2021-09-30 08:00:00

Will It Hit $1 In 2021? (Analysis)

Dogecoin is one of the cryptocurrencies in the crypto world that continues to make an impact.

As a result, investors worldwide are now closely observing the development of this cryptocurrency. In terms of trading volume, DOGE trades an average of $5 billion per day.

Furthermore, the DOGE cryptocurrency is also popular in the Reddit community. For this reason, many members of Reddit tend to join the Dogecoin craze lately. In addition, the massive participation of Reddit users has impacted the price of crypto recently.

What is Dogecoin (DOGE)?

Dogecoin (DOGE) is related to the famous “Doge” Internet meme and features a Shiba Inu on its logo. Moreover, the open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia. However, it was separated from Litecoin (LTC) in December 2013.

Dogecoin’s inventors visualized it as an entertaining, light-hearted digital currency that will have greater interest beyond the core Bitcoin audience. However, it is related to a dog meme. Tesla CEO Elon Musk posted many tweets on social media that Dogecoin is his favourite coin.

Dogecoin is decentralized and completely secure. Dogecoin poses an accessible and viable alternative to Bitcoin, according to recent Dogecoin price prediction. The unique, active, Dogecoin community has allowed DOGE to achieve something of a cult following. Dogecoin is based on Luckycoin, which ultimately stems from Litecoin.

Dogecoin (DOGE) Current Market Status

As of the September 30 Dogecoin price analysis, the Dogecoin price today is USD 0.200354 with a 24-hour trading volume of USD 1,048,728,861. Dogecoin is down 0.76% in the last 24 hours. The current CoinMarketCap ranking is #10, with a live market cap of $26,346,841,080 USD. It has a circulating supply of 131,501,468,075 DOGE coins and the max.

Historic Market of Dogecoin

If you are looking to buy Dogecoin in the short term, it’s important that you know the coin’s history and how it came at this point. This is perceived as doing your ‘due diligence and is one of the most significant aspects of the investment process. First, let’s take a look at what Dogecoin is before diving into its price journey.

2013

Dogecoin made its debut in December 2013 at $0.0006 with a $3.5 million market capitalization. For a year, Dogecoin was on an upward trajectory and doubled exponentially.

2014

But the year 2014 was not as good for Dogecoin, New cryptocurrencies emerged on the market, such as NEO, Stellar, and Monero, and traders turned their attention to them. DOGE’s price fell to $0.0001.

2015

Co-founder Jackson Palmer quit the project unexpectedly in 2015. He explained that he preferred to concentrate on the technical aspects of the blockchain. The world began to speak of DOGE’s impending death with the news, but this did not happen. DOGE managed to trade at $0.00014 by the end of December 2015.

2017

Dogecoin, however, did not cross the $0.0002-0.0003 price range until 2017. Yet consumers purchased coins for personal payments, and the capitalization of the altcoin rose steadily. Then the coin’s value increased dramatically to $0.003 in the spring of 2017 and further continued to vary. Surprisingly, DOGE surged to $0.007 at the end of 2017.

2018

Many altcoins started to decline in price at the beginning of 2018, as several Southeast Asian countries began tightening state regulations on the cryptocurrency sector. Dogecoin was no different, but it recovered quickly to hit $0.017, and the price became steady. Later the price declined to $0.002 during April. The price slightly recovered to $0.006 by September. DOGE dropped again to $0.002 to end the year 2018.

2019

The altcoin, though, traded sideways in 2019 for much of the year. A little bit of surge escorted the market price to around $0.004 around July, but later lost much of these returns by the end of the third quarter. Dogecoin was back tethering at $0.003 in late 2019. At the end of December 2019, Dogecoin was trading at $0.0020.

2020

Dogecoin continued its trade at $0.002 during the start of January. With a steady improvement, the price managed to reach $0.003 by mid of February and further declined to $0.0015 by mid-March. With certain price variations, Dogecoin hit $0.004 by July. DOGE started an upward trajectory as the expansion of Bitcoin’s price rally in November and carried on the trade at $0.003. Dogecoin ended the year 2020 at $0.004.

Dogecoin (DOGE) Price History of 2021

As we have discussed above, Dogecoin (DOGE) was created by Billy Markus and Jackson Palmer, two software engineers who worked for IBM and Adobe. As is common knowledge, Dogecoin was started as a joke between the two founders, using the Shiba Inu dog as the coin’s logo. According to Yahoo Finance, Dogecoin was launched in December 2013 and has grown since reaching a market cap of $35.80 billion.

Until the beginning of 2021, Dogecoin didn’t generate much positive momentum, ranging around the $0.0088 level. However, in January 2021, that all changed thanks to the hype generated by social media communities. This hype was a by-product of the Gamestop short squeeze, which led many retail investors to pile into Dogecoin as a joke.

Dogecoin’s price rose by 1167% in just a few days during January, providing incredible returns for investors. The cost of Dogecoin then stabilized around the $0.0500 level after this uptrend until April 2021, when momentum began picking up again. By this point, Dogecoin was firmly in the consciousness of crypto investors thanks to an endorsement from Tesla CEO Elon Musk, Snoop Dogg, and Mark Cuban.

As reported by the Wall Street Journal, Coinbase’s direct listing (which allowed public members to buy shares) caused a big bull run in the crypto market. Coins such as Bitcoin, Ethereum, Litecoin, XRP, and Cardano all surged to new heights thanks to renewed interest in the crypto market from retail traders. Although Dogecoin was not a tradeable asset on Coinbase, the coin still benefitted indirectly from this momentum.

However, in May 2021, Dogecoin’s price finally fell by around 79% throughout the next couple of months. Analysts believed that Dogecoin’s ‘bubble’ had burst, leading investors to flock to other currencies instead. Dogecoin continued to fall until early August 2021, where momentum began spiking again.

Now, the Dogecoin price live has increased nearly 50% in the space of a week, as some positive impetus comes back into the market. No specific news has been announced that relates to Dogecoin; however, the broad market rally is having a positive impact on the coin overall. As we advance, the future looks bright for Dogecoin projections ahead – and the crypto market in general.

Fundamental Analysis

Dogecoin is a user-friendly cryptocurrency project launched on December 6, 2013. It uses its blockchain and is widely supported by many wallets and Exchanges. The main use case is for making payments, and recently, it has also been used as a tipping coin for rewarding small tokens to people during social media interactions.

DOGE was made to be user-friendly and it is now said to have a higher inflation rate. Dogecoins are inflationary coins while Bitcoins are deflationary coins. This is because Bitcoins have a limit on the number of coins that will be produced and used for mining. On the flip side, Dogecoin does not have any such limits and is inflationary, which adds to its advantage.

Dogecoin (DOGE) Price Prediction 2021

On a bullish note, DOGE continued to trade at $0.007 during the start of 2021. Further, it maintained a consolidated trend until the mid of April. The altcoin traded at $0.34 when it entered May. Subsequently, Elon Musk’s appearance on the famous Comedy Show SNL, and his tweet regarding the same coupled with the tagline ‘Dogefather’ set the price to surge by more than 15,000% from the start of the year to an all-time high of $0.74 on May 8!

The meme-inspired cryptocurrency plunged to $0.22 on May 19 due to the market crash. The price continued to fall due to increased selling pressure, sliding to $0.25 on May 23. On June 2, it traded up to $0.44 but could not hold the gains and dropped back to $0.16 on June 22. The meme coin rebounded to $0.29 on June 25 but then declined over the next month, returning to the $0.16 level on July 20.

Dogecoin price has been on a downward sloping consolidation since September 8 but broke out to the downside as of September 20, slicing through the $0.230 support floor. The price range tightened heading into September, with dogecoin trading between $0.19 and $0.21. Currently, DOGE is hovering above the $0.213 demand barrier and shows signs of recovery.

Overall, the altcoin’s solid community base indicates that DOGE prices can reach new highs. On this note, the Dogecoin price may hit a Potential high of $0.974 by the end of 2021. On the downsides, DOGE has always been having a Plump and Dump scenario in space. If this or some external force impacts the meme token, the DOGE price may trade at a potential low of $0.201 by the end of 2021.

Dogecoin (DOGE) Price Prediction 2022

If the altcoin closes this year, hitting the highs, 2022 might start bullish at $0.99. On the other hand, if a bearish trap engulfs, then the 2022 trade might resume at a similar trend at $0.21.

The fact that Dogecoin is accessible to mine has always kept the altcoin on the front seat. Moreover, this year the most popular crypto exchanges like Gemini and eToro have listed DOGE, causing the price to soar. If the currency gets listed in other familiar exchanges in the coming year, the DOGE price can soar again and strike at $2.382 by the end of 2022. However, considering the regular buying and selling pressures, the average Dogecoin price may be near $1.639.

On the other hand, the fact that the digital currency does not still have a great value negatively impacts Dogecoin. Many believe it is to be speculation, and if this belief remains unaltered, then the price can slump to $0.474.

Dogecoin (DOGE) Price Prediction 2023

If DOGE holds the support level around 200-MA, the long-term moving average of 200 days firmly, buyers will then have ample time and stability to forge the next attack mission on the vital level at $1.5, making it not plummet but play consistently.

Dogecoin (DOGE) Price Prediction 2024

As per the latest upgrades, developments, DOGE price prediction, and new project forecasts of the platform, DOGE investors could expect many partnerships and integrations around 2024. Moreover, this might boost the price of DOGE in the crypto market, and it will be the best investment as the price can spike and reach around $2.5.

Dogecoin (DOGE) Price Prediction 2025

In the next four years, DOGE prices could race up to $3.5. However, reaching this level could not be so tricky for DOGE as another medium, short-term, and long-term price targets could be found to purchase or sell orders. This indicates that DOGE has a high possibility of reaching a new ATH soon in the next five years as per the prediction.

Dogecoin ever hit $1?

According to the current trend, Dogecoin price will cross $1 before the end of this year. Some new features could also get added time and again to Dogecoin that allows you to plan a better payment method. These kinds of announcements tend to lead to an increase in a cryptocurrency’s value.

Given the pandemic scenario, you could expect abrupt Dogecoin market changes with lots of peaks and troughs. On a medium- to long-term price analysis, Dogecoin has been on a general upward trend, like many other cryptocurrencies. With intermittent stony paths, the mainstream indication for traders is that Dogecoin has been a very active performer.

However, it is an excellent opportunity for beginner to experienced traders to bet on Dogecoin price reach 1 US dollar. Even Dogecoin’s creator, Jackson Palmer, has expressed his concern about the forces driving Dogecoin’s success as per his statement quoted above. In January, he argued that, while Dogecoin is technically sound, it shows that traders aren’t doing their due diligence.

Conclusion

This factor cannot be ignored that Dogecoin gives the advantages of being a fixed inflationary currency, which makes it synonymous with real-world fiat currency. This unusual characteristic allows Dogecoin users not to keep the assets tangibly and bank on more liquidity since they actively trade and use their currencies.

However, it is to be noticed that more and more people are becoming knowledgeable and at the same time vulnerable about their investments as markets too are becoming more and more competitive. Some faith riders have shown in their confidence in coins and ride high stallions. With a lot of money driving the crypto market wave and developments, Dogecoin’s prospect may see a surge in its current price.

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