Meme Blue Chip on the Rise! Dogecoin (DOGE) Price Prediction 2024, 2025, 2030, 2034

The price of DOGE today is $0.21, changing within the past 24 hours for 14.7% and -17.44% over the week. DOGE’s price action is characterized by the Bearish sentiment.

The current volatility index for DOGE is measured at 7.98%. DOGE’s circulating supply is 151.33B. In the big picture, the highest price DOGE has reached is $0.7386 and its lowest observed price was $0.0001.

DOGE Sentiment

Which way the market swings today? Overall, technical indicators show that currently, the sentiment in the DOGE markets is Bearish. The Fear and Greed Index for DOGE today is in the 24 (Extreme Fear) zone.

What is Dogecoin (DOGE)?

     
  />

Dogecoin (DOGE) is a cryptocurrency, built on Luckycoin (a fork of Litecoin) code. Jackson Palmer joked about it on Twitter in 2013, and Billy Markus helped to code but they never expected Dogecoin to become this successful.

Dogecoin is a Proof-of-Work cryptocurrency, meaning its blockchain is propagated and secured by mining. Dogecoin is merge-mined with Litecoin, using the same hashing algorithm scrypt.

In 2014, Dogecoin found its niche in tipping. Over the years, the meme went out of the spotlight and initial developers abandoned the project. However, in 2022 the coin saw a developer revival, reigniting the hopes of the community.

Dogecoin stayed afloat thanks to the people who formed one of the most welcoming and devoted communities in crypto. You can read more about Dogecoin in our beginner’s guide.

What Influences the Price of DOGE?

Internet Popularity

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 appealing. Back in the day, TikTok and WSB picked DOGE up for these reasons exactly.

This factor is by no means fundamental but history shows it surely influences the Dogecoin price. Not to mention that in early 2021, Dogecoin would be frequently mentioned by Elon Musk. The effect was observed even when Musk bought a 9.2% share in Twitter, which seemingly has no direct connection to DOGE. In late 2022, however, all fundamentals and cryptocurrency market trends were crushed by the DOGE hype when the Twitter deal came through.

The days of Twitter are long gone, as now X is striving to become “the everything app”. Payment integration, which would include crypto, has been teased time and time again. Given Musk’s attitude to the meme coin, should it ever be implemented, DOGE is the first in line to be enabled. Or, so the fans believe.

Increasing Market Exposure

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, your best option is to buy Dogecoin with BTC and USDT, and stablecoins are accommodating capital at an avalanche-like rate.

Dogecoin trading massively boosted the revenues of Robinhood brokerage. However, the broker has not had crypto withdrawal for a while and has a history of halting trading during peak volatility. Nevertheless, it is still one of the largest platforms to trade Dogecoin.

This year alone, the news of large transfers of DOGE to exchanges caused its price to rise noticeably.

     
https://alternative.me/crypto/fear-and-greed-index.png"
        alt="Latest Crypto Fear & Greed Index"

  />

Combined with the market sentiment, it seems that this is a precursor to an even more impressive price rally.

Dogecoin Adoption

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 2,539 points of purchase where you can buy goods and services with DOGE registered with Cryptwerk. A year ago, there were 2,317 entries.

In addition to X payments in DOGE, Tesla may start accepting Dogecoin, according to this comment by Musk. The price immediately reacted by jumping from $0.168 to $0.18. A high-profile use case like that can do wonders for the DOGE price and reputation.

After a decade on the market, the data suggests that Dogecoin has led the crypto tipping use case. The raw number of transactions on the Dogecoin blockchain is on the rise. And to make it even more widespread, the Dogecoin Foundation has released GigaWallet. Despite its name, it is not a crypto wallet but rather a software solution to help make Dogecoin adoption easier for online shops, exchanges, social media platforms, and the like.