How High Will Dogecoin Go? DOGE Analysis and Insights for 2024 & 2025

The price of DOGE today is $0.14, changing within the past 24 hours for -2.02% and -1.58% over the week. DOGE’s price action is characterized by the Bearish sentiment.

The current volatility index for DOGE is measured at 6.99%. DOGE’s circulating supply is 168.33B. In the big picture, the highest price DOGE has reached is $0.7386 and its lowest observed price was $0.0001.

Dogecoin 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 49 (Neutral) zone.

Dogecoin (DOGE) Overview

Created in 2014 as a parody of Bitcoin and its spinoffs, Dogecoin has become an investment option for some in its loyal community.

Dogecoin is a decentralized, open-source cryptocurrency and arguably the very first meme coin in the crypto market. Dogecoin’s code is based on LuckyCoin, a Litecoin fork that introduced random rewards for mining blocks. The idea came from Jackson Palmer, inspired by then popular internet meme Doge, a lovable and silly Shiba Inu dog.

For a long time and arguably even still, Dogecoin remains the most popular meme coin in the cryptocurrency market. It found niche use in donations and tipping but its most common use case is being a beginner-friendly introduction to crypto assets.

Factors Influencing Dogecoin’s Price

Market sentiment and trends play a significant role in determining Dogecoin’s price. The price of Dogecoin is largely influenced by the overall performance of the cryptocurrency market.

Merchants and payment processors’ adoption of Dogecoin can also impact its price. Although until recently, it has been used for tipping at most, more and more businesses have integrated the option to use DOGE as a means of payment.

However, there are factors that can have a negative influence on the price of DOGE. For example, recently, a code exploit made it possible to crash 69% of nodes securing the Dogecoin network. This incident highlights major issues with Dogecoin’s security.

Another concerning factor about Dogecoin and other meme coins is price manipulation. Over 40% of the DOGE circulating supply is in the hands of holders with more than 1% on balance. Even though it also includes centralized exchanges, there are individual addresses that can unload huge amounts in the market and cause the price to change rapidly.

Technical analysis and fundamental analysis can help predict Dogecoin’s price movements. Although they frequently fail to account for all external factors, more often than not both methods help predict future Dogecoin prices.

Tokenomics and Long-Term Outlook

Tokenomics, which is a portmanteau of “token economics”, is the supply and release model for each crypto asset. It provides a solid foundation to analyze fundamentals, and Dogecoin is not an exception.

The total supply of DOGE is unlimited and the current supply is 147.16B according to CoinMarketCap. This makes Dogecoin an inflationary cryptocurrency, or in simpler words, one that will face constant, albeit predictable and even, supply dilution. If Dogecoin fails to grow its value at the same pace, the price is very likely to shrink due to increasing supply versus static or declining demand.

Dogecoin’s large and passionate community will likely continue to drive positive evolution. Unless negative statements come from DOGE’s high-profile supporters, the positive sentiment can sustain the value.

Can Dogecoin Break the $1 Barrier?

Given the current developments in the crypto industry and market, a $1 DOGE price tag seems more likely than ever.

From the supply point, it would need to accrue a $147.16B market cap ($61.45B today). Provided its market capitalization dominance remains at 1.68%, it would be possible if the total crypto market cap reached $8.76T ($3.65 today). Although this number is nothing to sneeze at, crypto bulls believe it is possible to reach it by 2025.