Dogecoin Price Prediction: Will DOGE Coin Reach $1 Soon?

January 22, 2024

Price Prediction

Sean Korbett

Dogecoin (DOGE) is probably the most famous of all meme coins. A cryptocurrency with a Shiba Inu dog on its logo was developed in 2013 and it’s based on the well-known ‘Doge’ Internet meme. The project’s codebase was a fork of Litecoin, inheriting many of its characteristics, including the hashing algorithm, with the exception of branding and a significant inflationary supply. As a ‘joke currency,’ Dogecoin immediately grew its own online community and today, is reserved a place for itself among the large number of crypto projects. But what will happen to this crypto in the future? Read more about Dogecoin price prediction in the new StealthEX article.

Dogecoin Crypto Overview

Open-source, peer-to-peer cryptocurrency Dogecoin (DOGE) was created as a parody of the cryptocurrency market after the launch of Bitcoin. It was initially developed as a humorous joke for cryptocurrency fans, but it swiftly took off and is now one of the most popular cryptocurrencies.

Bill Marcus and Jackson Palmer, two software developers who were employed by IBM and Adobe Systems, respectively, launched Dogecoin in late 2013. The code for Dogecoin is based on Litecoin, and uses scrypt technology. This technology set it apart from other kinds of cryptocurrency, including Bitcoin, which uses a different Proof-of-Work algorithm called SHA-256. 

Dogecoin creation was primarily intended to increase public understanding of the potential of blockchain technology. In addition, market trends that included the popularity of meme coins, made Dogecoin a prominent digital asset. And while its price has not been heavily influenced by regulatory changes in the field of crypto, the volatile cryptocurrency has increased more over 4,000% in 2021 alone thanks to the backing of a sizable online community that included Elon Musk, Mark Cuban, and Snoop Dogg. At the moment, it’s one of the top cryptocurrencies in the world by its current market cap.

DOGE Coin Price History

• Within the first two weeks of its launch in December 2013, the Doge’s price soared from $0.0002 to $0.0023, which amounted to a 1,061% increase, although the ultimate value at the end of 2013 was still miniscule.
• Because it attracted users who otherwise wouldn’t use Doge, the 2014 launch of DogeTipBot, a cryptocurrency tipping service, was a turning point for the currency. Users who would not have been exposed to other varieties of cryptocurrencies or digital tokens were drawn to it as well.
• More than $170,000 in Doge were donated to charitable organizations in 2014 by the Doge community, including a donation of 27 million Dogecoins (about $30,000 at the time) to support the Jamaican bobsled team’s participation in the Winter Olympic Games in Sochi.
• Doge’s value in January 2020 was $0.0023. The price of bitcoin that year increased to a new high of $0.0032 in July before declining for a few months before rising once again to $0.0035 in November. Doge closed the year at $0.0046.
• Doge regained momentum in 2021 thanks to rekindled public attention and backing. 2021’s January through May had a 9,884% increase in Doge. Considering that it began the year at $0.0368, Dogecoin surged to its all-time high of $0.74 by May 2021, which is impressive.
• Doge’s initial price in January 2022 was $0.1416, a 16.8% decline from December 2021. The cost increased to $0.1380 in March before falling once more to $0.0858 in May. As of July 20, 2022, there were approximately 132 billion DOGEs in circulation, with a value of $0.074.
• At the moment, Dogecoin’s price is around $0.08-$0.085.

Dogecoin Price Chart  

CoinMarketCap, 22 January 2024

Dogecoin Price Prediction

Dogecoin Price Prediction 2024

According to DigitalCoinPrice, Dogecoin will rise in price, however, the coin will stay in the same price range. Based on the experts’ forecasts, in 2024, DOGE might go as high as $0.18 (+115%) per coin at its highest point. Its minimum price might go as low as $0.0744 (-11%).

WalletInvestor believes that by 2024 Dogecoin’s price might stay low: presumably, the coin’s minimum price will hover around $0.000025 (-99%), while at its peak it might reach $0.2042 (+144%), which is still quite low even compared to its current price levels.

PricePrediction gives the same estimates as their colleagues at DigitalCoinPrice. Based on the experts’ forecasts, in 2024, DOGE might go as high as $0.1443 (+73%) per coin at its highest point. Its minimum price might drop to $0.1217 (+45%).

Dogecoin Price Prediction 2025

DigitalCoinPrice experts believe that in 2025, DOGE will continue to gradually rise in price. Based on their forecasts, Dogecoin might go as high as $0.21 (+151%) per coin at its highest point. Its minimum price might go as low as $0.18 (+115%).

According to PricePrediction, Dogecoin will still be a force to be reckoned with and will increase in price over the period of 2024-2025. The website claims that the expected maximum price of Dogecoin at the end of 2025 will be $0.2159 (+158%), and it may also drop to a minimum of $0.1817 (+117%). 

Dogecoin Price Prediction 2030

DigitalCoinPrice crypto analysts think that by 2030, DOGE will be making huge progress: its lowest price will be around $0.57 (+582%), while its maximum price will go as high as $0.62 (+641%).

According to Telegaon forecasts, Dogecoin will boom in 2030: if we are to believe their predictions, the highest price DOGE may reach is $5.06 (+5,950%) per coin. It can also drop in price to a minimum of $4.23 (+4,958%) per coin.

PricePrediction experts expect the coin to make less impressive progress: according to them, the coin’s lowest price will hover around $1.14 (+1,263%), while at its peak it might reach $1.32 (+1,478%).

DOGE USDT Price Technical Analysis     

Tradingview, 22 January 2024

Now that we’ve seen what the future can bring for Dogecoin, let’s find out a bit more about what crypto experts have to say about it.

Dogecoin Price Prediction: Experts’ Opinions

DOGE continues to gain more utility and receives a lot of attention. In 2022, Dogecoin Foundation released a roadmap that details future updates. This plan aims to make DOGE more useful, as the community envisions that DOGE will one day be used to pay for everyday things, such as coffee or even your rent. They want DOGE to be more widely accepted as payment. Some of the proposed milestones are creating different resources such as a Dogecoin Standard (a guide to help new developers join the project), a wallet, radio nodes for remote locations, and more.  

Overall, experts believe that with such strong support, Dogecoin might rise in price within the next ten years. Some analysts and experts predict the Dogecoin price could rise up to 20x in the next bull run. And it’s not unusual: the price for cryptocurrency Dogecoin spiked by about 30% in April 2023 after Twitter CEO Elon Musk changed the app logo from its blue bird to a Shiba Inu dog, a symbol often associated with the coin.

Meanwhile, analysts like CryptoNewsz expect that by 2030, Dogecoin will cost around $0.57-0.82.

Factors Affecting Dogecoin (DOGE) Price

As we’ve seen, the community is very supportive of Dogecoin. Elon Musk’s additional backing is encouraging for Dogecoin’s long-term prospects.

On Saturday 8 May 2022, Musk hosted the hit US NBC TV sketch show Saturday Night Live. In a tweet about his appearance, Musk went so far to describe himself as ‘The Dogefather.’ The coin was also discussed by Mark Cuban, Gene Simmons, Jake Paul, Snoop Dogg, and more. Ultimately, when names like these mention coins, it catches the attention of the mainstream media – which prompts retail investors to buy the coin and drive its price up.

And despite the ‘meme’ nature of this cryptocurrency, it stays in the top-10 of crypto projects.

Additionally, to further Web 3.0 activities, a partnership between Google Cloud and Coinbase led to new prospects for $DOGE: customers can now pay for these platform’s services using digital currencies like Dogecoin. It remains to be seen if this decision will be a success and whether other businesses will adopt it. On the other hand, the lack of staking rewards and the slow uptake of new use cases could have an adverse effect on DOGE’s market performance over the long term.

Due to its ‘inflationary’ quality that resembles a typical currency, Dogecoin also has the qualities to develop into a reliable payment system. Even if a growing number of businesses now accept DOGE as payment, the meme coin may experience more demand and more use cases in the years to come. A glance at the Dogecoin price chart will show some impressive price rises over the past year – with triple-digit moves not that uncommon.

Risks and Opportunities

Despite its recent rise, Dogecoin is still a highly volatile and risky investment. One of the main risks associated with Dogecoin is its lack of widespread adoption and acceptance. Unlike other cryptocurrencies like Bitcoin, Dogecoin is still not widely accepted as a form of payment, which means that it may be difficult to convert your investment into actual goods or services. However, strong community support, which is crucial to most crypto projects, makes $DOGE an attractive investment, despite it being a meme coin. As with any crypto asset, investing in DOGE is bound to a certain risk that is often not the case with traditional investing.

Is DOGE a Good Investment?

The majority of Dogecoin price forecasts indicate that the altcoin can anticipate tremendous development. Leading analysts have radically varying projections, but even the most conservative ones could come true, giving investors in Dogecoin a chance to make money.

Dogecoin is a distinctive asset when it comes to investment. While some would claim that it has no fundamental value, others might say that it is important to consider a cryptocurrency’s community, and the price movement of DOGE in 2021 would undoubtedly support this.

Those raging that Dogecoin lacks the technical credentials to compete with some of the newer smart coins only need to look at Bitcoin, which, despite having infrastructure that is rather out-of-date, has dominated the cryptocurrency industry.

Will Dogecoin Go Up?

Despite the risks associated with investing in Dogecoin, many experts believe that the currency has a bright future ahead. With increased adoption and acceptance, Dogecoin could become a widely used form of crypto payment and a valuable investment opportunity. Its price has the potential to go up in a matter of several years.

How High Will Dogecoin Go?

It is still unclear what the future holds for Dogecoin, however, a price range between $0.63 and $1 is reachable. 

Will Dogecoin Reach $1?

Although there is no guarantee that Dogecoin will ever reach $1, the above mentioned factors could contribute to its strengthening and, with it, increase the meme cryptocurrency’s chances of reaching the target price. Time will tell whether this will, indeed, happen.

Will DOGE Ever Hit $5?

$5 dollars seems like a huge milestone for Dogecoin and it’s unclear whether it can be accomplished in the future.

Can Dogecoin Reach $10?

Dogecoin would have to overtake the current market value of the entire cryptocurrency market in order to hit a $10 valuation in the upcoming years.

What Will Dogecoin Be Worth in 5 Years?

Telegaon believes that by 2029, Dogecoin might hit $4.16 at its peak.

Conclusion

The future of Dogecoin and the entire cryptocurrency sector appears bright. However, TikTok users and anyone else wondering whether Dogecoin would reach $1 will probably be dissatisfied because even the biggest prices are currently way below $1. While Dogecoin may develop into a strong and viable digital currency, it is only making its first big steps toward worldwide recognition.

How to Buy Dogecoin (DOGE)?

StealthEX is here to help you buy Dogecoin crypto if you’re looking for a way to invest in this cryptocurrency. You can swap DOGE coins privately and without signing up for the service. StealthEX crypto collection has more than 1400 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

Just choose the amount and coins you want to swap, click Start Exchange and get $DOGE crypto into your wallet!

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.