has rallied by a staggering 56% over the past 24 hours and has more than doubled its price in the last week, amid Tesla chief E lon Musk . Now, with dogecoin trading around 17 cents, he continues to buy the dip. On the other hand, if everything continues to come together and the stars align as it appears they might, then who knows? Dogecoin sub-Reddit has more than 2.2 million subscribers. Created in 2013 by software engineers Billy Markus and Jackson Palmer, dogecoin was intended to be used as a faster but "fun" alternative to bitcoin. If a big 2017-esque crash is waiting around the corner, then $0.01 would be a better price prediction. In July 2020, the cryptocurrency jumped from 0.002286, almost doubling to $0.004543 within a few days. Even if DogeCoin was only briefly over 60 cents, it's still a new milestone in DogeCoin's miraculous 2021. All Rights Reserved. Here's How to Change the AI Asssistant's Voice in Your Apple Devices. The trend has now retraced . The one-time joke cryptocurrency, which was inspired by a viral image of a Shiba Inu dog, has proven to be immensely popular among at-home traders, many using Reddit forums to inform their trading. Dogecoin has witnessed wild swings in the past over Musks tweets and announcements. InvestorPlace - Stock Market News, Stock Advice & Trading Tips. Investorscould get burned, so they should invest only what they can afford to lose. In other words, its not just Dogecoin, its the entire crypto market. For instance, Elon Musks tweets have significantly affected the price of dogecoin. The rise from $0.000232 in 2013 to the current price of 0.05 represents a 21000% rise. The Dogecoin price on launch in 2013 was $0.000232, so the rise to around $0.05 represents a 21,000 per cent increase. The top cryptocurrencies by market value, including bitcoin and ether, are plunging on Tuesday amid a sell-off. On Thursday, the U.S. online brokerage said there was a "major outage" in its crypto trading feature after facing "unprecedented demand." Please refer to our Risk Disclosure Statement. He added that Dogecoin would see strong support between 0.0772 and 0.0792 levels, as data from IntoTheBlock suggests that approximately 27,000 addresses scooped up 5.89 billion DOGE tokens at these levels. Others are "memecoins," which rise and fall in popularity simply because they're kind of funny. Contessoto himself also tells his followers not to invest more than they could afford to lose. 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. Just over a week ago, Musk tweeted, "Doge Barking at the moon, which boosted the coins price some more. And it's almost impossible to say when that's going to happen. According to the trading beast forecast, Dogecoin will open the year at a $0.0954633 maximum price and trade at a minimum of $0.0649150. The price of Dogecoin has risen by 1.39% in the past 7 days. Back in January, when each token was . Coinbase. Towards the end of the year, the minimum price will increase to 0.846257. The minimum price will be around $0.0509205, while the maximum is expected to gravitate towards 0.0748831. Musk has had a blow-hot blow-cold relationship with DOGE and has previously shared numerous DOGE-related memes and promoted it in tweets. In July DOGE almost doubled from $0.002286 to $0.004543 in the space of a few days. It gained over 43% and has found its footing once again near the 40-cent mark. Has all the attention got you wondering Should I invest in Dogecoin for outsized portfolio returns? appeared first on InvestorPlace. The platform has around 20 million users around the world. The charts will have an uptrend to trade over the $0.12 mark, although the typical l ups and downs will be present. Before we get started, we need to discuss the elephant in the room, Dogecoin's volatility. That means it only takes one person to dump all their holdings for the entire market to tank.". A year ago, the coin was trading at $0.002493 falling to $0.001582 in March 2020, according to Coindesk data. CRYPTO-SAVVY is an occasional series from Inverse that explains the world of cryptocurrency and where its going next. Dogecoin gained 50 per cent in the space of a few hours on February 4 to reach a price of $0.05. Whats more, Payments giants MasterCard is set to unveil a platform that will allow merchants to receive cryptocurrency payments. 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. At the time, the cryptocurrency was at $0.0023. The reason for these huge rises and falls is due to the fact that Dogecoin is inherently an extremely volatile coin. But that is not all. On that note, Dogecoin will likely continue to mimic Bitcoin's performance for the foreseeable future (as does almost every other altcoin). Daniel Van Boom covers cryptocurrency, NFTs, culture and global issues. 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 . https://t.co/adhugIHVGR. What do Dogecoin predictions indicate about the direction of the price from here? Putting aside this aforementioned focus on the cryptocurrency and its hype value, lets look at Dogecoin through a more traditional lens. Between his savings and borrowed funds, Contessoto said, he invested over $250,000 in dogecoin on Feb. 5 when it was priced at . The billionaire has called dogecoin his "fav" cryptocurrency and "the people's crypto." Please contact us if you have outstanding issues. The meme coin, once the runt of the crypto litter, is now a big dog with more value than storied automaker Ford (NYSE:F) and social media titan Twitter (NYSE:TWTR). 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. Following its launch in 2013, one Dogecoin was worth $0.0002 (that's two ten-thousandths of a cent). dogecoin guru (@doge_coin_guru) May 2, 2021 This user , for example, is one of many bullish Dogecoin fans who believe the asset will reach the 50-cent mark before the next weekend is out. While the rest of the economy dipped, most cryptocurrencies prices increased or maintained their prices within the range. Ultimately, dogecoin is expected to grow in 2021 through 2024. Over the years, veterans of the Doge ecosystem have been fighting its corner against trolls, critics, and FUDders alike, preaching the good word of the dog meme currency. The altcoin hit a record 69 cents Wednesday morning, flying past its previous high of 43 cents back in April. Dogecoin has been climbing again in the past week, hitting 10 cents a coin for the first time on Wednesday. There is a crazy excitement [from] very young investors around meme coins and meme ideas. Next:Want To Trade Bitcoin, Ethereum And Dogecoin? 2023 TECHTIMES.com All rights reserved. Sign up for free newsletters and get more CNBC delivered to your inbox. The post Dogecoin Price Predictions: Can DOGE Hit 50 Cents After SNL Debut? In fact, Markus recently wrote on Reddit that he sold his coins for (only) about enough to buy a used Honda Civic. The popular coin briefly dropped below 30 cents on May 23, before . The feature is now back online, Robinhood said. This then catalyzed a series of huge leaping upward gains; the coin moved from five. Over the longer term, the forecast puts the price at an average of $0.152755 in 2025 and $0.238451 in 2028. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. 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 digital currency towards $1. Still, he admits that DOGE "is only worth something because people want to believe in it.". But his tweets have worried some investors, given their apparent ability to move markets. We know some customers may have experienced intermittent issues earlier. In other words, more investors are likely to continue buying dogecoin, pushing prices even higher. With that said, the question on many doge fanatics' lips is, "can Doge hit $1 in 2021?". It started out as a joke. If you're familiar with cryptocurrency, you know Bitcoin and maybe Ethereum. The price is expected to reach a high of $0.079470 in October, jump to $0.0798154 in November. This feature has led some in the crypto space to dub Bitcoin as digital gold.. 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. 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. Institutional (and, in turn, mainstream) adoption is cited as one major factor propelling the rise of cryptocurrencies. The Dogecoin protocol is based on the now-defunct Luckycoin, which was a fork, or spinoff, from Litecoin (LTC). The price will close at $0.1 price in May 2023, which represents a 55.75% change. Back in January, when each token was worth around 1 cent, Doge devotees had dreams of the coin hitting 10 cents in value. 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. Dogecoin is 88.99% below the all time high of $0.74. Roughly half say child care issues were a reason they quit a job (48% . The bullish movement has pushed the market cap to $10.7 billion. So will Dogecoin reach $1? Jack Dorsey Slams Elon Musk's Handling of $44 Billion Acquisition Deal: What Happened? Maybe. In early January, each token was worth less than one cent. Dogecoin started out as a joke. 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. Like the rest of the years, bulls will still be in control in October through December. Do you think #Dogecoin will reach 50 cents before May 10th ? Now, defying all odds, dogecoin is worth $40 billion, and its price has . Sign up for our free newsletter for the Latest coverage! On the other hand, Dogecoin is inflationary and has no supply limit. Here's What Simulation Reveals, New Balloon Flying Over Hawaii Under Investigation from the US Military, Unknown if it is from China, Tentative Exynos 2500 Specs Spotted Online: Leaks Show 10-Core CPU Performance, CryptoWatch: is Cryptocurrency Dead in the US? While the price is currently in a downtrend, it is prudent to wait and see how the price will behave around this point. % so far in 2021. . 2023 CNBC LLC. 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. It's risen by a whopping 400% in the last seven days. Dogecoin has experienced high price volatility like any other cryptocurrency. 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. Last week, he bought over $5,300 worth of dogecoin when it was around 17 cents, he said. The digital token reached an all-time high of 32 cents Friday morning, more than doubling in price from a day ago. Currently, it ranks 10th globally. In fact, it has hit an all-time high within the first two months of 2021. More bulls are likely to join the bandwagon pushing the price to test the resistance zone in December. All rights reserved. I mean, its shocking to me that GameStop continues to hold any value, Novogratz said. Another fundamental aspect that will affect dogecoins is government regulation. Dogecoin is on the rise this week. Popular memecoin Dogecoin. In eliminating three zeroes, one of the most-popular digital currencies on the planet gained more than 37,000%. Interestingly, Musk is widely touted to be the "Dogefather" as he frequently mentions the cryptocurrency and engages with its community of users. But Dogecoin's tendency toward inflation ranks it among the best cryptocurrencies over the long term, Lian says. If the price breaks the resistance, we could see price movement upwards. . Gene Simmons also recently revealed that he owns DOGE while snoop posted an altered album, Snoop Doge. Since the coin is typically associated with speculation and hype, whether or not it makes it to $1 depends on a number of factors, such as: One of the key strengths of Dogecoin is its die-hard (almost cult-like) community. Musk posted a tweet last week that referenced The Dogefather and his upcoming hosting gig on Saturday Night Live May 8. Visa has also published similar plans. Following its launch in 2013, one Dogecoin was worth $0.0002 (that's two ten-thousandths of a cent). The price was up 36% from the previous day and has risen 95% over the past week. Thus, whether or not Doge can make it to $1 comes down to how well the cryptocurrency industry performs from here on out. Majorities of workers who quit a job in 2021 say low pay (63%), no opportunities for advancement (63%) and feeling disrespected at work (57%) were reasons why they quit, according to the Feb. 7-13 survey. Dogecoin (DOGE) is the latest cryptocurrency to catch a wave, becoming the 12th largest crypto by market capitalisation after Tesla founder Elon Musk posted a series of tweets in the past week. ", "I had a game plan in mind going into this purchase, and I wouldn't feel right always telling people to 'buy and hold' and as soon as I hit $3 million, cash out and leaving everyone else hanging," he said. Since then the crypto markets experienced a heavy crash on May 19, most coins went down by about 50 per cent, including . These are like the penny stocks of the cryptocurrency world. 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. Cryptocurrency aggregator Coinswitch predicts that DOGE could move up by more than $0.005 in the coming month or two, noting that it has been adopted as a means of payment by online stores such as eGifter, AllGamer.net and others. The price of DogeCoin started ticking up over the weekend. Between hissavings and borrowed funds, Contessoto said, heinvested over $250,000 in dogecoinon Feb. 5 when it was priced at about 4.5 cents. DigitalCoinPrice. However, we cant be ruled out a full reversal. The price is expected to hover around $0.0608258 towards the end of the month. What Happened:According to research shared with Benzinga by Finder, Dogecoin is expected to reach $0.163 by the end of this year. Around mid-February, the dogecoin chart formed a descending triangle followed by a stable trend. 2023 Benzinga.com. Also read:Blockchain.com Needs Cash As Valuation Plunges 70%: Will VCs Back The Struggling Startup? 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. It has since found a growing community online. Some reports have attributed the latest dogecoin rally to support for the meme-based token from Tesla CEO Elon Musk. Apparently, the coin started a joke, or rather to satirize the proliferating dubious crypto coins. Dogecoin gained 50 per cent in the space of a few hours on February 4 to reach a price of $0.05. Courtesy of Glauber Contessoto and Rodrigo Ramos. This lack of a supply cap is one more reason why some people are skeptical of the cryptocurrencys massive rally and worry that people buying it will ultimately lose big. Want To Trade Bitcoin, Ethereum And Dogecoin? The minimum is forecast to be $0.0521378. Finally, for Doge to hit $1, it's absolutely imperative that sentiment around the project remains high and that media publicity stays overwhelmingly positive. 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 . After starting the year at $0.0056, the coin quickly rose to $0.07 in February, $0.40 in April, and $0.73 in May, only for it to crash and lose 75% of its value in the space of a few weeks. (Photo : Can DogeCoin Really Hit $1 In 2021) Eventually, penetrate the current all-time in February 2022 to sell at a high of $0.0826640. All rights reserved. Dogecoin, the cryptocurrency that features the face of a Shiba Inu dog as its logo, has surpassed 10 cents for the first time. 5,000 percent since the start of the year, skeptical of the cryptocurrencys massive rally. Those are the two biggest cryptocurrencies, but underneath them is an entire market of smaller ones called "altcoins" -- or, sometimes, "shitcoins." 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. The price could retest this high, which would then become our support. (Photo : Celebrity endorsements). At the time of writing, dogecoin was trading at around $0.53 a coina record high. As of around 2:50 p.m. EST on Tuesday, his dogecoin holdings were worth $700,217.09. 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. Bitcoin hit a record high of more than $64,000 on Thursday, while ether briefly topped $2,500 for the first time Friday morning. However, 2021 seems quite promising. And earlier this week, Venmo (owned by PayPal) announced its more than 70 million customers can now buy Bitcoin, Ethereum, Litecoin, and Bitcoin cash for as little as $1. The Indian government is also considering banning cryptocurrencies. Since then, Contessoto hasrefused to sell, despite dogecoin'sups and downs. A day after the first spike in January 2021, DOGE crashed as low as $0.0228 - wiping more than two-thirds off its value. 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 started out as a joke. At its current value, dogecoin is worth more than gaming company Nintendo, car maker Mitsubishi and bank Santander. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved. Should it? Very few people actually "use" the currency for much of anything, which means that the coin's valuation is solely dependent on the market and public sentiment. 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. The use of Dogecoin has evolved beyond a fun meme on social media. Dogecoin will reach $0.0613386 at the end of the month. A break to the downside could slump to a $0.045 zone. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Since then, various celebrities came out of the woodwork in support of Doge, ranging from famous rapper Snoop Dogg to billionaire business magnate Mark Cuban and even Gene Simmons. This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. For one, there's the Coinbase listing. It has since made its way down to around 55 cents. To say this cryptocurrency had a wild ride over the past year would be a gross understatement. Doge Twitter is ablaze with hype ahead of the episode. If you are not familiar with this previously lesser-known crypto, what is Dogecoin all about? In early February, enticed by a friend who is an avid Redditor, I put $50.00 into the coin on Robinhood when it was at about $0.03 and was able to double my money by selling a week later at $0.07. 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. Dogecoin is a cryptocurrency based on the "Doge" meme, which rose to popularity in late 2013. Benzinga does not provide investment advice. As of January 26, Dogecoin cryptocurrency was available on the Ethereum network. 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. Oscar Gonzalez is Texas native who covers video games, conspiracy theories, misinformation and cryptocurrency. Firstly, the coins market capitalization surpassed $50 billion today. So what does this all mean for investors, and what are the prospects for this controversial coin? You Might Have To Take A Test To Trade In This Country, Do Not Sell My Personal Data/Privacy Policy. If the price falls, it will find support at the $0.075 price level. Dogecoin has been no exception to the frenzied interest in these digital assets. Where the last surge saw the coin use up all its steam and fail out on #DogeDay, investors have bullish indicators and incoming catalysts lined up. And in 2021, it hit 200 sats, before correcting to approximately 100 sats," Chrysochou says. The billionaire has flirted with the idea of using Dogecoin as a payment option for a membership or paid version of Twitter. 2023 Tech Times LLC. Besides his dogecoin memes, he has announced himself as the unofficial CEO of dogecoin. 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. Dogecoin has attracted a following among users of Robinhood. A Division of NBC Universal. The firm's panel of fintech and crypto experts expect the coin also hit $0.541 in 2030 roughly 400% higher than its price at the beginning of this year. There are several reasons why deflationary currencies like Bitcoin BTC/USD might never be used as money. Ethereum, the second most valuable cryptocurrency by market cap, also hit an all time high Tuesday, pushing past $3,500 mark. Created in 2013, DogeCoin was the first such memecoin. Aside from positive cryptocurrency industry sentiment, several other factors have accelerated Dogecoin's recent gains. Fast forward to August 2021, and you will have to fork out a hefty $0.35 for the very same coin . Dogecoin's price more than doubles in a week. Do Not Sell or Share My Personal Information. In June, the price is expected to reach $0.0754225 and hit $0.0512873 on the lower side. Popular memecoin Dogecoin DOGE/USD has rallied by a staggering 56% over the past 24 hours and has more than doubled its price in the last week, amid Tesla chief Elon Musks acquisition of social networking giant Twitter. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Aliasgar Merchant, lead developer of relations atAkash Network, a decentralized cloud platform, said the current trend reversal for Dogecoin seems sustainable, and the memecoin can easily hit the 50-centmark before the end of the year.