Dogecoin Price Prediction: Can DOGE Provide Investors With “Much Wow”

October 9, 2020
dogecoin - Dogecoin Price Prediction: Can DOGE Provide Investors With “Much Wow”

Dogecoin is a cryptocurrency altcoin that trades under the DOGE ticker symbol against USD and other cryptocurrencies like Bitcoin. It was created in December 2013 as a “joke” and was named after the popular meme based on a Shibu Inu dog “Doge.”

Due to the popularity of the meme at the time, the “joke” currency quickly turned into a project with a thriving community and started to see regular use as a transfer of value. Due to its low fees and fast speeds, Dogecoin is often used to move money and capital from one cryptocurrency exchange to another.

Years later, Dogecoin is still a popular digital currency altcoin and has even attracted interest from the likes of Elon Musk, who the crypto community has affectionately dubbed the “CEO of Dogecoin.” However, Musk is the CEO of Tesla and SpaceX, and unfortunately, has no association with Dogecoin, despite him talking about the token regularly on Twitter.

Because Dogecoin has been around so long, it has a place in the crypto space for the long haul. However, Dogecoin price predictions are rare and relatively low compared to other crypto assets like Bitcoin, Ethereum, Ripple, Litecoin, and EOS.

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This guide will help to answer important questions like “will dogecoin ever be worth anything,” “should I buy Dogecoin,” and “when will dogecoin reach” any of the realistic Dogecoin price predictions from experts and technical analysis prediction charts.

What Is Dogecoin? The Crypto Coin Named After The “Doge” Meme

Dogecoin was developed by Bill Markus and industry pioneer Jackson Palmer. Dogecoin’s code is based on another cryptocurrency, Luckycoin. However, DOGE coin has been far luckier in its rise to success.

Luckycoin itself is based on Litecoin, which is based in part on Bitcoin’s code. Like Litecoin, Dogecoin uses scrypt proof-of-work algorithms for consensus of the blockchain protocol.

Unlike Bitcoin and other cryptocurrencies, there isn’t a hard-capped finite supply. The Dogecoin supply is unlimited, and currently, over 126 billion DOGE tokens are in circulation. At a current price today of $0.002, the Dogecoin market cap now has a value of $330 million dollars.

Dogecoin has never been extremely valuable; however, it has been prevalent throughout its entire price history. The Dogecoin community is extremely active, and in the past, raised over $55,000 at the market price at the time to sponsor a Nascar driver, Josh Wise, to run Dogecoin and Reddit paint on the car during a race. That’s about all the Dogecoin news that has ever existed, however.

Its primary use today is for tipping internet users, but not much more. It recently was the subject of a TikTok trend where users attempted to pump and dump the price of DOGE Coin. Users incorrectly called it a stock, but nonetheless, it had users asking, “why is Dogecoin going up” instead of “why is Dogecoin dropping and going down” for a change.

Dogecoin Price History: Looking Back At 2018, 2019, And Beyond

Dogecoin price history extends back nearly a decade at this point, making it one of the oldest crypto altcoins out there. However, ever since the peak crypto bubble when the Dogecoin all-time high of $0.018773 was reached in early 2018, the asset fell into a long term downtrend where the future outlook was extremely bearish.

Things in 2019 appeared to be turning around, and Dogecoin and many other top crypto tokens started to see a resurgence. However, there has been little profitable historical price action, although price tomorrow could explode at any time – that’s just how the crypto market works.

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In 2020, Dogecoin also had a strong rally due to TikTok users attempting to pump and dump the coin on Robinhood. Users were encouraged to buy DOGE coin expecting Dogecoin will rise to a projected value of $1 per DOGE token. However, due to the altcoin’s market cap, potential estimated growth in DOGE coin price like that is not possible. That’s not to say Dogecoin value isn’t there; there is just a maximum any asset can rise based on the market cap, regardless of Dogecoin future price target or what speculation forecasts.

Dogecoin Price Predictions And Expert Forecasts

Because Dogecoin future distribution is endless, and so is the supply, most Dogecoin price targets are low compared to projections on other cryptocurrency assets like Bitcoin. That’s not to say Dogecoin long term price cannot be predicted; it is just that the Dogecoin trend hasn’t always been positive, leaving DOGE future adoption up in the air. If that doesn’t, no matter what the Dogecoin projected growth is, the project could fail and become a poor investment.

Digital Coin Price

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Digital Coin Price, a renowned expert in the field of crypto market projections, has provided a DOGE coin price prediction of $0.01384620 USD for the highest projected growth the asset could ever see.

Wallet Investor

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Another respected website in the realm of crypto market price projections, Wallet Investor’s Dogecoin coin price forecast, has the asset falling in Dogecoin value. They predict a fall to a price of $0.00263 USD.

CoinSwitch
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While most analysts claim that Dogecoin will never reach $1 per DOGE like TikTok users hope, CoinSwitch says that the price could double that by the year 2040. Still, it is unclear why the site believes the asset’s value could appreciate that much and reach such substantial DOGE coin price prediction. It is worth noting that any long term price predictions that are out are nothing but speculation and shouldn’t be taken too seriously.

Dogecoin Sentiment Analysis

Dogecoin sentiment is actually through the roof compared to most other altcoins and cryptocurrencies. The majority of this, however, is due to the short-lived TikTok trend where users were attempting to pump and dump the cryptocurrency, but all it did was limit Dogecoin potential by causing a sizable crash.

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Dogecoin Technical Analysis

Dogecoin’s price chart looks similar to other altcoins from any early cryptocurrencies to exist before 2017, seeing a dramatic price increase in 2017 when the cryptocurrency bubble inflated and Bitcoin rose to $20,000.

Because it follows the overall cryptocurrency market, it is reasonable to expect Dogecoin growth to continue alongside the rest of the market and Bitcoin. However, here is a more direct Dogecoin coin forecast using technical analysis across the years 2020, 2021, 2022, 2023, 2024, and 2025. Predictions beyond that are too difficult to and are just pure speculation.

Dogecoin Price Prediction 2020

DOGEUSD price charts in the short term are looking strong and bullish, and the cryptocurrency has formed a falling wedge pattern that is retesting resistance turned support. If the crypto asset altcoin can hold here, a similar height rise is possible to $0.007 per DOGE token before the year of 2020 is over. The only factor potentially that could cause a significant crash in Dogecoin is if Bitcoin is dragged down due to the stock market and the US election. If the altcoin can survive that, no one should be asking, “why is Dogecoin going up” or “how high will Dogecoin go.” The answer is in the charts.

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Dogecoin Price Prediction 2021 – 2022

Looking forward to 2021 and 2020, Dogecoin should break upward out of its downtrend line and cause another dramatic rise of similar proportions. Using the measure rule, the height of the previous structure would take the price per DOGE to $0.41

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Dogecoin Price Prediction 2023 – 2025

History doesn’t always rhyme, but it often repeats, and in finance, there’s something called fractals. Fractals are price patterns that play out similarly repeatedly and are driven by the same market and supply and demand dynamics. Each market cycle resembles the previous one, albeit with slight changes. The repeating fractal could take each DOGE token to a target price of over $0.75 per coin.

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Conclusion: What is the Future of Dogecoin?

Dogecoin’s future is looking strong, as is the rest of the cryptocurrency market. But with even the highest possible prices only reaching under $1, TikTok users and anyone else wondering will Dogecoin hit 1 dollar are likely to be disappointed.

Instead, those looking for better luck on their investments can try PrimeXBT, where users can trade CFDs on traditional assets like oil, gold, silver, and stock indices, alongside crypto assets like Bitcoin, Ethereum, Ripple, EOS, and Litecoin. These five cryptocurrencies top the list of assets by market cap and are far reliable investments with better long term profit potential. These coins could leave Dogecoin in their dust, while the altcoin remains forever considered a “joke” or “meme” coin.

For those more serious about profits should consider PrimeXBT. Registration takes just a minute or less and requires only a minimum deposit of 0.001 BTC to get started. Users can also buy Bitcoin directly from within the account dashboard and begin trading one of over 50+ different trading instruments all under one roof.

FAQ: Frequently Asked Questions About Dogecoin

What Is Dogecoin?

Dogecoin is an altcoin cryptocurrency named after the Shibu Inu dog meme, Doge. Dogecoin was created as a joke and named after a meme, but it still has a place in the crypto market even today.

Should I Invest in Dogecoin?

That answer is entirely up to each individual and the information we have provided. This guide provides all the details needed to avoid any pitfalls if you do decide to invest, and what the potential upside or downside may be.

Is Dogecoin A Good Investment?

Dogecoin can be expected to appreciate in value at a reasonable rate, but nowhere to the same prices as Bitcoin, Ethereum, EOS, Litecoin, and Ripple. Because of this, it is difficult to call Dogecoin a good investment when there are so many better choices available.

What Happened To Dogecoin?

Dogecoin’s reputation was harmed, and its price potential hurt when TikTok users attempted to pump and dump the cryptocurrency. The earliest investors made money while the rest of the users were dumped on. The selloff hurt the community and caused any interest that Dogecoin had going to fizzle out.

Will Dogecoin Go Up?

Dogecoin is expected to go up according to technical analysis charts and expert price predictions and forecasts. However, nothing is certain in the cryptocurrency space.

How Much Is Dogecoin Worth?

Dogecoin is currently worth under a penny a roughly $0.002 per DOGE token.

How Many Dogecoins Are There?

The current maximum Dogecoin supply consists of 126,480,303,952 DOGE tokes.

Will Dogecoin Increase In Value?

Yes, it is very likely that Dogecoin will increase in value. However, the upside is limited due to the large supply of tokens in the billions.

 

Risk Disclaimer:

Dogecoin is a risky asset that was designed as a joke. Investments and trading is no laughing matter and can result in massive losses if risk is not properly managed.

The charts, advice, comments, and more should not be taken as investment advice and any predictions are based on speculation and cannot be taken as certain.

The information provided does not constitute, in any way, a solicitation or inducement to buy or sell cryptocurrencies, derivatives, foreign exchange products, CFDs, securities, and similar products. Comments and analysis reflect the views of different external and internal analysts at any given time and are subject to change at any time. Moreover, they can not constitute a commitment or guarantee on the part of PrimeXBT. The recipient acknowledges and agrees that by their very nature any investment in a financial instrument is of a random nature and therefore any such investment constitutes a risky investment for which the recipient is solely responsible. It is specified that the past performance of a financial product does not prejudge in any way their future performance. The foreign exchange market and derivatives such as CFDs (Contracts for Difference), Non-Deliverable Bitcoin Settled Products and Short-Term Bitcoin Settled Contracts involve a high degree of risk. They require a good level of financial knowledge and experience. PrimeXBT recommends the consultation of a financial professional who would have a perfect knowledge of the financial and patrimonial situation of the recipient of this message and would be able to verify that the financial products mentioned are adapted to the said situation and the financial objectives pursued.

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