Dogecoin is currently one of the largest and most popular cryptocurrencies in the market. The token was based on the popular “Doge” Internet meme and features a Shiba Inu dog on its logo. In recent years, however, Dogecoin has grown from a meme token to a darling asset for many people.
More recently, Dogecoin was considered the coin of people, and Elon Musk was called the “Dogefather.” The world’s richest man has previously disclosed that he owns Bitcoin, Dogecoin, and Ether personally, which momentarily spiked the price of Dogecoin.
Currently, the price of Dogecoin is around $0.1048 on Coinmarketcap. There are 132.67 billion DOGE tokens in circulation, which make up the $13.9 billion market capitalization of the cryptocurrency. But what has been driving the price of Dogecoin lately?
Elon Musk’s acquisition of Twitter has caused the recent price spike of Dogecoin. Many people, especially in the DOGE community, are optimistic about Dogecoin because they have faith in Elon Musk to stick with the initiative and continue to support it.
There are speculations and rumors that Elon Musk will integrate his favorite cryptocurrency, Dogecoin, as a payment option for the services Twitter offers. Such support could create demand and utility for Dogecoin, which are vital to keeping the value on the uptrend. However, it should not be the sole basis for investment in digital currency.
Wallet Investor is bearish on Dogecoin’s future prices, predicting that it will fall to a minimum price of $0.00850 by the end of 2022. Their long-term predictions are bearish, with the cryptocurrency’s value being at $0.00860 after 5 years and further falling to $0.00790 by the end of 2026.
2023 Dogecoin might reach a maximum of $0.18, an average price of $0.15, and a minimum of $0.15 in 2023. 2025 Dogecoin might reach a maximum of $0.37, an average price of $0.31, and a minimum of $0.30. 2030 Dogecoin might reach a maximum of $2.24, an average price of $1.90, and a minimum value of $1.84.
Dogecoin has been shown to be a profitable investment since its introduction to the market. Dogecoin was just another cryptocurrency on the market for years. Dogecoin has emerged as one of the most sought-after cryptocurrencies in the cryptocurrency market today, thanks to Elon Musk's hype in 2020.