For a cryptocurrency that started out as a meme, Dogecoin has done pretty well in recent months when it comes to the industry as a whole. It experienced a 300% rise in May and April, and nobody believed that this was possible, but as expected, this was short-lived.
Now, a bit of bullish momentum is returning to the market, and a lot of people are thinking about Dogecoin as an investment opportunity once again.
This article is going to talk about our predictions around Dogecoin for both months and years to come.
We will talk about the cryptocurrency in great detail, as well as show you where you can buy Dogecoin without having to pay commission.
Dogecoin Price Prediction 2023
As of November 2021, The price of Dogecoin was $0.270496, Which means that it has experienced a bit of a decrease from the highs that it reached in May 2021.
However, despite this, we still think that the future looks pretty bright, with a lot of influential backers helping to boost the popularity of the coin.
Below, we have laid out our price predictions around Dogecoin when it comes to the months ahead, so that you can get a good idea of the potential that it might have.
- One month: Given the momentum that it has experienced recently, if projections continue when it comes to Dogecoin, it is highly likely that the price is going to head towards the $0.4000 level in the next month.
- Three months: If Dogecoin is able to capitalize on the current cryptocurrency bull market, then the next stop could be as high as $0.5500, where we are sure it will come up against some strong resistance.
- Beginning of 2022: By the start of 2022, we believe that Dogecoin is going to be sitting at an all-time high of $0.7400 that it reached back in May 2021. This means that it could increase 168% from its current levels.
Dogecoin Price History
If you are attempting to purchase Dogecoin in the short term, it is important that you analyze the history of the coin, and how it got to where it is today.
This of course is known as doing your due diligence, and it is one of the most important aspects of investing in a cryptocurrency. First, let’s begin by taking a look at what Dogecoin was before taking a look at its price journey.
Dogecoin was created by Jackson Palmer and Billy Markus, both of who are software engineers who worked for Adobe and IBM.
As most people are aware of at this point, it was started as a joke between these two guys who used a Shiba Inu breed of dog as the logo for the coin. Apparently, it was launched back in December 2013, and has since expanded to obtain a market cap of $35.8 billion.
Until the start of 2021, Dogecoin didn’t have a lot of positive momentum going for it and was sitting at approximately the $0.0088 level. However, in January 2021, this changed thanks to hype that was generated around it by social media communities.
This hype was a side product of the short squeeze implemented by GameStop, which caused a lot of retail investors to invest in Dogecoin as a joke.
As a result, its value rose by 1167% within just a couple of days in January, which meant that investors got a huge return. Then, its value stabilized at $0.0500 until April 2021, when it began to pick up momentum again.
At this point, Dogecoin was very much at the forefront of the minds of crypto investors, thanks to Elon Musk endorsing it, as well as Mark Cuban, and Snoop Dogg.
The Wall Street Journal reported that Coinbase’s direct listing caused a huge bull run in the cryptocurrency market. This meant that well-known cryptocurrency coins including Ethereum and Bitcoin surged to new heights, thanks to a renewed interest in the cryptocurrency market from retail traders.
At this point, Dogecoin wasn’t a tradeable asset on Coinbase, but it still benefited from this momentum.
However, this wasn’t to last. In May 2021, its price dropped by 79%, and continued to do so over the next couple of months.
Analysts believes that its bubble had burst, which led to investors to go to other cryptocurrencies instead. Its value continued to decrease until August 2021, when its momentum began to pick up again.
Now, its live price has increased almost 50% in just a week, as a bit of positive momentum has been injected back into the market.
There’s no specific news that relates to Dogecoin, but the broad market rally is having a positive impact on the cryptocurrency in general, and going forward, the future definitely looks bright for not just Dogecoin, but for the cryptocurrency market in general.
Dogecoin Price Forecast
If you are wondering at this point how to purchase cryptocurrency, it is important to be thorough with your research. Relating this suggestion to Dogecoin, you need to think about both fundamental and technical analysis factors so that you can accurately predict whether its value is going to go up or down.
With this in mind, we are going to talk about what influences our Dogecoin price prediction.
As you can see from the price chart below, the current value of Dogecoin has broken out of a falling wedge pattern.
This kind of position typically occurs in the crypto market just before a bearing or bullish impulse, which means that it is good news for Dogecoin investors.
Right now, Dogecoin is testing the resistance at $0.3. If the value can show a solid close past this region, then it could be sitting at a renewed resistance of $0.42.
There is highly likely to be a bit of volatility around this area as purchases and sellers fight to see who comes out on top, so it might not be feasible to predict a clean break.
Looking forward at the future of Dogecoin, we are relatively optimistic about our price prediction. The technical factors indicate a bit of bullish momentum from a cryptocurrency like this, with resistance at $0.5500 being the vital level to break.
If this happens, we believe that Dogecoin could return to an all-time high, and even go beyond this.
When people purchase Bitcoin, they aren’t just investing in it because of the value, they are investing in it based on the cryptocurrencies use cases.
The same rules apply for Dogecoin, because use cases are where a cryptocurrency gets its value from. In the beginning, people were skeptical about Dogecoin because it didn’t seem to have any practical uses, however, this has changed recently.
One of the reasons why Dogecoin might make a good investment is because of its strong community backing. Both Twitch and Reddit users seem to love Dogecoin, especially considering it has memecoin status.
As a result, these communities are really good at hyping up the coin, and helping to boost its value, which of course has a snowball effect when it comes to momentum.
Additionally, Dogecoin is partnering with more and more businesses out there that are deciding to accept the coin as a payment method.
For example, the dog walking app Wag is now accepting Dogecoin as a payment method. Of trends like this continue, it is only going to add to the credibility of Dogecoin, which is going to help to push the value even higher.
Long-Term Outlook and Dogecoin Price Prediction 2025
Now, let’s check out our Dogecoin price prediction over a longer period of time. As we have talked about already, Dogecoin has managed to break out of a falling wedge pattern that it seems to have been stuck in during recent months.
Now, the key is to evaluate whether the price is going to instantly return to this pattern, or whether it is going to continue riding the wave of the bullish momentum.
Looking to the future, one of the most important things that Dogecoin can do is to partner with more of the best trading platforms in the UK, so that it is seen as a tradeable asset.
Right now, Dogecoin is not offered by many exchanges and brokers, which means that this severely limits how many people can actually invest in it. This also reduces how high the value of Dogecoin can go.
Another thing to think about when it comes to predicting Dogecoin’s value in the future is the practicalities of the cryptocurrency.
Currently, the majority of the coin’s practicalities center around minor actions, including tipping.
However, it is worth noting that Dogecoin’s platform is a lot more environmentally-friendly than other cryptocurrencies out there, so if Dogecoin can lean on this advantage, it is going to be another incentive for people to invest in it.
With this in mind, our price prediction for a Dogecoin in 2025 is that the coin might reach $1. Of course, this is going to require it to increase by 272% from today’s value, which is challenging.
However, when you think about how much Dogecoin has grown in just a short space of time, an increase in value of this size doesn’t seem outlandish.
Looking even beyond 2025, our price prediction for Dogecoin in 2030 estimates that it is going to be even more valuable.
Market trends could see outdated systems being replaced by more effective solutions, so taking this into consideration, we believe that by 2030, Dogecoin could be worth $2 or even more.
This is because Dogecoin is positively impacted by increases in the broader cryptocurrency market.
This means that even if Dogecoin doesn’t have any positive news itself, any bullish momentum that the cryptocurrency market experiences is going to help an increase in value.
Because the cryptocurrency market is expected to increase in value in general in the future, this of course is good news for smaller currencies like Dogecoin.
Dogecoin Price Chart
When it comes to our prediction for Dogecoin, we take into account various factors that might affect the price. As you can see from the price chart, the decline in value since May 2021 has been relatively steep.
During this decline, a lot of analysts believed that Dogecoin was a bubble and that the coin actually didn’t have any real value, which is why it returned to levels that it was at before its spike.
However, as you can see from the chart, the value did sit at $0.1600, and it has stayed strong there for a while.
This means that there is a good chance that we will see a bull flag forming on Dogecoin’s daily chart, as the value gives up for another push.
If a bull flag forms and then breaks, there is a clear path for the price to increase to the next resistance level of $0.4200. Again, a number of factors are required for this to occur, but the fact that this value has been at these levels before means that there’s every chance of it happening again.
Where to Invest in Dogecoin
Before we finish off this article, we think that it is a good idea to discuss where you should be investing in Dogecoin.
Similar went to when you purchase stocks, the process of purchasing Dogecoin means that you need to create an account with an exchange or broker that can facilitate this investment.
These days there are a lot of broker options to choose from, which means that it can be difficult to narrow down the best option.
Don’t worry, we can help you with this. We believe that the best place to invest in Dogecoin right now is Binance.
Binance is an excellent resource for helping you buy and sell your cryptocurrency within just a few minutes, and they say that they are one of the world’s largest cryptocurrency exchanges.
One of the things that stands out to us about this cryptocurrency exchange is that there is no minimum that you have to invest to start buying and selling cryptocurrency.
Most cryptocurrency exchanges out there require you to invest a certain amount in the beginning, but with these guys, you can literally choose your value, and go from there.
Another thing that we really like about this crypto currency exchange is that they have a mobile app, so that you can take them on the go, and check in on your trades wherever you are. Again, not every exchange offers this level of convenience.
If you are someone who thinks that at some point you are going to need to talk to a customer support person, and you want this process to be relatively easy, then we definitely suggest that you go with Binance.
They have a high level of customer support that is available around the clock, and they also have a community based around their features, so that you can get stuck in with talking to like-minded people, and discover new ways to be a part of the cryptocurrency industry.
At the end of the day, we have covered Dogecoin in great detail, and we have talked about its history, as well as what you can expect from it in the future.
As we have noted from our Dogecoin forecast, the future definitely looks bright for this cryptocurrency.
If developers can continue to add practical uses for Dogecoin, and the cryptocurrency can begin to start partnering with larger companies, we believe that it could return to its all-time highs, and even go beyond this.
If you would like to start investing in Dogecoin right now, then we highly recommend that you use Binance.
As we mentioned, there is no minimum deposit, and you can take them on the go with you, because they also offer a mobile app.
What Is the Price of Dogecoin Right Now?
The current price of Dogecoin right now is $0.270496. This means that it has increased 75% since its lows in July 2021.
What Drives Dogecoin’s Value?
Things like supply and demand tend to influence the price of Dogecoin, which means that if demand increases, the price is going to follow.
Demand is affected by a lot of factors, including practical uses, celebrity endorsement, and even hype that has been generated by online communities.
Where Can I Buy Dogecoin?
We will say that it is a good thing that there are now a lot of brokers out there that offer Dogecoin as a tradable asset, but we have to say that at the end of the day, we think that Binance is the best place to buy Dogecoin.
Why Is Dogecoin Increasing in Value?
There hasn’t been any relatively new news that has been released that relates to Dogecoin, but we think that the bullish momentum in the cryptocurrency market right now has had an indirect effect on the increase in value.
When other bigger cryptocurrencies like Bitcoin increase in value, a lot of the smaller ones tend to follow suit.
What Will Dogecoin Be Worth in 2023?
We believe that Dogecoin is going to be worth $0.8000 by the end of 2023.
What Will Dogecoin Be Worth in 2025?
We believe that Dogecoin is going to be worth $1 by 2025.