Dogecoin was one of the standout performers in the cryptocurrency market during 2021, peaking in May before gradually descending in the following months. However, there are still numerous reasons to be optimistic about Dogecoin’s prospects, with the developers keen to implement additional use-cases to boost the coin’s value proposition.
This guide will discuss our Dogecoin price prediction for the months and years ahead, highlighting potential opportunities for the coin and showing you how to invest in DOGE today – with low trading fees.
Dogecoin Price Prediction 2022
The price of Dogecoin is currently hovering around $0.1192, following some sideways trading over the past month. To help clarify the coin’s long-term prospects, presented below is a brief overview of our Dogecoin forecast for the years ahead:
Dogecoin Price History
As one of the best meme coins in the cryptocurrency market, Dogecoin has had a volatile past, with incredible highs followed by dramatic lows. Ultimately, Dogecoin’s creators never expected the coin to generate the mass appeal that it has – and most market analysts didn’t expect the currency to sustain this appeal. With that in mind, let’s explore the coin’s history before diving into our Dogecoin price prediction.
Dogecoin was created by two software engineers, Billy Markus and Jackson Palmer, as a joke back in 2013. The creators aimed to parody the initial appeal of cryptocurrencies, so they created Dogecoin as a ‘payment system’ with the face of a Shiba Inu dog, similar to the famous ‘Doge’ meme. Once the coin was launched, Markus and Jackson didn’t expect it to gain any momentum – but the opposite happened.
The price of DOGE rocketed over 300% shortly after launching in 2013, which came as a surprise to the developers. This bullish trend continued in the following years and hit a high of $0.0170 in early 2018, meaning the coin breached a market cap of $2bn for the first time. However, although these price increases were impressive, they were still a drop in the ocean compared to the movements seen by those who chose to invest in Bitcoin and other major cryptos.
The most notable move in the Dogecoin crypto price came in early 2021, when the price surged more than 8,600% between January and May. Much of this was due to massive attention from social media, combined with mentions from high-profile names such as Elon Musk, Snoop Dogg, and Mark Cuban. DOGE reached an all-time high of $0.7376 on May 8th 2021 – which would have given the coin a market cap of over $70bn.
However, this high was short-lived, and the Dogecoin price has gradually descended over 84% to reach today’s price. This year specifically, Dogecoin actually got off to a great start, rising over 57% between January 10th and January 14th. Again, this upsurge was only temporary, and Dogecoin has since lost 45% of its value based on today’s price.
Overall, the Dogecoin stock price hasn’t made any significant moves in 2022 thus far, with the ongoing situation between Russia and Ukraine causing fear and uncertainty in the crypto market. Today’s price is the lowest Dogecoin has been since April 2021 – which is still a remarkable increase from where it was at the beginning of last year!
Here is a quick overview of all the key points and events in Dogecoin’s lifespan that we’ve covered above:
- Created in 2013 by software engineers Billy Markus and Jackson Palmer
- Increased by over 300% after launch and continued to showcase positive gains
- Reached a $2bn market cap for the first time in January 2018
- Began generating momentum in early 2021 due to its ‘meme coin’ status
- Reached an all-time high of $0.7376 in May 2021
- Price decreased over 84% to the price we see at the time of writing
Dogecoin Price Prediction 2022
Much like when you buy Bitcoin, it’s wise to get an idea of Dogecoin’s prospects over the short term and long term before you make your investment. As noted previously, the Dogecoin price today is hovering around $0.1192, down 30% since the beginning of 2022. However, given this start, what sort of performance can we expect from Dogecoin in the remainder of the year?
It’s important to note that Dogecoin has strong support from both retail investors and high net worth investors. An article from CNBC reported that billionaire Mark Cuban said Dogecoin was at its “strongest” when being used as a medium of exchange. Cuban doubled down on this statement by accepting DOGE as a payment method for Dallas Mavericks merchandise – which helped boost sales dramatically.
This aspect of Dogecoin’s utility was also reinforced by Elon Musk, as The Guardian reported in January 2022 that Tesla would begin accepting DOGE as a method of payment for the car maker’s merchandise. Musk has previously referred to Dogecoin as “the people’s crypto”, with this announcement paving the way for other use cases for Dogecoin.
These use cases are essential to Dogecoin’s long term success, as high price levels cannot be sustained purely by speculation and retail buying. The acceptance of DOGE by the Dallas Mavericks and Tesla could pave the way for more companies to allow customers to purchase items using this crypto, increasing demand for DOGE.
Due to this, our Dogecoin price prediction for 2022 estimates that the coin could reach $0.3500 by the end of the year – a 191% rise from today’s levels.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Dogecoin Price Prediction 2023
When making a Dogecoin price prediction for the longer term, it’s essential to understand that Dogecoin is underpinned by blockchain technology – although it’s slightly different from other major cryptos. Dogecoin’s blockchain is similar to Litecoin’s and is based on Scrypt technology. Ultimately, this means that mining is more complex than traditional Proof-of-Work chains – although Dogecoin can still process upwards of 40 transactions per second.
As noted by Blockchair.com, over 83 million transactions have occurred on Dogecoin’s network, with over 24,000 taking place in the last 24 hours. The average transaction fee on the network is only $0.15, which is far less than the hefty fees paid on the Ethereum network during periods of high congestion. Overall, these statistics show that although Dogecoin’s network isn’t the most scalable, it does have a solid foundation to support larger influxes of transactions in the future.
Given this factor, Dogecoin has become more widely used as a tipping mechanism online. Notably, an announcement on Dogecoin’s official subreddit last year highlighted that a tipping bot had been created, which allows Twitter users to tip other Twitter users. This garnered a lot of traction, especially since the fees for transferring DOGE to another person are relatively low.
This path seems to be the most appropriate for Dogecoin to follow in the years ahead, as it’s unlikely that major corporations will begin utilizing DOGE due to its meme coin status. As younger generations continue to be introduced to the crypto market, Dogecoin could become more widely used due to the coin’s ‘approachable’ aesthetic, opening up pathways for further advances in the previously-mentioned tipping service.
Overall, if this occurs, we would expect more demand for DOGE from retail investors and internet users. As such, our Dogecoin price prediction for 2023 estimates that the coin could reach $0.6000 – an increase of 393% from today’s price.
Dogecoin Price Forecast Long Term Outlook – 2025 Prediction
The example set by the best DeFi coins is undoubtedly one that Dogecoin could take inspiration from over the long term. Due to these coins having high utility, they tend to experience high demand from investors – forcing price upwards over time. Furthermore, the DeFi space is expected to continue growing rapidly, which provides scope for established coins like DOGE to enter this market.
It seems as if Dogecoin has already begun taking steps in this direction, as Yahoo Finance reported recently that DOGE can now be purchased on a decentralized exchange for the first time. The coin is currently listed on THORchain, a decentralized liquidity protocol that has facilitated a connection with Dogecoin’s blockchain network. Through this partnership, THORchain users can now swap DOGE for BTC and other tokens.
Although this may seem like a small thing, it’s actually huge in terms of Dogecoin’s long-term prospects. The partnership with THORchain offers the potential for DOGE holders to generate a yield on their investment through ‘yield farming’ – all without needing to complete any KYC checks.
This adds another major reason for investors to buy and hold DOGE, which is excellent news for Dogecoin’s price potential. Overall, if Dogecoin can capitalize on this momentum and partner with more decentralized entities, it’ll boost the coin’s appeal to investors looking to generate a passive income stream.
Assuming this occurs, our Dogecoin price prediction for 2025 estimates that the coin could return to the all-time highs of $0.7300 – and potentially beyond.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Potential Highs & Lows of Dogecoin
Investors who buy Ethereum or other established cryptos will be well aware of the potential for these coins to experience dramatic highs and lows within the same year. This is evidenced by the Dogecoin price chart, which highlights the dramatic peaks and troughs that the coin has experienced over the last year and a half.
Through our research and analysis for this Dogecoin price prediction, we’ve been able to identify key areas of interest on the price chart, which may be important to note for the years ahead. These areas have been derived through extensive technical and fundamental analysis based on DOGE’s movements over the last few years.
The table below presents these areas, which may form meaningful support or resistance levels in the future:
| Year | Potential High | Potential Low |
| 2022 | $0.3500 | $0.1000 |
| 2023 | $0.6000 | $0.3000 |
| 2024 | $0.7300 | $0.4500 |
What is Dogecoin Used For?
At first glance, Dogecoin may appear to be a meme coin and not much more. However, if you dig a little deeper, you’ll note that the cryptocurrency has various use cases which could help Dogecoin prosper in the years ahead. Let’s dive in and explore four of the coin’s most popular use cases:
Payment Method
Dogecoin was initially designed to be used as a method of payment – and it has maintained that designation since launching in 2013. As noted earlier, the transaction fees when sending Dogecoin are relatively low, making it ideal for low-cost transfers. Furthermore, companies such as Tesla, GameStop, AMC, and Nordstrom have all accepted DOGE as a payment method in the past due to its popularity on social media.
Speculation
Whether you’re investing in Dogecoin or purchasing the best metaverse coins, there’s always an element of speculation ingrained in the process. Speculative investors have long admired Dogecoin due to the remarkable returns it has shown in the past. Notably, Dogecoin’s rapid price rise in 2021 is of great importance to investors, with many discussions on the Dogecoin subreddit hoping for a similar situation in the future.
Online Tipping
The Twitter tipping feature that we noted previously is one of Dogecoin’s most popular use cases. The aesthetic that DOGE has, combined with its appeal on social media, make this coin more appropriate for online tipping than cryptocurrencies such as ETH, ADA, or LTC. Reddit users can also use DOGE to tip others for posts they like, adding another reason to hold Dogecoin.
Rewarding Miners
Finally, the blockchain network that Dogecoin operates on is dubbed an ‘Auxiliary Proof of Work’ chain, meaning that miners can mine DOGE and other Scrypt coins simultaneously. Miners are incentivized through rewards which are denominated in DOGE. According to CoinWarz, these rewards can equal around $10 in profit per day when mining at a hash rate of 9,500 MH/s.
What Drives the Price of Dogecoin?
A glance at the Dogecoin price chart will show some impressive price rises over the past year – with triple-digit moves not that uncommon. Given this fact, let’s explore the main factors that drive the Dogecoin price:
Mentions from High-Profile Names
When a high-profile name mentions a cryptocurrency, it adds an air of credibility to it. This has happened with numerous established cryptos in the past and also formed a crucial part of Dogecoin’s price rise in early 2021.
Dogecoin was mentioned in Elon Musk’s appearance on SNL, although the coin was also discussed by Mark Cuban, Gene Simmons, Jake Paul, Snoop Dogg, and more. Ultimately, when names like these mention coins, it catches the attention of the mainstream media – which prompts retail investors to buy the coin and drive its price up.
Community Backing
We’ve previously noted the incredible presence that Dogecoin has on Reddit, with the Dogecoin subreddit containing over 2.3 million users at the time of writing. However, the coin also has a solid following on other social media platforms, such as Twitter, Discord, and Instagram.
This community doesn’t just revolve around speculation though, with numerous reports noting that Dogecoin holders worldwide had banded together and contributed over $53,000 worth of DOGE to the Ukrainian cause.
Overall Sentiment in the Crypto Market
Finally, the prevailing sentiment within the crypto market tends to have a knock-on effect on DOGE’s price. Although the crypto market has grown exponentially in recent years, many smaller coins still take Bitcoin’s lead when it comes to price movements. Essentially, this means that when BTC is experiencing a significant downtrend, smaller altcoins (such as DOGE) tend to follow. This also works the other way, as when investors are bullish on BTC, altcoins tend to rise in tandem.
Where to Buy Dogecoin
Finally, before concluding this guide, let’s look at the investment process. If you wish to buy Dogecoin today, you’ll need to partner with one of the best crypto exchanges that offer the coin as a tradable asset. Although there are numerous options to choose from, we recommend creating an account with eToro.
eToro is one of the world’s largest online brokers and now has over 23 million registered users. The platform boasts an exceptional safety record and is regulated by top-tier entities, including the FCA, ASIC, CySEC, FinCEN, and FINRA. In terms of fees, eToro uses a spread-based structure for crypto trading, meaning there are no transaction fees when opening a position. The spread will vary from asset to asset, although Dogecoin trading is quoted at 2.9%.
In terms of deposits, eToro allows users to fund their accounts from only $10. The platform enables deposits via credit/debit card, bank transfer, and various popular e-wallets – including PayPal. There is also a handy demo account feature on offer if you are a beginner looking to gain risk-free experience in the market.
eToro also offers one of the best crypto wallets on the market, which is entirely free to download and use on iOS or Android. The wallet supports over 150 crypto assets and even allows users to exchange one coin for another within the wallet’s interface. Finally, thanks to DDoS protection and advanced standardization protocols, the eToro wallet is ideal for storing your Dogecoin holdings safely long term.
- No transaction fees to open a crypto trade
- Free crypto wallet offered
- Regulated by numerous top-tier entities
- Over 45 cryptos available to trade
- Accepts PayPal deposits
- User-friendly trading app
Cons
- Currency conversion fee for non-USD deposits
- Small inactivity fee applies
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
Dogecoin Price Prediction – Conclusion
To summarize, this article has presented our Dogecoin price prediction for the years ahead, taking into account the essential fundamental and macroeconomic factors that may shape future price movements. Although the current Dogecoin price is far below what it was in May 2021, the addition of further use cases could be the springboard DOGE needs to showcase sustained bullish momentum.
If you’d like to invest in Dogecoin today, we’d recommend creating an account with eToro. eToro is a heavily-regulated broker and allows Dogecoin investments from only $10 per position. What’s more, eToro employs a spread-based fee structure, meaning there are no hefty transaction fees when you place a trade.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
FAQs
Will Dogecoin ever reach $1?
What will Dogecoin be worth in 2025?
What is the current price of Dogecoin right now?
What was the starting price of Dogecoin?
What was Dogecoin’s highest price?
This news is republished from another source. You can check the original article here
Be the first to comment