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As Dogecoin surges to yearly highs, a lot of crypto enthusiasts want to know whether it will keep going from here or pull back before long. The ChangeHero team is here to provide an update and answer these questions!
Key Takeaways
- Dogecoin (DOGE) is up 337% compared to one year ago. As a meme coin, even with its considerable market cap, it is easy for Dogecoin prices to move;
- The fundamental and technical analysis of DOGE right now shows that a target as high as $1 is achievable. It may not be as soon as 2024 but next year is a reasonable time frame;
- The Dogecoin (DOGE) price prediction previously made by the ChangeHero team is as feasible as ever. Recent price performance highlights the significant growth potential of DOGE price.
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.
Dogecoin Price History
Dogecoin’s price has been highly volatile, with significant fluctuations in recent years. Despite amassing a considerable market capitalization, Dogecoin’s price has made moves like 530% and even 694% in a month.
In 2021, Dogecoin reached an all-time high of $0.7376, driven by social media hype and celebrity endorsements. One high-profile consistent endorsement might have been the deciding factor: Elon Musk, of course. He has expressed his appreciation for Dogecoin on more than one occasion.
Since then, Dogecoin’s price has declined, but it remains a popular and widely traded cryptocurrency. Recently, it has started another run and has already added 161% in comparison to November’s prices.
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.
Dogecoin’s Price in the Future
Dogecoin’s price is expected to continue to fluctuate in the coming years, with potential for significant growth. It is very likely to move in tune with the rest of the market, although on many occasions meme coins have decoupled from the general market trend.
The current price of Dogecoin is around $0.418, with a market capitalization of $61.45 billion. Even now that it is noticeably up in multiple time frames, the technical analysis shows that it is not due for a correction yet.
Short-term Dogecoin (DOGE) Price Prediction
The opinions of traders are split on the near-term Dogecoin price prediction. Some are cautious of a possible correction that is sure to follow while others see bullish signals.
One of the bearish short-term price predictions comes from the user VIAQUANT. They suggest bracing for a rejection to 34 cent area.
On the other hand, user jeffreytesterman has noticed a bull flag in the DOGE chart. This chart pattern is a bullish continuation signal, and the trader even expresses confidence in a $1 Dogecoin (DOGE) price prediction 2024.
Dogecoin Price Prediction 2025–2030
How does the previous Dogecoin (DOGE) price prediction by the ChangeHero team hold up in light of recent events? Do the forecasts for the years to come look more realistic now? Let’s revisit them and see.
The $0.16–0.26 Dogecoin (DOGE) price prediction 2024 was completely smashed through without even a brief pause. The most bullish target of $1 is the only one remaining unconquered this year. With less than three weeks left, it is not very likely to come to pass even according to technical analysis.
2025 is another story, though. The minimum and maximum prices from our Dogecoin price prediction look realistic now, considering this is also when the bull market is expected to peak. The minimum price of Dogecoin is expected to be around $0.17 in 2024, with a maximum price of $1.07.
In five years, Dogecoin’s price is expected to range between $0.56 and $4.45, with an average price of approximately $2.05. Dogecoin’s price is expected to increase in the coming years, with a potential peak price of $4.77 by 2030. One DOGE price prediction of $23.17 by 2034 seems to be a little too far-fetched but then again, you never know what will happen with the crypto industry.
Conclusion
The cryptocurrency market is highly volatile, and Dogecoin’s price can fluctuate rapidly. We remind you to conduct your own research and consider multiple factors before making investment decisions. Try starting your homework with our blog!
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Frequently Asked Questions
How high can Dogecoin go realistically?
Depending on the extent of the potential surge in the crypto market, Dogecoin could reach a maximum price above $1 within the current market cycle.
Will Dogecoin reach $1 in 2024?
It is not highly probable that Dogecoin could more than double its market cap within less than three weeks. Therefore, if DOGE were to reach $1, the earliest it can happen is next year.
What will DOGE be worth in 5 years?
In 2029, Dogecoin’s price is expected to range between $0.56 and $4.45, with an average price of approximately $2.05.
How high will Dogecoin go in 2025?
Even the most bullish Dogecoin (DOGE) price prediction cited here puts the 2025 price target for DOGE price slightly above $1.
What is the price prediction for Dogecoin in 2024?
The price of DOGE could claim the $0.64 mark by the end of 2024.
What will Dogecoin be worth in 10 years?
Given the time frame, the forecasts for future Dogecoin prices in 2034 are imprecise: DOGE could be worth anywhere between $0.81 to $23.17.
Will Dogecoin reach $1 in 2025?
According to our DOGE price prediction, the meme coin might hit a maximum of $1.07 by the end of 2025.
Will Dogecoin reach $5?
In the current crypto market sentiment, $1 is the most realistic price target for DOGE in this bull run. Dogecoin would have the potential to reach $5, provided it keeps its 1.68% market capitalization dominance share if the entire cryptocurrency market cap grew to $43.78 trillion.
Disclaimer
This article is not a piece of financial advice. Price predictions are not 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 investing in cryptocurrencies only after careful consideration and doing your own research.
