Dogecoin may have begun as satire, but it’s grown into the very opposite. It’s now one of the most powerful and well-known cryptocurrencies around. Since its backing from Elon Musk, many experts believe the DOGE price prognosis has a bright future ahead and could surge to a price of between $1 and $10 between now and 2025.
“SpaceX is going to put a literal Dogecoin on the literal moon.”
― Elon Musk
If the world of cryptocurrency has taught us one thing, anything is possible. Dogecoin is a prime example of this. This altcoin initially started as a joke meme coin but became one of the best-performing assets on the crypto market. In 2021 alone, its value surged 15,219%.
Based on Litecoin and utilizing the same proof-of-work technology, Dogecoin’s loyal community userbase allowed it to shed its joke status reasonably quickly. It was widely used for tipping people in online spaces like Reddit and Twitter among online communities.
During the crypto bull run of 2017 to 2018, Dogecoin surpassed a $1 billion market capitalization. A vague tweet from Elon Musk was seen as his backing for Dogecoin. The value skyrocketed by 216%.
From a joke coin to a formidable crypto asset that managed to outperform some of the biggest names in decentralized currency, Dogecoin looks like it’s here to stay. Its reasonable price history and low entry price also provide an ideal ground for new investors looking to get on board.
As a result, many are searching for a unique insight into the price history of Dogecoin, how to buy it, and of course, a reasonably accurate Dogecoin price prediction. If you’re one of these potential investors seeking a Dogecoin price prediction, then you’re in the right place.
We’ve put in the hours to create a Polkadot price prediction that draws upon various factors to help you decide if this the meme coin that became a serious digital currency investment is for you.
It’s impossible to predict a future price accurately. But from expert analysis to the latest DOGE news, there are various crypto resources we can draw upon to create a Dogecoin price prediction and get a pretty good idea. Now, let’s begin!
What is Dogecoin?
The origins of Dogecoin go back to 2013. The idea was coined by Jackson Palmer, a former Adobe product manager. He aimed to satirize the hype surrounding cryptocurrencies at the time. After receiving positive feedback following several joke tweets surrounding his new cryptocurrency venture, he bought dogecoin.com.
Then, Billy Markus came along. An IBM software developer, Markus joined forces with Palmer and built the software for Dogecoin we know today. It was built on the same code as Litecoin and used the same proof-of-work system that allows for a secure, decentralized consensus.
Compared to Bitcoin, which is deflationary based on its limited supply cap, Dogecoin is inflationary. This means there is no limit to the amount of DOGE that can be minded, and its supply is unlimited.
Dogecoin used the Japanese Shiba Inu dog as its logo. The same dog that was a popular meme at the time. But despite starting as a joke, the overall vibe was well-suited to the crypto crowd. But it wasn’t all about image.
Initially seen as a casual and fun version of BTC, the technology behind Dogecoin allowed users to send faster crypto payments. It was also seen as being more adaptable and much more consumer-friendly than Bitcoin was at the time.
A year after its creation, the market cap of DOGE was $20 million. It had also formed a dedicated and loyal fanbase who were already making quite a name for themselves and pushing the marketing of the digital coin by themselves. For example:
- In order to fund the Jamaican bobsled team’s participation in the Sochi Winter Olympics, the Dogecoin community donated 27 million DOGE. With around $30,000 at the time.
- They funded Dogecoin worth over $55,000 in order to sponsor NASCAR driver Josh Wise.
- In one of their most heart-warming funding operations, they also gave $11,000 worth of Dogecoin to build a well in Kenya.
Despite some controversy in 2015 with the departure of Jackson Palmer, Dogecoin’s journey only went higher. Its value surged in the crypto booms of 2017 to 2018 and that of 2019. It only gained more credibility when listed on major crypto exchanges such as Binance, Kraken, and Robinhood.
Its credibility was further enhanced when Elon Musk endorsed it. One of the wealthiest men on earth, the Tesla CEO claimed that Dogecoin could make Defi accessible for all. He even allowed DOGE holders to pay for Tesla products using the meme currency.
Overall, the history of Dogecoin is fascinating. It can provide a fantastic low price entry point for crypto novices who wish to get involved in investing and see what it’s all about. It also holds real-world usage value from high speeds to using less energy per transaction. Dogecoin summed up in three points.
Dogecoin summed up in three points:
- Dogecoin began as satire of the overall cryptocurrency hype but has since expanded into a formidable digital coin of its own.
- It has managed to achieve astronomical gains, form a dedicated community of followers and support from major names such as Elon Musk.
- Dogecoin not only offers faster payments, but is also a more marketable form of crpyto than the likes of Bitcoin and Ethereum.
Pros and cons of Dogecoin
Dogecoin sure has come a long way since its 2013 debut as a joke cryptocurrency. There are a lot of pros to investing in DOGE. But when it comes to this digital asset overtaking the likes of Ether, some cons are holding it back. Let’s take a look at both.
|✔️ A perfect fit for new investors who don’t have the funds to invest in the likes of Bitcoin.||❌ Aside from high speeds, DOGE doesn’t particularly offer anything unique in technology.|
|✔️ Backed by a vibrant and enthusiastic community working together to put Dogecoin on the moon.|
|✔️ It allows for crypto transactions that are both fast and cheap.|
FAQs about DOGE
It’s no secret that Dogecoin is one of the most fascinating and unique forms of digital currencies around. Naturally, this brings up a lot of questions about the original meme-based money. So let’s answer a few of the most commonly asked questions about DOGE.
Is it safe?
Dogecoin uses blockchain technology, just like Bitcoin and other cryptocurrencies. Blockchain tech is considered extremely difficult, although not impossible, to hack. Being among the cryptocurrencies with the largest market capitalization and most expansive adoption rate, Dogecoin is relatively secure.
What can you use Dogecoin for?
You can spend your Dogecoin with any merchant that chooses to accept it. Many different businesses accept DOGE, with some of the highest-profile, including Elon Musk’s SpaceX and the Dallas Mavericks. Many Dogecoin holders use their DOGE to tip content creators on Reddit and other social media platforms.
Can Dogecoin reach $1 per coin?
DOGE currently has a meager entry price. As a result, many prospective investors are keen to know whether Dogecoin can hit $1. Based on its previous price surges, it is indeed possible. However, it would very much be over the long term.
The price history of Dogecoin is fascinating and provides a good insight into its future. Following the coin’s launch on December 6th, 2014, the value had surged by 300% in the space of just two weeks. But compared to Dogecoin’s recent price history, its original price surges are small fry.
Dogecoin started 2021 at a small cost of just $0.003858. By mid-February, the price had surged to $0.07883. This was a test for investors to hold on and not cash out their profits. For those that did, the rewards were enormous.
By mid-April, the price had skyrocketed to an eye-watering new high of $0.40. By May, it had left this ATH in its dust as it went on to achieve $0.68. As is expected, this caused a subsequent price drop as investors sought to cash out their enormous gains.
By July, the price had dropped to $0.17 per coin. This provided the perfect chance to buy back into the market for those that had cashed out at its height. A month later, the price doubled to $0.34 per coin.
The coin price today is hovering between $0.15 and $0.18. Is this yet another opportunity for investors to get on board in preparation for an impending bull run? Let’s see what the technical analysis is on Dogecoin!
We’ve seen the price history, but what does the future hold? Let’s analyze the technical analysis to get our first dose of accuracy in this Dogecoin price prediction.
In 2022, the Polkadot technical analysis tells us that we could see the price of Dogecoin hit $0.20. It will then gain over $0.02 on the coin price and end the year at a DOGE price equal to $0.22. Overall, that’s around 29% growth on today’s current Dogecoin price.
Beginning 2023 at just $0.22 per coin, it’s thought that the Dogecoin price could climb to about $0.23 in the first half of the year. The DOT price will increase slightly faster in the second half and finish the year at a potential worth of $0.27. From the Dogecoin price today, that’s a +59% increase.
Polkadot will start 2024 with a DOT price of $0.27; it’s then predicted to soar to an average price of $0.31 within the first six months of the year and enter 2025 at $0.35. That means a +106% increase in the Dogecoin price from today.
We’ve made it quite clear that A large and loyal community supports Dogecoin. But outside of these DOGE fanatics is a plethora of unbiased crypto experts. They often release forecasts on various digital currencies, and Dogecoin is often among them.
Firstly, the popular Youtube channel called Crypto World recently released a video entitled “Why You Need To Buy At Least 500 Dogecoin Coins”. In this video, they explained that the backing of Dogecoin from the likes of Elon Musk combined with the possibility of Dogecoin achieving price stability, they predicted that this first tier cryptocurrency could skyrocket in value in months to come.
Another crypto YouTuber called Final Stand released a very bullish outlook to his 250,000 subscribers. He predicted that Dogecoin can reach $3 per coin in the long term due to several factors. The impending space launch will most likely see DoDogecoinaken to the moon!
Crypto Diary also released a captivating video that examined how much 1000 DOGE will be worth by 2025. Based on the in-depth analysis that encompassed internal and external factors on the Dogecoin price, the forecast is that it can surpass the $10 mark between now and 2025.
Overall, Dogecoin has undoubtedly come a long way since its humble beginnings as a form of satire around the overall cryptocurrency hype. It has since formed a formidable community of dedicated fans and achieved the backing of influential figures like Elon Musk,
In the past, DOGE has demonstrated the ability to skyrocket by over 15,000% in price. Judging on expert opinion and technical analysis, it could potentially surge even higher in the months and years to come. Last but certainly not least, Dogecoin offers a fantastic entry point for crypto beginners due to its low-priced entry barrier.
Where to buy Dogecoin?
If you wanted to buy Dogecoin when it was released in 2013, it wasn’t easy for beginners. Thankfully, we’re in 2021 and it’s never been easier! Largely thanks to the services offered by trusted crypto brokers.
Whilst crypto exchanges are more reserved for those with in-depth trading knowledge, there is a select few brokers who provide the perfect stepping stone into the world of investing whilst simultaneously providing an array of trading tools to hopefully help you maximize your profits.
One of the most renowned crypto brokers is eToro. Offering an array of unique features from copy trading to stop-limit orders, it provides a phenomenal crypto trading environment for beginners.
As well as major cryptocurrencies like Dogecoin and Bitcoin, eToro is constantly expanding the range of crypto offered. From Ethereum to Binance Coin, this reputable brokerage has many digital assets on offer. At the same time allowing you to diversify your crypto portfolio tremendously.
This Dogecoin price prediction is for informational purposes only, not financial advice or investment advice. DOGE and other digital coins on the cryptocurrency market have potential rewards and risks. Despite the positive outlook, the predicted price analysis of DoDogecoinn the crypto market and is not guaranteed to be a profitable investment option as a bearish trend is just as likely as a bullish trend when it comes to the price of DOGE its market cap. Anyone wishing to invest should do their own research and seek independent financial advice.