Dogecoin is a decentralized digital currency based on peer-to-peer technology allowing users to transfer money online. Interestingly, the “Doge” internet meme led to the creation of Dogecoin.
What Is Dogecoin?
Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu dog on its logo. The open-source currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013.
Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.
|Coin||Symbol||Price||Marketcap||Change||Last 24h||Supply||Volume (24h)|
|DOGE||$ 0.210701||$ 27.57 B||1.43%||130.64 B||$ 1.78 B|
Dogecoin Network & Signals
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With the introduction of several Tweets, Bitcoin turned from a meme coin to everyone’s favorite. It was considered the coin of people, and Elon Musk was called the “Dogefather.” It is the 5th most popular cryptocurrency among fans. Elon revealed in a recent statement that he owns Bitcoin, Dogecoin, and Ether personally.
Although co-founder Billy is promoting Dogecoin NFTs, his partner Jackson Palmer has remained critical of the industry, considering it corrupt and manipulated.
How do you mine Dogecoin?
Dogecoin mining differs from Bitcoin’s proof-of-work protocol in several ways, one of which is by using Scrypt technology. The altcoin also has a block time of 1 minute, and the total supply is uncapped, which means that there is no limit to the number of Dogecoin that can be mined. You can mine Dogecoin either solo or by joining a mining pool.
A Doge miner can mine the coin on Windows, Mac, or Linux and with a GPU. As of 2014, you can also mine Litecoin in the same process of mining Dogecoin, as the processes were merged.
What can Dogecoin be used for?
Dogecoin has been used primarily as a tipping system on Reddit and Twitter to reward creating or sharing quality content. You can get tipped Dogecoin by participating in a community that uses it, or you can get your Dogecoin from a Dogecoin faucet.
A Dogecoin Faucet is a website that will give you a small amount of Dogecoin for free as an introduction to the coin so that you can begin interacting in Dogecoin communities.
How can you buy Dogecoin?
You can buy or sell Dogecoin at any exchange that offers the coin, store it on an exchange or in a Dogecoin wallet, and tip Dogecoin in any community that accepts Dogecoin. For the latest list of exchanges and trading pairs for this cryptocurrency, click on our market pairs tab.
Dogecoin technical analysis and price history (2013-2021)
Born in 2013, Dogecoin was slow in the beginning. The $3.5 million market capitalization was not worthy of the market’s attention. However, within a few months, it began its upward trajectory and grew exponentially.
The second-year Dogecoin prediction was disappointing as Dogecoin hit new lows and felt the pain of a market-wide downturn. Also, it faced immense competition from new coins, including Stellar, Neo, and Monero.
Jackson Palmer, the co-founder of Dogecoin, quit Doge, which didn’t bode well for the coin. The year saw much negative press about Dogecoin, and many analysts predicted the death of Dogecoin.
The year 2018 was bearish for cryptocurrencies, and Doge was no different. The altcoins went down significantly in few months.
The recovery saw the Dogecoin trade near the $0.017 level, but bullish Dogecoin predictions were short-lived as the price touched a low of $0.002 and remained there for an extended period.
Dogecoin traded in a strict range of $0.002 to $0.005 for most of the year. It gained steam at the end of 2020 when Bitcoin was touching new highs.
At the start of 2021, Dogecoin was headlining news, and it reached the all-time high of $0.7376. In the currently 1-day chart, we can see that the coin is trading below the 50-day MA as well as 100-day MA. There are chances that the price of the coin might break out of the upper end of the Bollinger Band. For now, until the two Moving Averages are not conquered, a bullish run cannot be confirmed. It is currently 73 percent down from its all-time high.
Market predictions for Dogecoin price 2021
The technical picture of the Doge price by Wallet Investor was nothing but sizeable green candlestick patterns around two months back. The price increase was meteoric and relentless, giving no room to the sellers.
The coin reached its all-time high in the month of May 2021, and then, the bearish trend arrived that damaged the entire market, and the scars resonate still.
The market continues to go down with signs of bullish reversals but lacks volume. The 1-year forecast for Dogecoin shows that the coin will be reaching $0.380 by mid of 2022, and in the 5-year period, it is expected that the coin will definitely reach $1.17.
CryptoGround analysis reflects a bullish future trend for Dogecoin as the prediction states that the coin will be reaching $0.1896 in August, $0.3 by the end of the year. In a year, the price will be $0.3410, and within 5 years, Dogecoin will reach $0.5759.
Another outlook comes from TradingBeasts, which sends mixed signals on the Dogecoin price in the future. They expect the price to move towards $0.2200129 and the minimum expected dogecoin price is $0.3235484 in 2021. In the month of December 2024, Dogecoin might reach an average of $0.3444431 on the charts.
DOGE Price Forecast – Crypto’s Verdict on Doge Price Prediction for Next 5 Years
Dogecoin Price Prediction 2021
The year 2021 has been kind to cryptocurrencies in general, except for the two months. Most coins have touched the highs of their lifetime, and the Dogecoin price is no different. On 8th May 2021, the extraordinarily bullish Dogecoin forecast turned even more positive after Dogecoin got support from Snoop Dogg, Kevin Jonas, Elon Musk, and Gene Simmons.
The immense celebrity support for Dogecoin has propelled its market cap to fresh highs by completely ignoring the overbought technical indicators in the cryptocurrency.
Its rising use in mainstream payments will increase its adoption among the masses in the long run. Dozens of online retail merchants and platforms, including AllGamer, eGifter, and Coinbase Commerce, now accept payments in Dogecoin. Dogecoin 2021 was in an overextended bull run powered by sheer volumes from day traders, institutional investors, celebrities, and DOGE whales.
Then the bears took the entire market down, and now, Dogecoin is trading at $0.19. Although, in the long run, it will rise.
There’s no doubt that the unprecedented celebrity support for Dogecoin will likely keep pushing DOGE/USD past every resistance level in the future. The Dogecoin price prediction of achieving the $0.1 level by the end of the year 2021 may happen sooner than expected in the wake of current events for Dogecoin price prediction.
As people realize its practical value and DOGE’s mainstream importance, Dogecoin might pick up the pace later in the year.
Doge Price Prediction 2022
Dogecoin price forecast is looking up as it has a lot going on for 2022, as there is a lot of bullish momentum to make up for the current bearish run. There may be corrections on the way, but the overall weekly and monthly charts are tuned for new high market price in the future.
The technical analysis and fundamental picture are giving out positive sentiment. The broader crypto market support can further reaffirm this optimistic Doge price prediction 2022. As per the current cryptocurrency market action, the coin is likely to gather steam in the coming months and charge towards the $1 coin milestone by the end of 2022.
Multiple technical studies, including the extended Fibonacci retracements, show that Dogecoin’s price might touch as high as $0.6 by December 2022. 2022 is also expected to feature much more positive news for Doge. Most importantly, such a jump in the Doge crypto price will attract institutional investors that may further bolster the prospects of touching $1.
The year 2022 will also witness the rise of Dogecoin whales as large cryptocurrency investors jump on the bandwagon. Like BTC whales, these newfound Doge whales will help set up the long-term support and resistance pivot points evident in every mature asset’s journey.
Dogecoin Price Prediction 2023
The year 2023 can see the coin price entering the big boy’s turf. It may very well prove to be a pivotal year for Dogecoin as it cements its upward journey beyond $1.5. Technically, the 161.8 percent Fibonacci extension puts Dogecoin at a $1.45 level by the end of 2023. However, the long-term forecast is often overshadowed by fundamental news. Hence, it is safe to assume that the Dogecoin price in 2023 stands between $1.35 to $1.45.
When such long-term price prediction studies are being undertaken in a cryptocurrency, it is safe to follow a range rather than concrete price prediction Dogecoin. In 2022, the low may be around $1.2, whereas the high can be near $1.5. In BTC terms, the Doge price may touch approximately 0.0000023301 BTC.
A more conservative approach would include the various global regulations governing Dogecoin. The bullish sentiment may get muted if the broader cryptocurrency market does not perform well due to various government regulations.
In such a scenario, the Doge price can remain in the range of $0.0954 to $1. In the worst-case scenario, the price can touch the lower support at $0.07634. Still, the overall momentum is highly bullish for Dogecoin cryptocurrency.
Dogecoin Price Prediction 2025
Due to its popularity among its users, Dogecoin might stay afloat and not drop in value in the next five years. According to WalletInvestor, there will be a positive price trend.
A prevalent prediction forecast for Doge is that by 2025, the Dogecoin price can significantly rise to $1 – several cost leaps from the current Dogecoin price of $6 (at the time of this writing).
CryptoGround price prediction Dogecoin is not far from WalletInvestor. Using its in-house deep learning algorithm, the prediction is that Dogecoin may be a profitable 5 years investment that may yield a doge price of $1 by 2025.
FAQs on DOGE coin
Will Dogecoin go up in 2021?
Dogecoin has been, perhaps, the perfect roller coaster ride of 2021. The high volatility came courtesy of the various comments by famous personalities and crypto experts. The most significant push to the cryptocurrency has been given by Elon Musk, who made his ultra-bullish views clear about Dogecoin.
The high price volatility has helped the price of Dogecoin gain much appreciation in the crypto realm. The Dogecoin community has grown manifold as the price has risen by 774 percent in the last eight months alone.
The recent arrival of the bearish trend in the market has brought down the price of the coin to its knees. Yet, the future still seems bright when the market again turns bullish.
A journey to new highs is on the cards as Dogecoin might get huge support from the broader crypto market. As the digital coin market cap grows beyond $25,215,777,224.53, the exponential growth rate will only boost further price rise. Ignoring minor pullbacks, the price will surely go up in 2021.
What is the current price of Dogecoin?
Currently, Dogecoin is trading at $0.19. The price is going down as of now, but the future seems to be too bright. The RSI, MACD, Stochastic Indicator, Awesome Oscillator, and Bollinger Bands give positive signals on the daily and weekly charts.
How many Dogecoins are there in a dollar?
At the current rate of exchange, there are 5.2 Dogecoins in a U.S. Dollar. From the day of Doge’s inception in 2013, Dogecoin started as a joke and is now one of the most popular crypto communities.
Is Dogecoin a good investment?
I think that if everyone would buy a lot of Dogecoin, it will raise the price. Bitcoin price started the same way. We can power our economy if we make Dogecoin viable. Buy, buy, buy! That’s just my take on Dogecoin. Dogecoin’s future is definitely bright.
If you buy even 200 and Doge’s price goes up to $100, you have made $200,000 (before taxes) on a small investment, and you can’t go wrong with that. I’ve long been convinced that Doge blows everything else away. The Doge token is superior on every count but try and get anyone ‘serious’ to look past the joke thing.
Even the guys who own Doge themselves seem unwilling to do anything. It makes it hard to advance adoption when exchanges, journalists, even traders refuse to take Doge seriously. But on the plus side, investors have bucketloads of enthusiasm around the coin. Maybe we can keep chipping away because hassling people about Doge won’t make them cave in.
Peter Schiff’s comment that “Dogecoin is better at being Bitcoin than Bitcoin” is probably what attracted the attention of Crypto Twitter the most. When asked to compare the number of BTC in circulation to DOGE, which has a more excellent circulating supply, the Bitcoin critic dismissed the argument by saying:
“The number is meaningless. There is 2.1 quadrillion Satoshis. Dogecoin’s supply can’t increase by more than 2% per year. Practically speaking, Dogecoin is a better cryptocurrency than Bitcoin.”
Where to trade Dogecoin?
Dogecoin has come out of the shadows. Now, almost every significant cryptocurrency exchange offers Dogecoin crypto trading. Some of the popular exchanges offering Dogecoin trading services are Coinbase, Binance, Kraken, Bittrex, Bibox, and more.
Most exchanges have simple registering processes, and users can begin almost immediately after registration. Traders can set up their accounts, create a wallet and transfer the money using suitable channels, including credit cards, debit cards, or bank wire transfers.
Tweets from the community do carry a lot of weight. More than a month ago, Elon Musk took Dogecoin under its wings as it faces “discrimination” by conducting a poll of his Twitter following and declaring Dogecoin the “future currency of Earth,” with ‘All other crypto combined’ netting only 28.7% of the vote by comparison.
The SpaceX and Tesla CEO posted several tweets criticizing the so-called crypto whales who hoard large stockpiles of Dogecoin. Elon blamed these large holders as the only thing standing in the way of Dogecoin from becoming a mainstream currency, who has previously suggested that the “people’s crypto” could become the official currency on Mars.
Analysis of digital wallets reveals that one holder owns more than a quarter of all 128 billion Dogecoin (DOGE) tokens in circulation. The balance of just over 36 billion Dogecoins is worth over $2 billion at today’s prices.
A further 19 digital wallets hold another 25 percent of all Dogecoin, meaning just 20 people own more than half of all Dogecoin in existence – assuming the wallets are owned by separate individuals.
After Elon’s Tweet shown below, there was a rise of seven percent in the price of Dogecoin, even in this bearish trend that we are facing.
Tweets by Elon have proved to be very beneficial for the strength of the price of Dogecoin. With the further revelation of the fact that he holds ETH, BTC, and DOGE by Elon himself, we might see institutional investors investing money in Dogecoin.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.