Dogecoin’s price at the same time last week was $0.078. It has moved by 14.81 % in the past week and is currently at $0.088. Infact, in the past 24 hours, DOGE has dumped by -1.15 %. There is a slight bearish sentiment in the crypto market. The long term sentiment, however, remains bullish and DOGE could hit $0.13 in 2024.
The total circulating supply of Dogecoin as of writing this article was $142107096383.70 and the marketcap of DOGE remains at $12,570,937,739
For some coins with little to no data points and inexistent historical data the model by default will show a positive price prediction. There is no way for our AI bot to decipher whitepaper, tokenomics and team integrity. The coin's price that you are about to see below can fall drastically depending on many factors, so please invest wisely after checking the team and project's whitepaper. This current price prediction is done by a machine crunching numbers and the model is still in the early beta stages. It should strictly not be taken as an investment advice. Although the best engineers are currently tweaking and updating the algorithm, no human has verified the price predicted below, so please use your discretion and make a decision wisely.
Dogecoin (DOGE): An overview
Dogecoin (DOGE) is a decentralized digital currency, initially designed as a playful counterpart to Bitcoin (BTC). It draws inspiration from the widely recognized "Doge" meme, spotlighting a Shiba Inu dog.
At its core, Dogecoin is an “accidental” event that has ended up winning a lot of hearts! No wonder it is often referred to as the people's cryptocurrency.
Notably, DOGE does not have a limited supply. It rather has a decreasing inflation rate year-on-year. This property, as per Elon Musk, makes the coin a better option to serve as a currency, alongside its other benefits like lower transaction costs and better processing. As of September 2023, 141.18 billion DOGE are in circulation.
Dogecoin originated from the now non-existent Luckycoin, which had forked from Litecoin (LTC). This means Dogecoin adopted many of Litecoin's technical characteristics.
Like Litecoin, Dogecoin uses the Scrypt algorithm for its Proof-of-Work (PoW) consensus mechanism, which is different from Bitcoin's SHA-256.
Dogecoin started with a randomized reward for block mining, but by the end of 2014, the network had switched to a fixed block reward. A static reward of 10,000 DOGE is given for every block mined.
Utility of DOGE
Tipping and microtransactions: Due to its low value per unit for much of its existence, Dogecoin has been popular for online tipping. For example, users on platforms like Reddit have employed Dogecoin to tip others for valuable content or insights.
Charitable causes: The Dogecoin community has been known for its philanthropic efforts. Historically, they've fundraised for various causes, from sponsoring sports teams to providing clean drinking water to those in need.
Transactions: Like other cryptocurrencies, Dogecoin can be used for peer-to-peer (P2P) transactions without the need for an intermediary. Its transaction fees have been relatively low, and confirmation times are faster compared to BTC.
Online merchants and retailers: As Dogecoin gained popularity, some online merchants and retailers began accepting it as a form of payment for goods and services.
Meme and cultural significance: Arguably, a significant portion of Dogecoin's utility arises from its status as a meme cryptocurrency. It acts as a cultural and social token within certain internet communities.
The evolution of Dogecoin
Dogecoin was created by Billy Markus, a programmer from Portland, Oregon, and Jackson Palmer, a product manager at Adobe, in 2013. Markus and Palmer initially didn't meet in person but collaborated to bring the coin to life.
The people behind the scene
The Dogecoin Foundation is a non-profit entity established in 2014 to support Dogecoin's crypto journey, which includes its developmental and advocacy aspects. The community embarked on several charitable endeavors using DOGE. For example, in January 2014, Dogecoin enthusiasts gathered 26 million Dogecoins, equivalent to $500,000, to fund the Jamaican bobsled team's journey to the Sochi Winter Olympics.
Later, in March, the community raised over $30,000 in Dogecoin to build a well in the Tana River Basin in Kenya, providing clean water to the region. The foundation has the responsibility to prevent any forms of abuse and fraud while formulating a roadmap for Dogecoin's future.
Dogecoin's advisors also include the likes of Vitalik Buterin and Jared Birchall, among other value-adding individuals. A promising board alongside reliable advisors could play a key role in the effective implementation of the coin's roadmap and conflict management.
So, after all, the project is definitely redefining its purpose and becoming more than what it set out to be in its formative years. The foundation's catchphrase, “Do Only Good Everyday,” further reaffirms intentions about supporting each other, being kind, teaching people about cryptocurrency, fundraising, having fun, making memes, and being absurd.
Journey so far
After its December 2013 launch, it rose from $0.00026 to $0.0022 in just over a month, pulling in a 245% rally amidst its increased social attention. Then, after a rather choppy movement for a few years, DOGE has managed to reserve a spot in the top 10 cryptocurrencies by market capitalization for the most part.
With Elon Musk being very vocal about DOGE's prospects to be used as a currency, the meme token gained surreal prominence among the tech folk, as well as in pop culture. This set the stage for exponential growth on the charts. In the first half of 2021, DOGE surged by more than 9,600%.
Can it Do(d)ge its way to the moon?
As we saw, over the years, DOGE has evolved to elicit a roadmap to expedite its usefulness in the crypto space. Meanwhile, to serve this purpose, Dogechain has introduced decentralized finance (DeFi), game finance (GameFi), and non-fungible tokens (NFTs) to the Dogecoin community to ultimately promote the usefulness of DOGE.
The Dogechain is simply the "Layer 2 for Dogecoin." By venturing into decentralized applications (dApps), this community-driven project paves a path for the coin's increased utility. However, it is not built on the meme coin's network. Instead, it is based on a custom blockchain solution from Polygon, known as Polygon Edge. So, in essence, Dogecoin’s developers or creators are not involved in the project.
So far, the results for this Layer 2 scaling platform are already quite impressive.
According to BluePepper, the organization behind the Doge-ETH bridge's development, this bridge will enable DOGE to move from the Dogecoin blockchain to the Ethereum (ETH) Blockchain and back.
The intermingling of the meme-coin in Ethereum's blockchain would make it useful in smart contracts, several DeFi protocols, NFT marketplaces, and wallets with added features and nuances. Once the bridge goes live, the investor's perception of Doge's overall utility would likely be favorable.
Nonetheless, to create this bridge, there are some practical hurdles yet to be toppled. It was expected to go live before the end of 2022, but there’s no official launch date yet.
Dogecoin (DOGE) Price Analysis
Throughout the observed period, the dominant trend for DOGE remained bearish. The cryptocurrency began the year at its lowest support level, at $0.057, reflecting a relatively pessimistic market sentiment. The trading price for DOGE at the time of writing stood at $0.060.
DOGE Weekly Chart
In October 2022, a significant shift occurred. DOGE broke through a key resistance at $0.067, propelled by bullish traders, which led to it reaching its new peak resistance at $0.118. However, November 2022 reversed this bullish momentum, bringing about a notable price decline.
Following the decline, the price trajectory was characterized by a series of lower highs and lower lows. A particularly concerning observation for long-term investors or traders was the transformation of the previously established support at $0.092 into a new resistance level.
Despite two attempts to break out from this resistance, first in early 2023 and again in April 2023, the price failed to push through. On both occasions, this was followed by subsequent declines, indicating persistent selling pressure.
By the end of the analyzed period, DOGE was back where it started, held tightly in bearish clutches.
In tandem with the price movements, the volume provided notable insights. The beginning of the year marked a period of low trading volume, but as the price rose significantly, so did the volume, suggesting increased trader interest and activity.
However, the enthusiasm was short-lived. As the price started to decline, the trading volume began to fade, eventually mirroring the initial low volume levels by the end of the analysis period.
After the initial price surge, the Relative Strength Index (RSI) climbed to a high of 63.18. Over the course of the year, the RSI oscillated above and below the neutral 50 line, reflecting periods of buying and selling momentum.
However, each successive peak in the RSI was lower than the previous one except the one in April 2023, correlating with the observed trend of lower highs in price. By the end of September 2023, the RSI stood at 41.44, suggesting a prevailing bearish momentum.
The Chaikin Money Flow (CMF) only managed to climb above the zero line twice during the year—first in October 2022 and again in March 2023. These periods coincided with the price peaks. By the close of the analysis period, the CMF had dipped to -0.04, pointing to an increased selling sentiment.
Should you consider buying DOGE?
In light of the above observations, it's evident that DOGE's price movement was predominantly bearish during the year, coupled with decreased buying pressure as indicated by the RSI and CMF values. The consistent pattern of lower highs and lower lows on the chart further solidifies this bearish outlook.
For traders still looking to buy, $0.05 to $0.06 can prove to be a probable entry point. However, if this demand zone is breached, DOGE could decline to the next support zone at around $0.038. Therefore, it's crucial for potential investors to exercise caution and ensure that their trading strategy aligns with their risk tolerance and investment objectives.
Dogecoin Price Prediction
Dogecoin has had an eventful 2021. To simplify the latest DOGE price prediction, we have divided up the prediction by short term Dogecoin price prediction and long term Dogecoin price prediction. As of writing this article, DOGE had a trading volume of 1,441,715,507. Dogecoin has gone up by 27.56% in the past 30 days.
According to our analysis in the short term, Dogecoin price prediction for February 2024 shows the average price of DOGE at 0.11 and the highest possible price for February 2024 would be $0.12.
Further, according to our analysis in the long term, Dogecoin price prediction for June 2024 shows the average price of DOGE at 0.12 and the highest possible price for June 2024 would be $0.13.
Dogecoin's Short Term Price Prediction
|Date||Avg Price||Lowest Price||Highest Price|
|6 December 2023||$0.077||$0.071||$0.082|
|7 December 2023||$0.078||$0.072||$0.083|
|8 December 2023||$0.079||$0.073||$0.084|
|9 December 2023||$0.078||$0.073||$0.084|
|14 December 2023||$0.072||$0.066||$0.077|
|19 December 2023||$0.066||$0.061||$0.071|
|29 December 2023||$0.057||$0.053||$0.062|
Dogecoin price prediction 6 December 2023: Dogecoin's price for 6 December 2023 according to our analysis should range between $0.071 to $0.082 and the average price of DOGE should be around $0.077.
Dogecoin price prediction 7 December 2023: Dogecoin's price for 7 December 2023 according to our analysis should range between $0.072 to $0.083 and the average price of DOGE should be around $0.078.
Dogecoin price prediction 8 December 2023: Dogecoin's price for 8 December 2023 according to our analysis should range between $0.073 to $0.084 and the average price of DOGE should be around $0.079.
Dogecoin price prediction 9 December 2023: Dogecoin's price for 9 December 2023 according to our analysis should range between $0.073 to $0.084 and the average price of DOGE should be around $0.078.
Dogecoin price prediction 14 December 2023: Dogecoin's price for 14 December 2023 according to our analysis should range between $0.066 to $0.077 and the average price of DOGE should be around $0.072.
Dogecoin price prediction 19 December 2023: Dogecoin's price for 19 December 2023 according to our analysis should range between $0.061 to $0.071 and the average price of DOGE should be around $0.066.
Dogecoin price prediction 29 December 2023: Dogecoin's price for 29 December 2023 according to our analysis should range between $0.053 to $0.062 and the average price of DOGE should be around $0.057.
Dogecoin's Long Term Price Prediction
Dogecoin’s long term Price Prediction below is a look at DOGE’s future prospect with regards to price. Dogecoin was last seen at $0.088, with a market cap of $12,570,937,739 and trading volumes of $1,441,715,507. DOGE’s price prediction is possible by analyzing historical price action, current developments and social sentiment from the community.
|Years||Avg Price||Lowest Price||Highest Price|
Dogecoin price prediction 2024: Dogecoin's price for 2024 according to our analysis should range between $0.089 to $0.13 and the average price of DOGE should be around $0.11.
Dogecoin price prediction 2025: Dogecoin's price for 2025 according to our analysis should range between $0.11 to $0.17 and the average price of DOGE should be around $0.14.
Dogecoin price prediction 2026: Dogecoin's price for 2026 according to our analysis should range between $0.14 to $0.22 and the average price of DOGE should be around $0.18.
Dogecoin price prediction 2027: Dogecoin's price for 2027 according to our analysis should range between $0.18 to $0.28 and the average price of DOGE should be around $0.23.
Dogecoin price prediction 2028: Dogecoin's price for 2028 according to our analysis should range between $0.24 to $0.36 and the average price of DOGE should be around $0.3.
Dogecoin price prediction 2029: Dogecoin's price for 2029 according to our analysis should range between $0.3 to $0.46 and the average price of DOGE should be around $0.38.
Dogecoin price prediction 2030: Dogecoin's price for 2030 according to our analysis should range between $0.39 to $0.59 and the average price of DOGE should be around $0.49.
Dogecoin price prediction 2031: Dogecoin's price for 2031 according to our analysis should range between $0.5 to $0.75 and the average price of DOGE should be around $0.63.
Dogecoin price prediction 2032: Dogecoin's price for 2032 according to our analysis should range between $0.64 to $0.96 and the average price of DOGE should be around $0.8.
Dogecoin price prediction 2033: Dogecoin's price for 2033 according to our analysis should range between $0.82 to $1.24 and the average price of DOGE should be around $1.03.
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A Historical look at Dogecoin, DOGE’s price
FAQs about Dogecoin
Dogecoin’s current price is $0.088 and witnessed a -1.15% decrease in the past 24 hours. DOGE/BTC pair saw a -1.16% decrease in the past 24 hours
Investing in Dogecoin, DOGE will purely depend on your personal risk appetite. As you can see over the past 24 hours Dogecoin’s price has witnessed a -1.15% decrease and over the past 30 days Dogecoin has increase by 27.56%. So it all depends on if this investment will hit your trading goals.
According to our latest Dogecoin Price prediction for 2023, DOGE should vary between $0.034 and $0.023. Please keep in mind that the crypto market is very volatile and this Dogecoin price prediction does not account for extreme wild swings in price.
As per the Dogecoin price prediction 2023 model above, DOGE’s price for December 2023 should range between $0.023 to $0.034 with the average price for December being $0.028
According to the Dogecoin Price Prediction model above, DOGE’s price in 2024 would be $0.11. This price would however would range from $0.13 and $0.089.
According to the Dogecoin Price Prediction model above, DOGE’s price in 2025 would be $0.14. This price would however would range from $0.17 and $0.11.
According to the Dogecoin Price Prediction model above, DOGE’s price in 2026 would be $0.18. This price would however would range from $0.22 and $0.14.
According to the Dogecoin Price Prediction model above, DOGE’s price in 2027 would be $0.23. This price would however would range from $0.28 and $0.18.
According to the Dogecoin Price Prediction model above, DOGE’s price in 2028 would be $0.3. This price would however would range from $0.36 and $0.24.
According to the Dogecoin Price Prediction model above, DOGE’s price in 2029 would be $0.38. This price would however would range from $0.46 and $0.3.
According to the Dogecoin Price Prediction model above, DOGE’s price in 2030 would be $0.49. This price would however would range from $0.59 and $0.39.
According to the Dogecoin Price Prediction model above, DOGE’s price in 2031 would be $0.63. This price would however would range from $0.75 and $0.5.
According to the Dogecoin Price Prediction model above, DOGE’s price in 2032 would be $0.8. This price would however would range from $0.96 and $0.64.
According to the Dogecoin Price Prediction model above, DOGE’s price in 2033 would be $1.03. This price would however would range from $1.24 and $0.82.
The highest price for Dogecoin was recorded in 8 May 2021 during which DOGE hit an All Time High of $0.73
The price of 1 Dogecoin according to current market rate is $0.088