Robert Steinadler, a month ago
Dogecoin is one of the oldest cryptocurrencies that still exist today. It is also the mother of all meme coins and its success in this category is unmatched so far. The use-case for Dogecoin is not NFTs, DeFi applications, and smart contracts. Instead, the whole cryptocurrency is built upon two pillars: fun and its community. When Dogecoin started in 2013 it was meant as a joke that was supposed to show that crypto is not going to work. It seems that DOGE has proven its founding fathers wrong more than one time.
When looking at Dogecoin price predictions, one needs to keep in mind that this particular crypto asset makes it hard to create any projections. Some things work with a meme while others don’t. And of course, projections in general, are always to be taken with a grain of salt and do not constitute financial advice.
Giving a short-term price prediction is hard if not impossible. Crypto assets like Dogecoin are by definition highly volatile. That being said, short-term predictions must be updated frequently. Most analysts are using a variety of indicators and chart patterns to predict short-term price movement. If you like to learn more about these tools you should check out our other educational articles that teach you how to read order books and many more things. One interesting source to check out are the price predictions Coinmarketcap users make, which have been 74% accurate over the past six months at the time of writing. Do keep in mind these are predictions by mostly non-professional traders and enthusiasts.
Dogecoin has suffered a lot during the bear market of 2022. Many analysts believe that the economic crisis could deepen in 2023 with a harsh recession (see, for example, CNBC). Of course, these events are not directly connected to DOGE, but since Dogecoin is considered to be a risk asset any bearish events in the real-world economy will most likely impact crypto.
Still, there is a bullish faction among crypto analysts. They believe that the price is ultimately driven by a narrative. Currently, this narrative is against crypto, because it involves inflation, rate hikes, and perhaps a deep recession. However, the adoption of Dogecoin by Tesla and the support by Elon Musk proved that even a small change in narrative can pump up the price. These analysts believe that as soon as a new narrative is adopted by the media, the hype will return and Dogecoin could rally once again. Coinpedia puts the estimate between roughly 8 and 16 cents, which is a very broad range.
The broader crypto markets have been driven by market cycles so far. For each bull run that we witnessed, between 1 and 2 years following that were dominated by the bears. Some analysts argue that the cycles are broken and that we cannot expect that history repeats. Others believe otherwise and if they are correct, then we are going to see the return of the bull in 2024.
To put things into perspective, this is how the last two bull cycles played out: From March 2017 to January 2018 the price for DOGE rose by 8,500% to a (then) all-time high of $0.018. And from December 2020 to May 2021 the Dogecoin price rose by more than 24,000% to an all-time high of $0.75.
Dogecoin has not had a DeFi ecosystem and smart contracts, however, the Dogecoin Foundation is actively working to improve its technology. This serves the plan to make Dogecoin somehow the people's cryptocurrency. This includes easier integration of Dogecoin for payments in stores and online shops. Should the “trailmap” be concluded and the market share increase, then Dogecoin could rise to new highs due to its demand. According to its website, the foundation is busy developing quite a few things:
On the other hand, should the market cycles continue, then some analysts give us reason to believe that both years could be less fruitful again. It is noteworthy that the bottom of each bear market created the most opportunities for patient investors who were willing to take the risks.
Most projections are taking into account that the crypto market as a whole is seeing a certain growth within the next 7 years. The market cap peaked in 2021 with a value close to $2,9 trillion. Of course, growth predictions vary, but if it were to grow in a region of a $10 trillion market cap, then Dogecoin could indeed exceed its last all-time high setting the price in a range between $1 to $2 per DOGE. Some predictions by various websites:
However, there is also a bearish thesis that doubts that Dogecoin will be of any use by 2030. The reasons for this are twofold. Dogecoin could either be replaced by one of its many competitors that offer DeFi applications or blockchain gaming. Another reason is the emission rate of DOGE and the fact that there is no hard cap. Unlike Bitcoin, Dogecoin was designed with an infinite amount of DOGE that is created over time. Many cryptos implement some sort of tokenomics making the asset in question scarce. According to these analysts, it is even possible that Dogecoin becomes popular but will never exceed a certain price range due to its inbuild inflation.
Can anybody predict the price for Dogecoin with certainty?
No, all projections, price targets, and market analyses must be taken with a grain of salt. Even AI cannot predict the outcome of markets in terms of price movements.
It is however interesting to read up on the topic since every analyst and website has different arguments for their price predictions, which will probably teach you a bunch about the project and on reading charts and using technical indicators along the way.
Can Dogecoin hit a price of $10?
Speculations are sometimes running wild on social media. There is a possibility that DOGE will hit $10 one day, but there is also an even higher chance that it never will. Please note that random price targets should never guide an investment decision since they only represent arbitrary numbers. One could also ask if Dogecoin can reach $100 or even $1000, but the answer to those questions is not adding any real value to the market analysis.
Are there any competitors to Dogecoin?
Yes, there are a lot of meme coins and tokens. This includes FLOKI, Shiba Inu (SHIB), BabyDogeCoin, Dogelon Mars (ELON), and many more. Some of them stick to dog memes, while others are all about cats or different foods or other random objects. Many of them are tokens on top of another blockchain such as Ethereum, while others offer DeFi applications that add a use-case to the protocol's native meme token.
Does Dogecoin have a competitive advantage?
One could argue that the backing from Elon Musk is some sort of advantage. Musk sent his right hand, Jared Birchall, as an advisor to the Dogecoin Foundation. Having the richest man in the world as your wingman is indeed an advantage. However, his influence on things should not be exaggerated. Musk is making most of his money through his ventures and not a decentralized open-source meme coin.
Nov 08, 2021
One of the maybe most exciting coins on the market is Shiba Inu (SHIB), but not because it has brought technical novelties or introduced a brand new blockchain product. Instead, Shiba has put up something completely different on the table: the power of memeing. But what is Shiba Inu really and what does it do besides being a meme? In this article, we are going to dive deeper into the first Dogecoin killer available on the market.
May 09, 2021
Dogecoin is the success story this year. It went from 0,002 US-Dollar up to 64 Cents per DOGE. Many investors became millionaires while others sold happily all their DOGE at 8 Cents and missed out on the opportunity. Analysts gave reason to believe that Dogecoin only started a long-term rally and TikTok influencers are absolutely sure that Dogecoin will hit a price of 1 US-Dollar later this year. But what is Dogecoin in the first place? And why did it become so successful all of a sudden? In today’s article we are going to dive a little bit deeper into the world most famous cryptocurrency that is closely connected to a meme.
Feb 01, 2021
Dogecoin is one of the oldest cryptocurrencies on the market. It started in the year 2013 and has enjoyed much attention ever since. One remarkable event was the sponsoring of the Jamaican bobsled team in 2014. Most recently DOGE has seen a drastic increase in price and many people wonder why and how did this happen?
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