October can be called a good month for the crypto market! The cost of Bitcoin has renewed its historical maximum reaching $66.9K. The first Bitcoin ETF in the United States began trading, and the payment giant Mastercard announced plans to allow clients to pay with cryptocurrencies.
It is no secret that the phase of rapid BTC growth is followed by a period of decrease. But at this time, the season of altcoins begins! Today, we will talk about one of the most famous meme cryptocurrencies and find out Dogecoin price prediction for the coming months. Let’s get started!
What Is the Prediction for Dogecoin Price?
What is the prediction for Dogecoin price? Well, Dogecoin (DOGE) seems to have its own development path — its rate goes up and down for no apparent reason. Therefore, predicting the coin price movement or any event significant for its value is pretty difficult.
The favorite coin of the head of Tesla and SpaceX, Elon Musk, has regularly made headlines lately. The cryptocurrency rises and falls as soon as its main supporter tweets about DOGE. The altcoin has other fans who can also influence its price, for example, rapper Snoop Dogg and Kiss frontman Gene Simmons. But Musk remains the main driver of DOGE’s growth.
The CEO of Tesla has tweeted about Dogecoin many times, after which the rate of the crypto rose sharply. One of the most recent examples was the billionaire’s question to subscribers:
It’s impossible to state unequivocally whether the billionaire is seriously considering selling cars for Dogecoin. However, Tesla allowed US customers to buy cars with Bitcoin for a while in March. At the same time, it is impossible to imagine any other logical reason except the resulting hype. It would be much more reasonable to add payment with other cryptocurrencies from the top 5 by market cap.
After a survey published by Musk, the value of Dogecoin jumped by 20%, from $0.46 to $0.53. And a few days before that, the billionaire dropped the cryptocurrency rate with his own hands. On May 9, he attended the popular American Saturday Night Live show, where he jokingly called Dogecoin a ‘hustle.’ The cost of the cryptocurrency fell by almost a third from $0.7 to $0.49.
Immediately after that, in the hope of regaining his image of the kind ‘dogefather’, Musk tweeted:
Dogecoin Price Prediction Today: Is DOGE Ready to Hit New Record Highs?
What is Dogecoin price prediction today? To say that the Dogecoin rate is comparable to a roller coaster is an understatement. Back at the end of January 2021, the Dogecoin rate hit its previous price record of $0.018. In a short period of time, the altcoin value has more than quadrupled to almost $0.08.
Part of the reason for the cryptocurrency’s growth was that non-professional investors from Reddit were seriously interested in it. After a successful short squeeze of video game retailer GameStop, which saw its stock go up 500%, redditors turned their attention to Dogecoin. The actions of traders made the DOGE value rise by 600%.
In February, the altcoin experienced a new wave of popularity caused by Musk and Snoop Dogg’s tweets. The billionaire called Dogecoin ‘the people’s crypto’ and attached a picture of the scene from The Lion King to the post.
Snoop Dogg posted a modified picture of his album Rhythm and Gangsta, where his face was also replaced with that of a Shiba Inu. The artist’s name on the cover has also been changed to Snoop Doge.
A wave of excitement on Twitter and Reddit led to new DOGE price records, and the market cap of the altcoin rose to $10.7 billion. As a result, despite the high volatility, the cryptocurrency entered the top 10, overtaking projects such as Stellar, Bitcoin Cash, and USDC stablecoin.
In April, the Dogecoin rate jumped by 514% over the week and continued to grow in May. Then the coin hit a new all-time high of $0.7364. For comparison, at the beginning of the year, Dogecoin was trading at $0.004886.
After the May price records, the Dogecoin rate went down, and the cryptocurrency was trading at about $0.2 by July. In August, the meme coin experienced another growth period, but not as impressive as the previous one — the asset price reached $0.3427. In September, Dogecoin returned to the $0.2 level again.
However, the rate reached $0.2752 by October 25th. The increase was followed by a decrease in the rate to $0.2375. The DOGE rate today is $0.2701.
What Is Dogecoin (DOGE)?
To begin with, let’s leave aside the Dogecoin future price prediction and try to recall the history of this cryptocurrency.
The project was launched as a joke in December 2013. DOGE results from a collaboration between two engineers: Billy Markus of IBM and Jackson Palmer of Adobe. It is worth noting that this asset is even older than ETH and was conceived as a joky response to Bitcoin, which had already existed for five years at that time.
The Dogecoin name was given in honor of one of the most popular memes, Doge. The hero of the meme was a Shiba Inu dog. A photogenic dog with a slightly scared face has become the basis of thousands of pictures with multi-colored inscriptions like wow much scare.
Jackson Palmer himself stated that he did not earn a cent on the growth of the coin, and in some interviews, he even doubted the project’s success. In 2018, he stated:
Dogecoin’s valuation is the result of market mania that has resulted in inexperienced investors buying up low-priced assets on a whim, hoping that they will follow Bitcoin’s meteoric trajectory.
Dogecoin price, as mentioned above, is subject to sharp ups and downs. Quite often, investors who bought it ultimately suffered significant financial losses. What is the prediction for Dogecoin price? Well, the most optimistic forecasts of the DOGE suggest that the rate will continue to fluctuate and then fall again. Until the beginning of 2021, the coin’s value fluctuated around the $0.01 mark.
Dogecoin Future Price Prediction: Expert Forecasts
What is Dogecoin price prediction 2021? The DOGE rate may have already reached its maximum this year. At the same time, its further price movement will depend on the statements of Elon Musk and various PR campaigns in social networks.
Back in 2020, TikTokers tried to organize a flash mob. Other TikTok users were encouraged to buy Dogecoin to raise the DOGE value to $1. One of the challenges stated:
Dogecoin is practically worthless. There are 800 million TikTok users. Once it hits $1, you’ll have $10,000. Tell everyone you know!
The crypto analyst and CryptoacademyHQ founder, Justin Bennett, shared his own Dogecoin price prediction of the possible further growth of Dogecoin in mid-October:
DOGE just needs to take out that area above $0.24. Do that, and a multi-month rally begins, IMO (in my opinion). Probably 500-1,000% of upside if it confirms.
The question arises: what is the Dogecoin future price prediction of dogefather? You can find the answer in Musk’s tweets — he has repeatedly said that he supports the altcoin as a joke. And in one of the discussions at the Clubhouse, he stated:
Occasionally I make jokes about Dogecoin, but they are really just meant to be jokes
At the same time, Musk’s jokes have a pretty serious impact on the market. In February, a blockchain research lab in Germany studied the relationship between his tweets and trading volumes. A spike in price was noted in each of the six examples cited.
The billionaire’s interest may also have a downside: in 2021, the Dogecoin rate may crash if Elon Musk suddenly tweets something negative about DOGE.
In general, DOGE investors need to be careful because the altcoin looks comical only at first glance and attracts attention with its sudden price hikes.
Can Dogecoin increase to $1? Well, it’s hard to say for sure. On the one hand, today, DOGE is much closer to $1 than it was at the beginning of the year. The current rate is $0.2701, which means it needs to increase by another 270% to reach this mark. On the other hand, the Dogecoin price is unpredictable.
Still, this cryptocurrency remains highly speculative and highly dependent on the statements and actions of famous people. Therefore, treat Dogecoin price predictions with a grain of salt and always do your own research. And don’t invest more money than you are willing to lose.
What is your own Dogecoin price prediction today? Feel free to share your forecasts in the comments!