Until quite recently, there was no such a Dogecoin price prediction which suggested that the Dogecoin price would be able to update its historical high.
However, on February 4th, Dogecoin gained 50 percent within a few hours and reached the price of $0.05. This followed an increase of more than 900 percent on Jan. 29 when the coin hit an all-time high before falling again. On February 8th, the rate of the currently popular Internet currency rose to a record high of $0.08. Now ask yourself — should you buy Dogecoin or not?
If you know little about this previously little-known cryptocurrency, you should definitely read this article where we’ve summarized the most important things. What is the Drediction for Dogecoin price? Let’s try to find out!
What Is the Prediction for Dogecoin Price: What Is Dogecoin?
Before making the Dogecoin price prediction 2021, let’s first find out what Dogecoin is. Dogecoin launched in 2013 was originally thought to be a kind of joke. Software engineers Billy Markus (IBM) and Jackson Palmer (Adobe) used a popular meme dog to parody Bitcoin, Litecoin, and the general crypto hype. The co-founders are no longer directly involved in the DOGE coin development.
The Dogecoin protocol is based on a now defunct Luckycoin, a Litecoin (LTC) spin-off. Nowadays there are more than 128 billion DOGE coins in circulation. At the same time, its low price is the main reason why the cryptocurrency is so popular for small transactions.
What about Dogecoin price prediction today? Well, the Dogecoin price was $0.000232 when it was launched in 2013. Thus, the increase to about $0.05 represented a rise in value of 21,000 percent.
Dogecoin Price Prediction Today: Key Price Developments
What should you know about Dogecoin price prediction today? Like other cryptocurrencies, Dogecoin is characterized by high price volatility. The value of Dogecoin has increased by 774 percent against the US dollar so far this year.
A year ago, the crypto was trading at $0.002493 and, according to Coindesk data, fell to $0.001582 in March 2020. In July, DOGE had almost doubled from $0.002286 to $0.004543 in just a few days. It then decreased to $0.002961 and fell to $0.002503 by early November 2020.
Dogecoin started 2021 with a positive performance, rising from $0.005405 to $0.011427 on January 2. It was traded at $0.007432 on January 27, before increasing to an all-time high of $0.07818.
What factors have affected the Dogecoin price prediction the most? Well, Elon Musk’s tweets and enthusiastic posts from Reddit users aren’t the only drivers behind the Dogecoin rate. The recent increase in Bitcoin price followed by a period of consolidation is making more institutional investors consider altcoins.
The combined value of the cryptocurrency market climbed above $1 trillion for the first time in January when Bitcoin was traded for $41,941.56, according to data from CoinMarketCap and CoinGecko.
Arcane Research analysts stated that ‘Bitcoin’s sideways movement gives room for altcoins to thrive.’ In January 2021, the trading volume on decentralized exchanges exceeded the previous all-time high of September 2020.
Dogecoin Future Price Prediction: Final Conclusions
So, now it’s time to consider the Dogecoin future price prediction. According to WalletInvestor’s 2021 Dogecoin forecast, DOGE could initially hit $0.10, but the price is forecast to be $0.0343 at the end of March.
As for the long-term Dogecoin forecast, the price is expected to hit $0.0417 in late 2022, $0.0441 in late 2023, and $0.05096 in January 2026. A cryptocurrency aggregator CoinSwitch predicts that the Dogecoin price could rise by more than $0.005 in the coming month. Looking at the longer term, CoinSwitch expects the Dogecoin price to range between a low of $0.0281 and a high of $0.0450 by 2025.
The Dogecoin future price prediction from digital coin Genealogie is more optimistic — the price is expected to average $0.073692 in March and $0.081293 by the end of 2021. In the distant future, Dogecoin price could average $0.152755 in 2025 and $0.238451 in 2028.
What is the prediction for Dogecoin price? Feel free to share your own forecasts in the comments!