweets would not be out of line for the richest man in the world.
— David Gokhshtein (@davidgokhshtein) February 2, 2021
Dogecoin billboards started as memes and edits on social networks. Before you know it, though, even this became a reality. We can’t help but wonder how many current Dogecoin holders this billboard made.
Do Only Good Everyday
Charity, fundraising, supporting each other, teaching people about cryptocurrency, having fun, making memes, being absurd.
This is what #dogecoin is.
It is not harassment, threats, FOMO, baseless hype, abusive.
Be safe. Be smart. Be kindly. ❤️
— Dogecoin (@dogecoin) January 31, 2021
Even though this is an article about the price, it’s important to remember the fundamental value proposition of Dogecoin. Of course, we are talking about the sense of community and light-heartedness, through thick and thin.
That was what people are saying about DOGE right now. How about now we pull out our crystal ball and peek at the Dogecoin price predictions?
Dogecoin Price Prediction 2021
Is Dogecoin a good investment 2021? Let’s see what analysts and prediction resources have to say.
BraveNewCoin Dogecoin Price Prediction 2021
BraveNewCoin tends to make their analyses on a monthly basis. In January, technical analysis showed bullish cloud metrics for the first time since 2018. It’s important to note that this prediction was made before DOGE blew up, so it takes into account mostly fundamental reasons. According to this DOGE prediction, if Dogecoin can break above the 33 satoshi threshold, it will enter a long-term bullish trend.
Andrei Jikh Dogecoin Price Prediction 2021
In a recent video, YouTuber Andrei Jikh talked about Dogecoin. The coveted goal, $1 is a long way, but it is possible. In the current situation, to reach $1 Dogecoin has to overtake the Tether by capitalization, which is quite a feat. However, he also says that we have to consider so called “catalyst effects” that can dramatically change the situation as it stands. Both the famous “Coinbase effect” (cases when a cryptocurrency appreciates 10x after listing on Coinbase) and the current pump from retail investors can be described as such.
Right now, Jikh says, there are enough catalysts in the making to propel the cryptocurrency market into the right situation. In his opinion, Dogecoin is going to grow organically with the market rather than blow up and take over larger and more sophisticated projects. His prediction hinges more on the belief in the entire crypto economy rather than just DOGE.
WalletInvestor Dogecoin Price Prediction 2021
For this year, WalletInvestor’s algorithm predicts the following price dynamic: at the start of 2021, Dogecoin spiked up to $0.05. After that price jump, the forecast suggests it will be traded between $0.03 and $0.04 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.
Dogecoin Price Predictions for 2022–2024
PrevisioniBitcoin Dogecoin price predictions 2022–2023
The service predicts that in 2021, Dogecoin will close at $0.20. From there on, in early 2022 the price will go slightly down, to $0.15. By May 2022, it will grow back up to $0.30 and stay there until late in the year. In November, it will slightly dip back to $0.20, but recover the next month.
Next year, instead of growing DOGE is predicted to go below $0.20 again. The lowest average price will be in May 2023, $0.14, and for the rest of the year, a range of $0.18–0.20 will be sustained.
DigitalCoinPrice Dogecoin price predictions for 2022–2024
Analytical services like DigitalCoinPrice are less prone to make crazy and bold predictions. From the historical analysis, the algorithm suggests that DOGE will be worth more than $0.1 only by March 2023. This level will turn from resistance to support by the end of the year. By mid-2024, DOGE will be consistently trading around $0.14.
CryptoGround Dogecoin price predictions in 2022–2023
CryptoGround assesses Dogecoin to be a non-profitable investment in the long term. According to this DOGE prediction, in a year, in 2022 it will lose 89.75% of its value and be worth $0.0033. By 2023, they project a price of $0.0064.
Dogecoin Price Predictions 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 8538.72%, which goes to show that in five 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 has an optimistic Dogecoin forecast that in five years it will be worth $6. 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 DOGE prediction gives a forecast of $0.04 USD per one DOGE in the year 2025. What will Dogecoin be worth in 2030? 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.
Despite years of historical data, there is still not enough of it to make a reliable 2030 DOGE prediction. 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 Prediction
All of these Dogecoin 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.
As we predicted in a previous version of this article, a large pump did happen, as suggested by the accumulation trend and the expectations of the Bitcoin halving influence on the whole market. Now, when this pump calms down, Dogecoin will become a bit cheaper but keep the value it gained in the short time.
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.