Dogecoin: Has the Hype Faded?

Dogecoin (DOGE) has been enjoying the newfound attention this year. So far, it has accumulated a market capitalization of more than $40 billion and ranks #6 largest digital currency - not bad for a coin initially created as a joke and based on a meme. So, what's the DOGE 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 is the Shiba Inu dog, which itself also has the humble beginnings of a meme. The currency was invented by software engineers Billy Markus and Jackson Palmer with the goal to make 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, similarly to Bitcoin and Ethereum. However, it’s more of a satirical homage to BTC, with no real purpose other than being a sensationalized gag.

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

Main Drivers of Dogecoin Price

Back in 2013, it would be extremely hard to make a Dogecoin price prediction because no one expected it to come so far. But now, we’ve gained a bigger perspective on what contributed to its price surges. Below are the main three. 

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. And naturally, every time a celebrity promotes it, the price goes up.

Exchange Listings

Another big reason for DOGE’s sudden rise is the 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 DOGE went public, so it was a mutually beneficial endeavor. 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 an 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." This caused the price to increase many-fold. The social media push is very influential lately. 

A Look into Dogecoin’s (DOGE) Past Performance

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

It was a 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: The 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 dogecoin had been mined with an additional 5 billion coins, which was roughly the time for its all-time low - $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 - from $0.001 to $0.012. 

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

Dogecoin’s Current Standing

The Dogecoin’s position changed forever in early 2021 when it gained cult status on Reddit’s message board. The same group of people was 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 during January 27-February 8 - it raised from $0.007 to $0.07. 

This wave lasted until April 12. This time, it took less time to climb even higher - to $0.37 in a matter of 6 days. This is the last sharp price surge because the price started to fluctuate up and down every day. By April 16, Dogecoin was one of the top five cryptocurrencies by market value, according to CoinMarketCap. It was next in line after Bitcoin, Ethereum, Binance Coin, and Ripple. One of the reasons was the little amount of effort for investing. Anyone with a few cents and a broker account could be a part of this.

2021 is the perfect year for a silly token like DOGE to take off. This year has already been dubbed a “year of meme stocks”, with a perfect Reddit-induced storm driving up GameStop (GME), AMC Entertainment (AMC), and Bed Bath & Beyond (BBBY).

Short-Term Dogecoin (DOGE) Price Prediction for 2021

Trading Beasts showed their Dogecoin price prediction, and there seems to be very little movement in 2021. While there is volatility during the month, ranging 20% on average, the price shifts insignificantly by the end of the year - just $0.01.

Month	Minimum Price	Maximum Price	Average Price	Change
May 2021	0.3487531	0.5128722	0.4102977	19.27%
June 2021	0.3498589	0.5144984	0.4115987	19.65%
July 2021	0.3510418	0.5162379	0.4129903	20.06%
August 2021	0.3523854	0.5182138	0.4145710	20.51%
September 2021	0.3538568	0.5203776	0.4163021	21.02%
October 2021	0.3554060	0.5226559	0.4181247	21.55%
November 2021	0.3571396	0.5252053	0.4201642	22.14%
December 2021	0.3589481	0.5278648	0.4222918	22.76%

Since Dogecoin’s fundamentals aren’t strong, it’s reasonable to assume that the price will stay at its current price range. Unless, of course, there is another push from a celebrity. But even then, the surge might be short-lived. 

For another take on the rest of 2021, let’s look at Long Forecast.

Month	Open	Low-High	Close	Mo,%
May 2021	0.24	0.19-0.48	0.22	-8.3%
June 2021	0.22	0.22-0.26	0.24	9.1%
July 2021	0.24	0.24-0.30	0.28	16.7%
August 2021	0.28	0.28-0.34	0.32	14.3%
September 2021	0.32	0.32-0.40	0.37	15.6%
October 2021	0.37	0.37-0.46	0.43	16.2%
November 2021	0.43	0.37-0.43	0.40	-7.0%
December 2021	0.40	0.38-0.44	0.41	2.5%

Dogecoin Price Prediction for 2022 

For the 2022 Dogecoin price prediction, we’re using data from Wallet Investor. It is even less optimistic than Trading Beasts, putting the value in the $0.34-$0.36 range. As you can see from the table, even if it’s minor, there is a consistent upward movement.

Month	Average Price	Minimum Price	Maximum Price
January 2022	0.332	0.312	0.35
February 2022	0.340	0.319	0.359
March 2022	0.346	0.327	0.366
April 2022	0.351	0.330	0.372
May 2022	0.354	0.333	0.374
June 2022	0.354	0.332	0.374
July 2022	0.357	0.337	0.377
August 2022	0.359	0.337	0.379
September 2022	0.360	0.339	0.380
October 2022	0.363	0.343	0.384
November 2022	0.365	0.344	0.386
December 2022	0.369	0.347	0.390

Some have a rosier view, such as Digital Coin Price. The median price of DOGE for the year is around $0.41-$0.43.

Month	Average Price	Change
January 2022	0.43559427	92.02%
February 2022	0.42782160	88.6%
March 2022	0.43203145	90.45%
April 2022	0.41563271	83.22%
May 2022	0.39313097	73.3%
June 2022	0.34451753	51.87%
July 2022	0.42420044	87%
August 2022	0.43891640	93.49%
September 2022	0.43132164	90.14%
October 2022	0.39454679	73.93%
November 2022	0.44078611	94.31%
December 2022	0.35871553	58.13%

Dogecoin Price Forecast for 2023-2025

Some publications have set their expectations lower than Long Forecast. But let’s entertain the idea that DOGE will come on top by 2023. In that case, here is what the Dogecoin prediction for the year would look like.

Month	Open	Low-High	Close	Mo,%
January 2023	0.91	0.79-0.91	0.85	-6.6%
February 2023	0.85	0.85-1.06	0.99	16.5%
March 2023	0.99	0.99-1.23	1.15	16.2%
April 2023	1.15	1.15-1.42	1.33	15.7%
May 2023	1.33	1.32-1.52	1.42	6.8%
June 2023	1.42	1.42-1.70	1.59	12.0%
July 2023	1.59	1.44-1.66	1.55	-2.5%
August 2023	1.55	1.55-1.79	1.67	7.7%
September 2023	1.67	1.30-1.67	1.40	-16.2%
October 2023	1.40	1.26-1.46	1.36	-2.9%
November 2023	1.36	1.19-1.37	1.28	-5.9%
December 2023	1.28	1.08-1.28	1.16	-9.4%

The steady rise might be intervened by sideways movement toward the second half of the year. The fact the price might change directions a couple of times throughout the year might generate favorable conditions for trading. 

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

Month	Average Price	Change
January 2025	0.88457215	179.45%
February 2025	0.82808068	161.6%
March 2025	0.89668867	183.27%
April 2025	1.09	243.98%
May 2025	0.82510560	160.66%
June 2025	0.93547763	195.53%
July 2025	0.89244980	181.93%
August 2025	1.04	229.92%
September 2025	1.05	231.8%
October 2025	1.05	230.2%
November 2025	0.83152883	162.69%
December 2025	0.83160279	162.71%

Long-Term Dogecoin Price Prediction for 2030

The Dogecoin forecast for 2030 is a tricky subject. Some prominent figures in the industry might predict sky-high prices, but there reasons that are 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 price predictions - no month-to-month data. Coin Price Forecast expects the mid-year point to be at $3.79 and the year-end point - at $3.95. This is a more than 1,400% rise so take it with a degree of skepticism.

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 peak at the price chart and assess the 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) - 65.99899129 - Neutral
• Stochastic %K (14, 3, 3) - 73.78540578 - Neutral
• Awesome Oscillator - 0.21786038 - Neutral
• Momentum (10) - 0.23558000 - Sell
• MACD Level (12, 26)- 0.07394869 - Buy

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

• Exponential Moving Average (50) - 0.12217287 - Buy
• Simple Moving Average (50) - 0.09524520 - Buy
• Exponential Moving Average (100) - 0.08278218 - Buy
• Simple Moving Average (100) - 0.06718740 - Buy

Finally, you should look for chart patterns that indicate a certain price movement. Below is an example. DOGE has been staying below the double top formation and is testing the rising wedge support. A rising wedge is a bearish pattern, but if it can not hold, DOGE could retest towards $0.25 and create a double bottom. This would be a strong bullish indication.

What Crypto Experts Say About Dogecoin Price Predictions

There is 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 cryptocurrency. These people have seen many coins come and go. 

Kadan Stadelmann

Kadan Stadelmann, a blockchain developer and 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 with 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 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, it is 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 DOGE in hotels, restaurants, or cinemas in the future. For some enthusiasts, this coin has already become a new symbol of crypto. 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 a lower price and faster transactions - the two most prominent benefits. 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 he pointed out that DOGE was always meant to be fun rather than a solution to real-life problems. Momentum investing that is not supported by underlying value is nothing more than speculation.

What to Do with Dogecoin: Trade vs. Invest

No one could’ve expected Dogecoin to jump from $0.008 in January to $0.37 in April. 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 of it in the works. The project is community-driven with no official road map nor a 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, you might enjoy great results next time Musk tweets about it. But it’s not only about price surges - you can potentially capitalize on uptrends as well as downtrends in price. What’s more, you can go try trading cryptocurrenciesvia CFDs to access high leverage opportunities. 

Be sure to sign up for a Libertex account and enjoy the demo trading mode while you’re getting started. Before putting their real money in the market, practice on new assets in a risk-free environment. And after you perfect your strategy on virtual money profits, switch to live trading. 

Why to trade with Libertex?

• access to a demo account free of charge
• technical assistance to the operator 5 days a week, from 8 a.m. till 8 p.m. (Central European Standard Time)
• leverage of up to 1:600 for professional сlients
• operate on a platform for any device: Libertex and Metatrader

FAQ 

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

Is Dogecoin a Good Investment in 2021?

Although Dogecoin is unlikely to rise another 10,000%, there’s still room for it to grow. But remember that with this cryptocurrency, it is essentially a game of popularity.

Is Dogecoin Worth Buying?

It is if you are prepared for an eventful ride. After all, wild price swings in the crypto market can make the common investor queasy. But there is also a possibility that Dogecoin will continue its steady uprising movement at less than 1 cent a year. 

What Will Dogecoin Be Worth in 2025?

According to the Dogecoin price prediction from Digital Coin Price, the price might hover around $1. Throughout the year, DOGE might cross this mark a few times and then drop a little below $1.

What Will Dogecoin Be Worth in 2030?

Dogecoin’s value almost a decade from now is not a practical question but rather an existential one. It is unlikely to crash completely, but it essentially depends on where the Dogecoin community will take. After all, market hype has the power to make corporations create strategies around Dogecoin.

Could Dogecoin Overtake Bitcoin?

Depends on what we’re talking about. In terms of circulation supply, there are 6917x more DOGE coins than there are bitcoins. But in terms of price and market cap, Dogecoin is unlikely to ever reach the heights of Bitcoin.