Dogecoin, the world’s leading meme coin, holds a market cap exceeding $10.6 billion, according to data from Coinmarketcap. The past few months since March have been tumultuous for $DOGE as volatile price fluctuations have caused turmoil for investors.
Over the past week, DOGE has recorded a notable 2.1% increase. Additionally, Dogecoin has displayed bullish momentum over the last month, showing an impressive rise of 17.8%. This positive trend extends to the past 3 months, where Dogecoin has consistently exhibited a bullish performance.
The value of $DOGE has been hovering around $0.074. Regrettably, for those holding onto Dogecoin, the price could not breach the resistance zone at approximately $0.083 – the same zone that impeded price growth back in April.
At the time of writing, DOGE is trading at $0.075, representing a daily 1.5% increase. However, there has been a 3% drop in its daily trading volume to settle at $368 million.
What’s next for DOGE? Will investors continue putting their hope in this meme coin? This article outlines potential price targets and Dogecoin Coin (DOGE) projections. However, before delving into that, we provide a concise overview of DOGE, detailing its nature and highlighting recent developments within its ecosystem.
In 2021, Dogecoin (DOGE) stood out as one of the leading performers in the cryptocurrency realm. DOGE initiated the rally among meme coins, reaching its pinnacle in November 2021. The growth of Dogecoin’s (DOGE) investments resulted from the hype and endorsements of numerous social media influencers. Nonetheless, its classification as a short-term investment might diminish its prospects of emerging as the meme coin of 2023.
What is Dogecoin
Dogecoin, conceived initially as a joke to mock the cryptocurrency craze of the 2010s, unexpectedly gained immense popularity and a robust community. Despite its humorous origins, Dogecoin has become one of the most successful cryptocurrencies.
Similar to Bitcoin, Dogecoin employs a Proof-of-Work (PoW) algorithm for its operation. Mining Dogecoin is accessible to anyone without requiring advanced equipment. The circulating supply of Dogecoin currently stands at 130 billion DOGE, with an additional 10,000 DOGE entering circulation each minute.
A notable feature setting Dogecoin apart from typical meme coins is that it is built on its blockchain. This factor has contributed to its recognition as a reputable cryptocurrency. During the 2021 bullish market, Dogecoin garnered substantial attention as the “people’s currency.” Its value surged from 2 cents in 2020 to $0.69 in May 2021.
This dramatic rise translated to over 10 times returns for early backers in just a few months. However, individuals who entered the market following the DOGE frenzy have experienced significant losses, with most of their investments diminishing.
As of the summer of 2023, Dogecoin’s value has plummeted by approximately 90% from its record highs. The project has shown limited advancements, raising questions for investors regarding its future trajectory. Will Dogecoin recover, or is its status as a meme-based token leading it toward a less promising outcome?
Key developments/milestones with Dogecoin
In December 2013, software engineers Billy Markus and Jackson Palmer gave life to Dogecoin, a light-hearted cryptocurrency that playfully parodied the seriousness of Bitcoin. Initially emerging as a meme, Dogecoin quickly garnered a dedicated community, finding utility in tipping and supporting charitable causes.
However, December 2013 also saw a setback when Dogewallet, a service for storing Dogecoin, fell victim to hacking, resulting in the theft of a substantial amount of coins. This incident underscored the critical importance of prioritizing robust security measures.
In August 2014, Dogecoin took a significant step by introducing “merged mining” with Litecoin. This innovative move aimed to enhance network security by allowing miners to mine Dogecoin and Litecoin simultaneously.
Price surges and market volatility became hallmarks of Dogecoin’s trajectory, often driven by influential social media campaigns and endorsements. These fluctuations caught the attention of the broader financial world.
The involvement of Elon Musk, mainly through his tweets, became a pivotal factor in Dogecoin’s narrative. Starting in 2021, Musk’s sporadic tweets about Dogecoin significantly influenced its public perception and value.
As time passed, Dogecoin managed to secure a degree of recognition as a viable payment method within various online and retail domains. Integrating Dogecoin alongside established cryptocurrencies in specific platforms marked a notable milestone.
While Dogecoin didn’t undergo frequent protocol updates, periodic improvements to its codebase were undertaken to ensure its functionality and security, maintaining its relevance in the evolving cryptocurrency landscape.
In July 2022, the latest iteration of Dogecoin’s core software, version 1.14.6, was launched. This release aimed to enhance security, efficiency, and the user interface. Notably, Dogecoin Core 1.14.6 introduced a series of security enhancements and modifications to the prevailing fee structure and incorporated several novel functionalities. A key alteration within this version involved lowering the suggested dust threshold for all participants within the Dogecoin network from 1 DOGE to 0.01 DOGE.
DOGE Price History
Dogecoin emerged in 2013 but captured widespread notice during the 2017 bull rally. During this period, it surged from $0.000219 to a peak of $0.0175, achieving a remarkable gain of 7,890.87%. According to CoinMarketCap, the initial price of Dogecoin stood at $0.0002993.,
The coin’s journey saw it achieve the milestone of $0.001 for the first time in May 2017. The meme coin became a significant component of cryptocurrency market cycles. In January 2018, the price experienced a brief upswing to $0.0146, followed by a subsequent crash that led to trading below $0.01 until January 2021, when the next rally unfolded.
The early months of 2021 marked the onset of a cryptocurrency price surge, signifying the beginning of a crypto bull market. Diverging from previous trends, Dogecoin found itself with an unexpected advantage, the enthusiastic endorsement of one of the world’s wealthiest individuals, Elon Musk, who became an avid supporter of the project.
Musk’s ongoing support fueled substantial growth within the Dogecoin community, resulting in a remarkable surge in the price. This surge culminated in an all-time high (ATH) of $0.7576 on May 6, 2021, propelling the market cap to $80 billion. This surge in value led to the coining of the term “Dogecoin millionaire,” as early DOGE investors experienced significant wealth accumulation.
Following this peak, early holders began taking profits aggressively, triggering a substantial sell-off that appeared to find a bottom around $0.05 in June.
In 2022, DOGE kicked off the year at $0.17 and hit $0.2 by January 14th. However, it dipped to $0.12 on January 24th. Attempting a rebound, the coin reached $0.17 on February 7th but couldn’t maintain the level. On March 13th, it fell to $0.11, then aimed for $0.17 on April 5th. Unfortunately, the price crashed to $0.07 on May 12th due to Terra Luna’s collapse and a strong US dollar.
Amid a bearish crypto market sentiment, DOGE hit a low of $0.049 on June 18th, its lowest since early 2021. The coin fluctuated between $0.06 and $0.07 until retail investors’ social media rally boosted it to $0.089 on August 16th, only to drop back to around $0.06.
Following Elon Musk’s Twitter takeover, DOGE surged to $0.16 on November 1st. However, the FTX exchange collapse pushed it down to about $0.077 on November 21st. The year closed with DOGE at $0.07.
In January 2023, a recovery reached $0.096 by month-end before sliding to $0.08 on February 10th. By February 19th, it rebounded to $0.091, but the Silvergate bank collapse led to a drop to $0.063 on March 10th.
DOGE/USD All-Time Chart
Dogecoin experienced a surge in response to a report from the Financial Times, indicating that Elon Musk is considering adding a payments system to Twitter, now X. The mere possibility of it being integrated as a payment option on X propelled the meme coin’s value to surge by as much as 10%, reaching a peak of $0.095655 on January 29, 2023. However, the initial gains were subsequently reduced to a 7% increase.
DOGE Short-Term Price Analysis
DOGE/USD Weekly Analysis
Dogecoin price has found an anchor at the major support level of $0.051, helping the price to stabilize. The Dogecoin price has managed to recover beyond the obstacle at $0.0707, successfully converting it into a supportive base.
If historical trends repeat, the meme coin could be propelled by bullish momentum toward the next significant barrier at $0.1060. However, the cryptocurrency must regain strength and surpass the intermediate obstacle at $0.0814 to achieve this movement.
However, the DOGE Moving average indicators show that it is yet to break into a bull rally as its price is trading below the 50 weekly and 200 weekly simple moving Averages. If the price is to reach the $0.10 hurdle, the bulls need to regroup and drive the price beyond the 50 and 200 weekly SMAs. If this does not occur, traders and investors should expect the price to swing to the support level at $0.051, where they can regroup again to find momentum. Furthermore, the relative strength index is trading at 51, showing a balance between the buying and the selling pressure.
Presently trading at $0.075, a retest of the $0.1060 hurdle would equate to a 50% gain. Should the bullish trend persist amidst heightened retail enthusiasm, DOGE might experience a further rally, potentially reaching the $0.1590 hurdle or even $0.1710, amounting to an impressive gain of nearly 140%. Conversely, a decline to the support level of $0.051 might be inevitable, pending that the moving averages remain resilient.
Dogecoin Price Prediction for 2023 – Will DOGE Hit $1 This Year?
It’s unlikely that Dogecoin will reach $1 in 2023. Despite plummeting approximately 91% from its peak in May 2021, Dogecoin remains a favored cryptocurrency among speculators. Notably, prominent billionaire businessmen like Elon Musk, CEO of Tesla, and Mark Cuban, owner of the Dallas Mavericks, have openly expressed their support for this meme-based coin that gained widespread attention in early 2021.
With a market capitalization of $10.5 billion (as of August 8), the cryptocurrency ranks the eighth most valuable globally. However, confident investors might be aiming for an even higher valuation.
Considering its token price of $0.075, a theoretical target of $1 per token suggests a substantial surge of nearly 15 times its current value. The market is careful, and getting Dogecoin to $1 would need a lot of money, maybe tens of billions, and would have to surpass Bitcoin in its market value by $140 billion.
A more believable situation for Dogecoin hitting $1 would happen during another time when the cryptocurrency market is in a bull run where a lot of money, trillions of dollars, would have to be invested in the overall cryptocurrency market.
Bitcoin’s next halving is in 2024; usually, these halvings come before the cryptocurrency market enters a bull run. Mostly the halving may cause the market to surge. Therefore the best time for DOGE to hit $1 might be around 2025.
Additionally, the Dogecoin adoption rate could significantly shape its future trajectory. Despite attracting substantial attention across social and mainstream media, the cryptocurrency still needs widespread acceptance as a viable payment option. More broad adoption might be required for Dogecoin to sustain its prevailing price levels.
DOGE Long-Term Price Prediction – What would the price be in 2050?
Looking ahead to 2050, which marks over two decades from now, Dogecoin has substantial time to evolve. If its progress remains steady, there’s a possibility that Dogecoin could position itself within the top 5 cryptocurrencies. The community supporting Dogecoin might distinguish itself as one of the strongest among its rivals. Additionally, DOGE could establish partnerships with lucrative enterprises, potentially leading to a remarkable surge in its valuation.
It’s plausible that Dogecoin could reach $1 per coin soon; even $10 per coin within this decade (to 2030) is a distinct possibility. However, the likelihood of Dogecoin ever reaching $100 per coin could be much higher.
Unlike many other cryptocurrencies, Dogecoin doesn’t have a finite supply. Miners receive an annual incentive of 5 billion coins to ensure network security and functionality. By 2050, there will be around 180 billion Dogecoins in circulation. With a $1 per token valuation, the total market capitalization would be $180 billion, although it’s not expected to reach that level.
About 19,453,406 Bitcoins are in circulation, with a market capitalization of roughly $572 billion. The second-largest cryptocurrency, Ethereum, boasts a market capitalization of around $222 billion. Similar to Dogecoin, Ethereum lacks a coin cap.
With ample growth potential, the cryptocurrency can achieve a market capitalization of $180 billion, making the $1 per Dogecoin goal plausible. Yet, attaining the $100 per Dogecoin milestone remains a substantial challenge. Nonetheless, Dogecoin retains its potential as a viable coin well into 2050.