What do Dogecoin predictions indicate about the direction of the price from here? Sign up for free newsletters and get more CNBC delivered to your inbox. The coin hit 16 cents Tuesday morning before inching up to 17 cents. The price is expected to hover around $0.0608258 towards the end of the month. Dogecoin hit its maximum price a few days ago, reaching a high price of 73 cents. Michael Burgess, a chief operating officer for the Ren Project, said: With another first for RenVM, Dogecoin is no longer a meme coin; it is now a viable financial instrument in its own right, thanks to RenVM and OpenDAO.. Secondly, DOGE holders have the Elon Musk SNL episode to look forward to. CRYPTO-SAVVY is an occasional series from Inverse that explains the world of cryptocurrency and where its going next. Interestingly, Musk is widely touted to be the "Dogefather" as he frequently mentions the cryptocurrency and engages with its community of users. To answer the question at hand, one could look at the coin using the more traditional factors usually considered when evaluating the strength of a digital currency offering, factors like blockchain protocols, use case, price action, circulating supply, and strength of the development team. Roughly half say child care issues were a reason they quit a job (48% . Even though $1 is as arbitrary a number as any other, investors tend to look at these round numbers as key milestones/psychological price points that hold a certain level of significance. In July DOGE almost doubled from $0.002286 to $0.004543 in the space of a few days. Musk posted a tweet last week that referenced The Dogefather and his upcoming hosting gig on Saturday Night Live May 8. But investor Glauber Contessoto, whose dogecoin holdings previously surpassed a value of $1 million, isn't worried. Next:Want To Trade Bitcoin, Ethereum And Dogecoin? But Dogecoin is unique, and being in a category all on its own, a more all-encompassing assessment requires one to look at other less-traditional influencing factors. DOGE now has a market cap of $6.39bn, according to digitalcoinprice.com, ahead of altcoins like Uniswap, Aave, EOS and Monero. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. At the end of the month, the price is expected to reach $0.0599065. The price is expected to reach a high of $0.079470 in October, jump to $0.0798154 in November. Firstly, If y. Apparently, the coin started a joke, or rather to satirize the proliferating dubious crypto coins. If the price breaks the resistance, we could see price movement upwards. Its popularity on social media makes Dogecoin prone to wild price swings, with various attempts by users on TikTok and Reddit to collectively drive up the price causing the market to spike. Investorscould get burned, so they should invest only what they can afford to lose. Blockchain.com Needs Cash As Valuation Plunges 70%: Will VCs Back The Struggling Startup? Just one look at Doge's graph will remind you of your favorite rollercoaster when you were a child, except this ride is certainly not for the faint of heart. The charts will have an uptrend to trade over the $0.12 mark, although the typical l ups and downs will be present. Dogecoins prices have rallied in 2021 for several reasons. The dogecoin price has climbed almost 400% this week alone and is now hovering around 30 cents per . The value of dogecoin, a cryptocurrency originally invented as a joke, surged to an all time high of over 50 cents Tuesday, a landmark as enthusiastic online traders continue efforts to push the . It started out as a joke. These are like the penny stocks of the cryptocurrency world. It is now being accepted by some online stores for payment and Dogecoin investment is forming part of diversified cryptocurrency portfolios. Cryptocurrencies have experienced seismic growth in the recent past. Tesla has started accepting Bitcoin payments for its cars and now holds some of the digital currency on its balance sheet. It's complicated. On Monday, April 19, Dogecoins market capitalization (equated by multiplying a coins current price by its circulating supply) hit $50 billion for the first time, with the coin itself hitting an all-time high of $0.45 made possible by surges of roughly 500 percent from the previous week and roughly 5,000 percent since the start of the year. The good news is that this figure is certainly not out of the realms of possibility, especially if Bitcoin and the cryptocurrency industry as a whole can continue with its current trajectory for the rest of the year. It has since found a growing community online. One simply called Meme launched in August at $1 and now trades at over $2,000. Institutional (and, in turn, mainstream) adoption is cited as one major factor propelling the rise of cryptocurrencies. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Bitcoin Whitepaper Disappears on macOS, Coinbase Sues SEC, Siri is Getting Boring? He even namedSpaceX's 2022 moon missionDOGE-1. The Dogecoin protocol is based on the now-defunct Luckycoin, which was a fork, or spinoff, from Litecoin (LTC). When not writing, Daniel Van Boom practices Brazilian Jiu-Jitsu, reads as much as he can, and speaks about himself in the third person. But to answer the question more aptly, we need to dive into a few specifics to see whether or not it's a viable target or just another crypto pipedream that will never come to fruition. But even after a nearly 10% price spike Tuesday from about 46 cents to around 50 cents per coin dogecoin is still trading well below the levels it hit just before Musk . Investor Optimism Improves Slightly Following JPMorgan's Purchase Of First Republic's Assets, Ford Motor Q1 2023 Earnings Preview, EV plans in focus, Here's what Wall Street expects from Ford Motor's earnings report, Earnings Week Ahead: Apple, Ford, Starbucks, Anheuser Busch, and more, TSLA Stock: Get Ready for the Inevitable Fall of Tesla. The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. "Until I reach my goal, I'll continue to buy, hold and 'diamond hand' it. Among those is meme-inspired cryptocurrency dogecoin, which is down about 77% since its all-time high of nearly 74 cents in May. One thing should be said here, that over the past few months, these incredible price increases have indeed provided opportunities to make money in the short term. The success of crypto depends on users and adoption. We know some customers may have experienced intermittent issues earlier. Ultimately, dogecoin is expected to grow in 2021 through 2024. Dogecoin price predictions are heating up this week ahead of a huge weekend for the coin as well as a potentially huge weekend upcoming. As of around 2:50 p.m. EST on Tuesday, his dogecoin holdings were worth $700,217.09. The meme coinDogecoinDOGE/USD is expected to appreciate considerably this year and even more further into the future according to research conducted by United Kingdom financial analysis service Finder. Now, defying all odds, dogecoin is worth $40 billion, and its price has risen by a whopping 400% in the last seven days. While we cant predict dogecoins price with utmost certainty, it is prudent the most likely direction. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Similar to the subreddit WallStreetBets, which helped fuel a rally in GameStop shares at the start of 2021, SatoshiStreetBets aims to pump up the prices of cryptocurrencies. Dogecoin gained 50 per cent in the space of a few hours on February 4 to reach a price of $0.05. [+] dogecoin token--far above the mere fraction of a cent it began 2021. A break to the downside could slump to a $0.045 zone. Similarly, Gene Simmons said he would be buying the currency. The current circulating supply is 139,146,956,383.705 DOGE. If you look into Reddit, Facebook, Twitter, and other social networks, you will see that Doge has the second-largest followings after Bitcoin. 2023 BDG Media, Inc. All rights reserved. ", But, Kimberley added, "when everyone is doing this, the bubble eventually has to burst and you're going to be left shortchanged if you don't get out in time. Dogecoin will reach $0.1096323 on the higher side and $0.0745500 on the lower side at the close of the year. DigitalCoinPrice. Yes, while many publications make fun of the fact that Dogecoin is, in fact, just a meme coin, the truth is that this sort of publicity attracts more widespread attention, curiosity, and intrigue around the digital currency which leads to more investors jumping on board. Gene Simmons also recently revealed that he owns DOGE while snoop posted an altered album, Snoop Doge. Has all the attention got you wondering Should I invest in Dogecoin for outsized portfolio returns? "People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up, and then they can sell off and make a quick buck. Key Facts. Things to consider are: the recent developments in the use of the controversial cryptocurrency, its volatile performance against the US dollar and the latest price forecasts. Built by software engineers Billy Markus and Jackson Palmer during the early Bitcoin craze and featuring a "mascot" of the then-popular meme featuring a Shiba Inu dog, the coin was originally conceived as a meta-joke about monetary value and the internet. The price of DogeCoin started ticking up over the weekend. No. The size of the potential loss is limited to the funds held by us for and on your behalf, in relation to your trading account. The price increased by 0.57% in the last 24 hours. But remember, the cryptocurrency industry is still young and volatile, and due to Dogecoin having a weak use case and no supply cap, while the numbers may be looking good now, it could easily go the other way. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. The current price is $0.0814 per DOGE. Capital Com is an execution-only service provider. And many are predicting a DOGE mention on the airwaves will lead to upward catalysts. Taking a longer-term view, by 2025 Coinswitch expects Dogecoin to range between a low of $0.0281 and a high of $0.0450. There's no doubt that Dogecoin will reach 50 cents per coin before 2022 ends. HSBC names 4 Chinese stocks set to benefit from the trend. Similarly, the site expects dogecoin to reach $0.0766733 in July. The combined value of the cryptocurrency market climbed above $1tr in January for the first time, as Bitcoin traded at a record high of $41,941.56, according to data from CoinMarketCap and CoinGecko. Over the longer term, the forecast puts the price at an average of $0.152755 in 2025 and $0.238451 in 2028. At least a third say each of these were major reasons why they left. The massive support from Teslas Elon Musk and other celebrities could boost investors confidence. (More on that a bit later). (Photo : Can DogeCoin Really Hit $1 In 2021) Risk warning: onducting operations with non-deliverable over-the-counter instruments are a risky activity and can bring not only profit but also losses. The meme portrays a Shiba Inu dog alongside nonsensical phrases in multicolored, Comic Sans-font text. Anndy Lian, book Author of "NFT: From Zero to Hero" tells Benzinga that Dogecoins price action has a history and is closely linked to Musk. "You risk losing nearly all the money you put in," James Ledbetter, editor of fintech newsletter FIN andCNBC contributor,previously toldCNBC Make It. According to Tradingbeasts Dogecoin Predictions, at the beginning of April, dogecoin is likely to reach $0.0595023. 5,000 percent since the start of the year, skeptical of the cryptocurrencys massive rally. Dogecoin started 2021 on a bullish note, doubling on January 2 from $0.005405 to $0.011427, and was trading at $0.007432 on January 27, before the most recent rally took it to an all-time high of $0.07818. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Dogecoin sub-Reddit has more than 2.2 million subscribers. The minimum price will be around $0.0509205, while the maximum is expected to gravitate towards 0.0748831. On a per capita basis, there were 14.6 gun deaths per 100,000 people in 2021 - the highest rate since the early 1990s, but still well below the peak of 16.3 gun deaths per 100,000 people in 1974. Want CNET to notify you of price drops and the latest stories? Time to get your crystal ball out! These include activity on the Reddit thread r/WallStreetBets among the #DogeArmy, the social media hype surrounding #DogeDay (April 20), and tweets from celebrities and brands, including Tesla CEO Elon Musk. What Happened:According to research shared with Benzinga by Finder, Dogecoin is expected to reach $0.163 by the end of this year. On the other hand, Dogecoin is inflationary and has no supply limit. The bullish movement has pushed the market cap to $10.7 billion. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. Nonetheless, Contessoto's plan remains the same: "Once I hit $10 million, then I'll take out 10%. In 2024, dogecoin will be trading above the $0.11 mark on the higher side. To put this into context, if investors purchased $100 worth of Dogecoin on Dec. 22 . Back in January, when each token was worth around 1 cent, Doge devotees had dreams of the coin hitting 10 cents in value. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. % so far in 2021. . But that was just an experiment. The value of Dogecoin has soared by 774 per cent against the US dollar in the year to date. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. Here's How to Change the AI Asssistant's Voice in Your Apple Devices. After all, Dogecoin's two founders, Billy Markus and Jackson Palmer devised the payment system as a joke, mocking the rampant cryptocurrency speculation of the time and simultaneously satirizing the entire industry. But there are some: one advocate and enthusiast is entrepreneur and investor Mark Cuban, who announced in March that his team, the Dallas Mavericks, would begin to accept the coin as a form of payment. DOGE/USD +1.20% + Free Alerts. The projects latest developments: will DeFi drive adoption of Dogecoin? All rights reserved. The fears of missing out and the generally bullish sentiment regarding cryptocurrencies will keep pushing the prices up. https://t.co/adhugIHVGR. According to an online forecasting website Wallet Investor, DOGE could double again from the $0.05 level to reach $0.10 later this month. These factors are making investors awfully excited about the future of Dogecoin. The Dogecoin forecast from digitalcoinprice.com is more bullish, predicting the price will average $0.073692 in March and reach $0.081293 by the end of 2021. If the celebrities continue this infatuation of dogecoin, then its price will continue to increase. Even if DogeCoin was only briefly over 60 cents, it's still a new milestone in DogeCoin's miraculous 2021. Dogecoin was launched in 2013 as a joke by software engineers Billy Markus from IBM and Jackson Palmer from Adobe, using a popular dog meme to parody the proliferation of cryptocurrency altcoins being touted as alternatives to Bitcoin. Ill stick to Bitcoin and Ethereum, thank you very much. 2023 Tech Times LLC. If the price falls, it will find support at the $0.075 price level. The digital currency originally based on a meme - Dogecoin - has taken the world by storm over the past twelve months. Currently, there are more than 129 billion Dogecoins in circulation, and each minute 10,000 DOGE are added into the network. On Monday, April 19, Dogecoin's market capitalization (equated by multiplying a coin's current price by its circulating supply) hit $50 billion for the first time, with the coin itself hitting . On the bright side, financial giants including JPMorgan, Citi, and Sachs are contemplating establishing crypto custody. Update: Crypto trading is now fully restored. Oscar Gonzalez is Texas native who covers video games, conspiracy theories, misinformation and cryptocurrency. Should it? Last week, he bought over $5,300 worth of dogecoin when it was around 17 cents, he said. And it's almost impossible to say when that's going to happen. Meanwhile, Dogecoin Whale Alert, a Twitter account that tracks the movement of DOGE whales tweeted that 286,953,266 DOGE, worth $22,140,740 was transferred from a "Top 20 wallet" to a Binance wallet. Courtesy of Glauber Contessoto and Rodrigo Ramos. The rise from $0.000232 in 2013 to the current price of 0.05 represents a 21000% rise. Dogecoin is a cryptocurrency based on the "Doge" meme, which rose to popularity in late 2013. Created in 2013, DogeCoin was the first such memecoin. . We saw Milky Way, Snickers, Slim Jim, and others tweet support for the cryptocurrency, with the goal of sending the coin to the moon (crypto-talk for a coin that is soon going to rise significantly in price). Following its launch in 2013, one Dogecoin was worth $0.0002 (that's two ten-thousandths of a cent). "Hey guys I just became a Dogecoin millionaire," the user said, showing a balance of $1,081,441.29 in their account. ", Amazon drops 4% on slowing cloud growth projections. Investors can likely sit tight knowing that while there will be more, and others will come and go, DOGE will forever be the original.". Do you think #Dogecoin will reach 50 cents before May 10th ? 2023 Benzinga.com. Currently, it ranks 10th globally. Lets take a look at what some analysts Dogecoin price predictions are saying about the crypto: On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. At the time Wallace joined the show, Dogecoin was trading around 50 cents. Analysts at Arcane Research said in a recent note: Bitcoins sideways price action is giving room for altcoins to thrive. In January 2021, the volume on decentralised exchanges surpassed its previous all-time high reached in September 2020. Benzinga does not provide investment advice. The year 2020 was good for cryptocurrencies. Elon Musks Saturday Night Live episode airs this weekend, on May 8. Want To Trade Bitcoin, Ethereum And Dogecoin? In mid-April, the coin was in a similar position, but suffered from a hard correction that brought its price down to around 25 cents. The coin hit 16 cents Tuesday morning before inching up to 17 cents. The spike in DogeCoin trading seems to have caused issues for the Robinhood investing app, which said it wasexperiencing issues with cryptocurrency trading, likely due to the demand. For some perspective: the market cap of the second-largest cryptocurrency, Ethereum (ETH), is currently $280 billion, and the market cap of the leading cryptocurrency, Bitcoin, is hovering around $1 trillion. In September dogecoin price will increase to a high of $0.781554. On that note, Dogecoin will likely continue to mimic Bitcoin's performance for the foreseeable future (as does almost every other altcoin). DigitalCoinPrice is definitely bullish in this currency: based on historical data, the website forecasts DOGE crypto's price of $0.17 in 2023, $0.21 in 2024, and $0.31 in 2025. A $1,000 dogecoin purchase on Jan. 1, 2021 at a price of less than a cent per coin would be worth $121,052 at Wednesday's high of 69 cents, a gain of more than 12,000% according to CNBC . Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. Putting aside this aforementioned focus on the cryptocurrency and its hype value, lets look at Dogecoin through a more traditional lens. Its Doge Time: Dogecoin Surges As Reddit Traders Push To Make It The Crypto GameStop (Forbes), Dogecoin Is SoaringNear 10 Cents For First Time (Forbes), I Am Become Meme, Destroyer Of Shorts: Dogecoin Soars Again As Elon Musk Returns From Self-Imposed Twitter Exile (Forbes), Dogecoin Skyrockets To All-Time Highs Reaching $52.2 Billion Market Cap As Robinhood App Reports Outage Issues Due To Heavy Cryptocurrency Trading (Forbes), This is a BETA experience. This article will explain why it will get to $0.50/per coin within 2022. Some bitcoin investors, for instance, have sounded the alarm about Musk's dogecoin tweets. On April 20, Mike Novogratz, founder, and CEO of crypto-focused investment firm Galaxy Digital went on CNBCs Squawk Box, explained how Bitcoin is a well-thought-out, well-distributed store of value thats lasted for 12 years and is growing in adoption. Another factor that Novogratz believes will positively impact Bitcoin's price and usage is that tens of billions of dollars'' of capital expenditures and operating expenses are put into the Bitcoin ecosystem every year. Shop your favorite products and well find the best deal with a single click. On Thursday, Musk posted a cryptic tweet saying "Doge Barking at the Moon," likely in reference to the popular crypto slang phrase "to the moon.". Popular brands followed suit and jumped on the #DogeDay420 bandwagon with Dogecoin-related tweets. These investments simply arent there for Dogecoin. Musk has had a blow-hot blow-cold relationship with DOGE and has previously shared numerous DOGE-related memes and promoted it in tweets. What do you need to know about the altcoin before you decide whether to add it to your portfolio? A day after the first spike in January 2021, DOGE crashed as low as $0.0228 - wiping more than two-thirds off its value. While the rest of the economy dipped, most cryptocurrencies prices increased or maintained their prices within the range. TradingBeasts further forecasts that the cryptocurrency will be traded at $0.0613386 at the beginning of the month and close the month at $0.0619104. Some of the biggest spikes for dogecoin have come after the token was mentioned by Elon Musk on Twitter, messages that were often accompanied by memes. 2023 CNBC LLC. About two months later, on April 15, he said, hebecame a dogecoin millionaireon paper. Like the rest of the years, bulls will still be in control in October through December. Designed to make shopping easier. Dogecoin spiked 400% in a week, fueling fears of a cryptocurrency bubble, Why investors may want to take dogecoin seriously, began rising in tandem with other popular digital currencies, posted a picture of their dogecoin holdings, buying $1.5 billion worth of the cryptocurrency, already view bitcoin as a speculative bubble. Popular memecoin Dogecoin. On Friday, a Reddit user posted a picture of their dogecoin holdings on the Robinhood investing app. On the other hand, if everything continues to come together and the stars align as it appears they might, then who knows? Dogecoin is 88.99% below the all time high of $0.74. Whats more, Payments giants MasterCard is set to unveil a platform that will allow merchants to receive cryptocurrency payments. Also, considering that the coin has made roughly 5,000 percent gains in the past year, its not ridiculous to assume that the coin could triple in value (or more) in due time. Sign up for a daily update delivered to your inbox. While Im not offering financial advice here, all things considered, the short answer is probably, yes. Positive, growing sentiment surrounding the cryptocurrency industry as a whole (in just the past few weeks, DOGE, BTC, and ETH all hit all-time highs), a community of passionate Dogecoin supporters, and plugs from tastemakers like Elon Musk all could drive the price up higher.
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