Dogecoin (DOGE) has proven to be a massively profitable investment for the short term. But the future outlook of the popular meme cryptocurrency keeps getting better with Elon Musk associations, including industry support.
Dogecoin has been used primarily as a tipping system on Reddit and Twitter. However, the utility has expanded as more than 2,000 stores have started accepting payments with the cryptocurrency.
The world’s richest man Elon Musk had affirmed Dogecoin as his favorite cryptocurrency, and he believed that meme token has the potential to become a currency.
Recently, Elon Musk’s The Boring Company announced they have rolled out support for Dogecoin as a payment option for Loop rides. Already, SpaceX and Tesla had announced that DOGE would also be supported for payments.
DOGE currently trades around $0.0688, with a market capitalization of $9.12 billion from a circulating supply of 132.67 billion DOGE tokens. Amid the bear market, the price of Dogecoin has been down over 13% in the last 30 days.
If you are interested in virtual currencies that offer a solid return, DOGE may be an investment choice that is advantageous for you. The anticipated return in 5 years could be +697.1%.
Given that Dogecoin is trading at more than 70% below its all-time highs, it is possible that it is undervalued. The DOGE price projection for 2025 is $ 0.754717 if it tracks the rise of Facebook. If Dogecoin grows at the same rate as the Internet, the projection for 2025 is $0.148765.
Doge could go lower from the current price if the crypto winter tarries. The price of DOGE is now trading at an average of $0.0688, but it has the potential to reach a high of $0.12.
It is anticipated that the price of DOGE will reach a minimum of $0.30 in 2025. It has the potential to reach a high of $0.37 while maintaining an average price of $0.31 over the year 2025.
In 2030, the anticipated price of DOGE is $2.05 minimum. During the whole year 2030, the price of one Dogecoin might reach a high of $2.42 while maintaining an average trade price of $2.11.
Dogecoin has been shown to be a profitable investment since its introduction to the market. It has emerged as one of the most sought-after cryptocurrencies today, thanks to Elon Musk's hype in 2020.
Given that Dogecoin is trading at more than 70% below its all-time highs, it may be undervalued. The chance that the entire cryptocurrency market is nearing the bottom contributes to the optimistic DOGE price forecast.
Please take these price predictions as suggestions of some market experts/analysts. Prediction with tools may not turn out perfect due to the unpredictability of certain factors such as public sentiment and market conditions.