Dogecoin Price Prediction: Has the Hype Faded?

So, what's DOGE's appeal? Should we expect new surprises from the Generation Reddit coin? We'll be putting the cryptocurrency in context by looking at its history, examining its improbable rise and looking at the Dogecoin price prediction for the near and distant future.

What Is Dogecoin (DOGE)?

Dogecoin is a cryptocurrency that originated as an online meme in 2013. The logo and mascot are a Shiba Inu dog, which itself also traces its humble beginnings to a meme. The currency was invented by software engineers Billy Markus and Jackson Palmer with the goal of making payments fun. However, Billy Markus left the project in 2015 and sold off his coins to eventually buy a Honda Civic.

Dogecoin runs on blockchain technology, similar to how Bitcoin and Ethereum do. However, it's more of a satirical homage to BTC, with no real purpose other than being a sensationalised gag.

Unlike most crypto assets, it doesn't strive to be a good store of value. Currently, there are more than 129 billion DOGE coins in existence, compared to less than 19 million bitcoins with a total supply limit of 21 million. Dogecoin has no supply cap, and each year, users mine billions more.

The Main Drivers of Dogecoin's Price

Back in 2013, it would have been extremely difficult to make a Dogecoin price prediction because no one expected it to go so far. But now, we have a better perspective on what contributed to its price surges. Below are the main three factors. 

Celebrity Endorsements

Tesla's Elon Musk is one of the most prominent supporters of Dogecoin. His tweets have been a market catalyst and added significantly to the digital token's mania. Musk even changed his Twitter bio to "Former CEO of Dogecoin" at one point. 

Interestingly, more celebrities have been vocal about Dogecoin, including rapper Snoop Dogg and rock musician Gene Simmons. Naturally, every time a celebrity promotes it, the price goes up.

Exchange Listings

Another big reason for DOGE's sudden rise is its listing on Coinbase. Back when Bitcoin and Ethereum weren't that big, being added to the most popular virtual currency exchange in the US was similarly huge.

Coinbase's market cap briefly hit $100 billion when DOGE went public, so it was a mutually beneficial endeavour. If another exchange lists the meme crypto, it might jumpstart another surge, although it doesn't necessarily have to be an exchange with the same massive trading volume as Coinbase.

Reddit and Social Media in General

Reddit has been a heavily discussed platform in the financial world, and it managed to leave its mark on Dogecoin, as well. A group called SatoshiStreetBets built up enthusiasm for the cryptocurrency, reminding some of the rise of GameStop earlier this year. The name, of course, refers to Satoshi Nakamoto, the pseudonym of Bitcoin's creator.

The group randomly decided to propel the value of Dogecoin "to the moon", causing the price to increase many-fold. The social media push has been very influential lately.

A Look into Dogecoin's (DOGE) Past Performance

Dogecoin hit the scene on 6 December 2013, and for all these years, the price has been very low: around $0.0002. At its best times, it sold for around $0.003.

It was common practice for people to just give DOGE coins away for free on social platforms, like Reddit, Twitter, Facebook and others. It was famously used as a reward or tip for posting content at the time.

Even though there aren't many events in Dogecoin's history, we can still pinpoint how they correlated with the price changes:

• January 2014: DOGE trading volume rose by more than 8 times in a matter of a week, and the price rose six-fold, from $0.0003 to $0.0018. This was driven by a fundraiser to raise $50,000 for the Jamaican Bobsled Team, which had qualified for but could not afford to go to the Sochi Winter Olympics.
• May 2015: The 100-billionth DOGE coin had been mined with an additional 5 billion coins, which was roughly the time for the crypto's all-time low of $0.00008547.
• 2016: This year was remarkably uneventful, with the price not moving anywhere outside the $0.0002-$0.0003 range.
• November 2017-January 2018: At the time of the cryptocurrency bubble, the asset grew remarkably relative to its size, soaring from $0.001 to $0.012. 

Up until the end of 2020, its price had been pretty stagnant. 

Dogecoin's Standing in 2021-2022

Dogecoin's position changed forever in early 2021 when it gained cult status on Reddit's message board among the same group of people behind the GameStop frenzy earlier in January. The set-up was practically the same: to artificially drive the value "to the moon". Later, this discussion was banned on Reddit for instigating manipulative activities.

But it worked, nevertheless, especially after being further fuelled by Musk's tweet. The first climb happened from 27 January to 8 February, when the coin's price increased from $0.007 to $0.07.

This wave lasted until 12 April. This time, it took less time to climb even higher, shooting to $0.37 in a matter of 6 days. This was the last sharp price surge before the price began to fluctuate up and down every day. By 16 April, Dogecoin was one of the top five cryptocurrencies by market value, according to CoinMarketCap.

For DOGE, the silly little crypto coin that could, 2021 was supposed to be the perfect year to take off. This year had already been dubbed the "year of meme stocks", with a perfect Reddit-induced storm driving up GameStop (GME), AMC Entertainment (AMC) and Bed Bath & Beyond (BBBY). However, as we can see now, the last quarter of 2021 wasn't particularly fruitful for DOGE. After reaching $0.34 in August and $0.30 in October, DOGE finished the year at a humble price of $0.19. That was the same note 2022 started on. 

On a large scale, Dogecoin price movements throughout 2022 have been sideways. The first half of the year shifted slightly towards a downtrend, which then turned into a flat market ($0.05-$0.06). November saw an uptick to $0.12.

Towards the end of the year, there were some signs of renewed interest in Dogecoin, particularly as cryptocurrency markets as a whole saw increased attention and investment. Dogecoin was trading in the range between $0.06 - $0.1.

Overall, though, it's fair to say that Dogecoin cost in 2022 was relatively stable and uneventful compared to some of the more dramatic fluctuations seen in other cryptocurrencies.

Short-Term Dogecoin (DOGE) Price Prediction for 2023

For the 2023 Dogecoin price prediction, we're using data from Crypto predictions.It has put the value in the $0.08-$0.12 range with the maximum doge price reaching $0.12. As you can see from the table with maximum and minimum prices, DOGE is keeping it mellow, with no significant price changes.

Digital Coin Price has a similar view - this source expects the maximum expected Doge price

for the year to reach up to $1.16.

Dogecoin Price Forecast for 2024

Here you can find the Doge coin price prediction for 2024 offered by Long Forecast. Let’s have a closer look at the table with detailed forecast.

Based on the data, it appears that Doge is expected to have a volatile year, with significant price swings throughout the year. The asset is going to start the year at a price of 0.054 and end at 0.018, representing a decline of 66.7% over the year.

Dogecoin Price Prediction for 2025

Further on, the Dogecoin price prediction 2025 comes from Digital Coin Price. Once again, we're assuming the positive scenario for Doge price prediction in 2025, in which the price is many-fold higher than it is at the time of writing.

Long-Term Dogecoin Price Forecast for 2030

The Dogecoin forecast for 2030 is a tricky subject. Some prominent figures in the industry might predict sky-high prices but based on reasons not linked to fundamentals. An outlandish price point in the upward direction will always be tempting to investors, but an unlimited supply of DOGE coins will not make it easy for the cryptocurrency. 

The 2030 outlook will differ from our previous Dogecoin projections, i.e., there are no month-to-month data. PricePrediction.net expects the lower range to be at $1.30 and the upper range at $1.57. 

Dogecoin (DOGE) Technical Analysis

The first thing in technical analysis is to spot the general direction of Dogecoin's price, overlooking individual fluctuations. We've already had the chance to peek at the price chart and assess that Doge is currently in a major uptrend.

You should use indicators and oscillators to support what the price movements are telling you:

• Relative Strength Index (14) - 50.0605 - Neutral
• Stochastic %K (14, 3, 3) - 16.5620 - Neutral
• Commodity Channel Index (20) - (−47.4591) - Neutral
• Average Directional Index (14) - 60.8324 - Neutral
• Awesome Oscillator - (−0.0271) - Neutral
• Momentum (10) - (−0.0308) - Buy
• MACD Level (12, 26) - (−0.0003) - Sell

Then, we use moving averages to filter out minor price fluctuations, making it easier to see overall trends:

• Exponential Moving Average (30) - 0.1076 - Buy
• Simple Moving Average (30) - 0.1186 - Sell
• Exponential Moving Average (50) - 0.0873 - Buy
• Simple Moving Average (50) - 0.0721 - Buy
• Exponential Moving Average (100) - 0.0384 - Buy
• Simple Moving Average (100) - 0.0368 - Buy

Finally, you should look for chart patterns that indicate a certain price movement. Below is an example.

The might be a new upward wave forming, which might be larger and more powerful than the preceding waves. Momentum indicators and price action are indicating a trend that will be up for quite some time. 

Intuit Consultants at Tradiview believe DOGE will be rallying until the middle of 2024 and reach around $17 and a market cap of $2 trillion. For comparison, BTC might have a market cap of $10 trillion around the same time.

What Crypto Experts Say About Dogecoin Price Predictions

There's a lot of useful information to gain from Dogecoin price predictions based on its historical price. But as an additional tool in our analysis, let's also look for opinions from the cryptocurrency world. These people have seen many coins come and go.

Kadan Stadelmann

Kadan Stadelmann, a blockchain developer and the Komodo platform's Chief Technology Officer, said that he doesn't see DOGE going over $1. The only exception is some Bitcoin-level buy-ins.

Even Mark Cuban announcing that his NBA team, the Dallas Mavericks, will accept Dogecoin for purchases is not enough. In his opinion, DOGE has found its niche and even a loyal following, which may result in wider adoption. However, it's nowhere near earning the title of future money and universal store of value. The narrative must certainly change to rebrand it as something other than a meme coin.

Plus, Stadelmann considers the amount of new DOGE as another challenge for price growth. At its current pace, that's 10,000 per minute/14.4 million per day/5.2 billion per year.

Johnny Lyu

Johnny Lyu, Chief Executive Officer at the KuCoin exchange, has higher hopes than Stadelmann. He wouldn't be surprised if people started to use DOGE in hotels, restaurants or movie theatres in the future. For some enthusiasts, this coin has already become a new symbol of crypto.

However, there is a big "but". Despite Dogecoin's potential, it's not going to climb to higher rankings. At certain points, DOGE surpassed BTC in searches and mentions. But only temporarily. If it does stay, it will be for its lower price and faster transactions, its two most prominent advantages. Plus, the community culture remains strong and committed.

Joel Edgerton

Joel Edgerton, COO and board member at bitFlyer USA, also spoke out on the subject of the Dogecoin forecast. Any cryptocurrency, or any asset in general, can be pushed to a certain price target if enough people want it to. But not in case with dogecoin price target, he pointed out that DOGE was always meant to be fun rather than a solution to real-life problems. Momentum investing not supported by underlying value is nothing more than speculation.

What to Do with Dogecoin: Trade CFDs vs Invest

No one could've expected Dogecoin to jump from $0.008 in January to $0.34 in August. But we're already observing consolidation, so $0.30-$0.40 is a reasonable range in its bull run.

There's still a long way for DOGE to outgrow its position as a short-term cultural phenomenon. It has never received institutional adoption, and there are no plans for it in the works. The project is community-driven with no official road map or white paper. Overall, it doesn't have a solid standing compared to many other cryptos at the top.

In order for Dogecoin to be a reliable investment, it needs a proper team, technological development and a clear strategy. Most people don't have the luxury to effortlessly lose their investment, unlike Elon Musk and other celebrity Dogecoiners. But in the short term, you might want to speculate.

If you choose to trade DOGE CFDs,you can potentially trade on both uptrends and downtrends in price. The best way to get into CFD trading is through a Libertex demo account.

Ιf you don't feel comfortable to start trade CFDs, you can sign up with Libertex and practise your skills with a demo account. Before putting your real money in the market, practice on new assets in a risk-free environment. Then, after you perfect your strategy on virtual money, switch to live trading.

Here are a few final takes to wrap up our Dogecoin prediction.