Dogecoin's price tends to be gripped by dizzying highs and crashing lows. "Dogecoin's rise is a classic example of greater fool theory at play," David Kimberley, an analyst at U.K. investing app Freetrade, told CNBC. However, we cant be ruled out a full reversal. In July DOGE almost doubled from $0.002286 to $0.004543 in the space of a few days. All Rights Reserved. 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 . Dogechain beginning the voting process for its coin burn fueled a bullish sentiment among DOGE holders. The projects latest developments: will DeFi drive adoption of Dogecoin? If you rely on the information on this page then you do so entirely on your own risk. Popular memecoin Dogecoin. DOGE has also become available on more cryptocurrency exchanges, making investing in Dogecoin available to more people and supporting higher trading volumes. Nonetheless, Contessoto's plan remains the same: "Once I hit $10 million, then I'll take out 10%. 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. Benzinga does not provide investment advice. In short - yes, it is absolutely possible. Back in January, when each token was worth around 1 cent, Doge devotees had dreams of the coin hitting 10 cents in value. Dogecoin hit its maximum price a few days ago, reaching a high price of 73 cents. Dogecoin has been climbing again in the past week, hitting 10 cents a coin for the first time on Wednesday. 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. Aside from positive cryptocurrency industry sentiment, several other factors have accelerated Dogecoin's recent gains. Dogecoins prices have rallied in 2021 for several reasons. 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. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. While we cant predict dogecoins price with utmost certainty, it is prudent the most likely direction. There are many others, and they're preposterous. Dogecoin started out as a joke. Like the rest of the years, bulls will still be in control in October through December. Dogecoin is one of the cryptocurrencies that have grown significantly. Here's how the pros are playing it, This beaten-up bitcoin proxy should rebound 35% as the crypto reclaims the spotlight, Berenberg says, Missed the A.I. Interestingly, Musk is widely touted to be the "Dogefather" as he frequently mentions the cryptocurrency and engages with its community of users. As of around 2:50 p.m. EST on Tuesday, his dogecoin holdings were worth $700,217.09. The trend has now retraced . The billionaire has flirted with the idea of using Dogecoin as a payment option for a membership or paid version of Twitter. Many aim or claim to have utility, or improve facets of the Ethereum blockchain, upon which most altcoins are built. Firstly, If y. (More on that a bit later). Following its launch in 2013, one Dogecoin was worth $0.0002 (that's two ten-thousandths of a cent). 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. The digital currency originally based on a meme - Dogecoin - has taken the world by storm over the past twelve months. Want To Trade Bitcoin, Ethereum And Dogecoin? The bullish movement is expected to continue throughout the year. Investors are hoping the surge today will lead to something different. 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. Jack Dorsey Slams Elon Musk's Handling of $44 Billion Acquisition Deal: What Happened? 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. The excitement around Coinbase's debut led to a surge in the prices of bitcoin and ether. Musk has had a blow-hot blow-cold relationship with DOGE and has previously shared numerous DOGE-related memes and promoted it in tweets. On the other hand, Dogecoin is inflationary and has no supply limit. 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. Musk's' The Boring Company, SpaceX, and Tesla all accept Dogecoin as payment for merchandise. (Photo : Can DogeCoin Really Hit $1 In 2021) ", 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. It is now being accepted by some online stores for payment and Dogecoin investment is forming part of diversified cryptocurrency portfolios. Dogecoins market cap of $69 billion places it as the fourth most valuable cryptocurrency, behind bitcoin, ethereum and Binance Coin. 84% of retail investor accounts lose money when trading CFDs with this provider. Finally, for Doge to hit $1, it's absolutely imperative that sentiment around the project remains high and that media publicity stays overwhelmingly positive. "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. Brokerage platform eToro announced support for dogecoin Monday, citing client demand. But his tweets have worried some investors, given their apparent ability to move markets. Since then the crypto markets experienced a heavy crash on May 19, most coins went down by about 50 per cent, including . The coin hit 16 cents Tuesday morning before inching up to 17 cents. It has since made its way down to around 55 cents. Still, he admits that DOGE "is only worth something because people want to believe in it.". The cryptocurrency is based on the "Doge" meme, which rose to popularity in late 2013. In other words, the vast majority of those who purchase the coin do so in an attempt to benefit from price fluctuations. A Division of NBC Universal. He even namedSpaceX's 2022 moon missionDOGE-1. Currently, the price is hovering around the previous high of $ 0.051793 reached in January 2021. Benzinga does not provide investment advice. At the time, the cryptocurrency was at $0.0023. Dogecoin is even more bizarre in that respect., Novogratz and other proponents of Bitcoin so-called Bitcoin Maximalists who believe that the Bitcoin network will provide everything that investors want in a digital currency in the future also point to its inherent scarcity as a characteristic supporting its value. Now, defying all odds, dogecoin is worth $40 billion, and its price has risen by a whopping 400% in the last seven days. On the bright side, financial giants including JPMorgan, Citi, and Sachs are contemplating establishing crypto custody. Thus, whether or not Doge can make it to $1 comes down to how well the cryptocurrency industry performs from here on out. I mean, its shocking to me that GameStop continues to hold any value, Novogratz said. 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 cryptocurrency Dogecoin was created in 2013, but it wasnt until early 2021 around the time of the now-infamous Reddit-fueled GameStop and AMC short squeeze sagas that the coin started to attract more mainstream attention. The trend has now retraced to what seems like a minor pullback. The most popular U.S. virtual currency exchange went public on Wednesday, briefly hitting a $100 billion market cap in a landmark moment for cryptocurrencies. The Dogecoin price on launch in 2013 was $0.000232, so the rise to around $0.05 represents a 21,000 per cent increase. In early January, each token was worth less than one cent. With services and companies including PayPal, Venmo, WeWork and Tesla now supporting more traditional cryptocurrencies, its possible some may begin to support dogecoin. Dogecoin's skyrocketing price has led to worries of a potential bubble in the cryptocurrency market. His rants, however, have also gotten him in trouble. Plus500. 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. 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. About two months later, on April 15, he said, hebecame a dogecoin millionaireon paper. Though he isn't a financial expert, he's optimistic that dogecoin has already hit bottom. Fast forward to August 2021, and you will have to fork out a hefty $0.35 for the very same coin . With that said, the question on many doge fanatics' lips is, "can Doge hit $1 in 2021?". Dogecoin will trade for at least $0.087006 towards the end of the year. Before we get started, we need to discuss the elephant in the room, Dogecoin's volatility. You Might Have To Take A Test To Trade In This Country, Do Not Sell My Personal Data/Privacy Policy. Data is a real-time snapshot *Data is delayed at least 15 minutes. 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. Do not reproduce without permission. In just the past hour, the price grew by 0.32%. On that note, Dogecoin will likely continue to mimic Bitcoin's performance for the foreseeable future (as does almost every other altcoin). In January, crypto traders fantasized about DogeCoin hitting 10 cents. All jokes aside, Doge's crypto community acts as a central pillar to its success, and if it is to make it to $1 before the year is out, it will need all of its unsung community heroes to do their part online. Coinbase. And it's almost impossible to say when that's going to happen. CRYPTO-SAVVY is an occasional series from Inverse that explains the world of cryptocurrency and where its going next. Ultimately, dogecoin is expected to grow in 2021 through 2024. As of January 26, Dogecoin cryptocurrency was available on the Ethereum network. Next:Want To Trade Bitcoin, Ethereum And Dogecoin? The Ren Project is an open protocol for the transfer of value between blockchains that has partnered with OpenDAO, which facilitates the use of real-world assets on-chain, to launch renDOGE. Apparently, the coin started a joke, or rather to satirize the proliferating dubious crypto coins. It has since made its way down to around 55 cents. Last week, in a significant move for the industry, crypto trading platform and exchange Coinbase fetched an $85 billion valuation in its stock market debut. There's no doubt that Dogecoin will reach 50 cents per coin before 2022 ends. 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. The current circulating supply is 139,146,956,383.705 DOGE. Glauber Contessoto, 33, invested over $250,000 in dogecoin in February. Bitcoin Whitepaper Disappears on macOS, Coinbase Sues SEC, Siri is Getting Boring? This zone has support from a previous price gap. Dogecoin, worth around 7 cents today, would still have to more than double in value relative to . 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.". Glauber Contessoto's dogecoin holdings on Robinhood as of July 20 at 2:50 p.m. EST. 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. [+] dogecoin token--far above the mere fraction of a cent it began 2021. Do Not Sell or Share My Personal Information. The top cryptocurrencies by market value, including bitcoin and ether, are plunging on Tuesday amid a sell-off. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website. The charts will have an uptrend to trade over the $0.12 mark, although the typical l ups and downs will be present. 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. If the price breaks the resistance, we could see price movement upwards. Nic Carter, co-founder of Castle Island Ventures, warned retail investors "are going to lose money on dogecoin," calling it a "vehicle for speculation.". The feature is now back online, Robinhood said. Visa has also published similar plans. Investors can likely sit tight knowing that while there will be more, and others will come and go, DOGE will forever be the original.". One simply called Meme launched in August at $1 and now trades at over $2,000. We want to hear from you. 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. Fast forward to August 2021, and you will have to fork out a hefty $0.35 for the very same coin, where it is now ranked as the 7th most popular cryptocurrency in the world (by market cap). As the supply of Dogecoin is not capped, there are more than 128 billion coins in circulation and the low price has made the currency popular in social media communities for small transactions. The price is expected to reach a high of $0.079470 in October, jump to $0.0798154 in November. To say this cryptocurrency had a wild ride over the past year would be a gross understatement. Dogecoin will reach $0.0613386 at the end of the month. 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.. Daniel Van Boom is an award-winning Senior Writer based in Sydney, Australia. Over the longer term, the forecast puts the price at an average of $0.152755 in 2025 and $0.238451 in 2028. However, its Dogecoin price prediction then puts the cryptocurrency at $0.0343 by the end of March, trending up to $0.0390 by the end of December 2021. Other adopters include Latvian airline airBaltic, electronics retailer Newegg, and luxury resort group the Kessler Collection. You Might Have To Take A Test To Trade In This Country. 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 . TradingBeasts predicts that Dogecoins price will pass $0.081 in January 2022. Also, Dogecoin has strong community support. Please refer to our Risk Disclosure Statement. The minimum is forecast to be $0.0521378. While . Similarly, the site expects dogecoin to reach $0.0766733 in July. . Dogecoin sub-Reddit has more than 2.2 million subscribers. Just over a week ago, Musk tweeted, "Doge Barking at the moon, which boosted the coins price some more. If you're considering buying Dogecoin, read on to see what you can expect from your favorite meme coin for the latter part of 2021. The bullish movement has pushed the market cap to $10.7 billion. It's risen by a whopping 400% in the last seven days. The popular coin briefly dropped below 30 cents on May 23, before . That means it only takes one person to dump all their holdings for the entire market to tank.". Technologist and futurist from Thomson Reuters Joseph Raczynski concurs and expects Dogecoin to benefit from its first-mover advantage and hit 50 cents by the end of this year and reach $1 before the end of 2025. Its long-term forecast indicates the price could reach $0.0417 at the end of 2022, $0.0441 at the end of 2023 and $0.05096 in January 2026. While all cryptocurrencies are volatile in nature, dogecoin has been subject to a greater deal of volatility than more mainstream tokens, including bitcoin and ethereum, buoyed on by its dual identity as a meme. 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. 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. 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. Bitcoin hit a record high of more than $64,000 on Thursday, while ether briefly topped $2,500 for the first time Friday morning. Around mid-February, the dogecoin chart formed a descending triangle followed by a stable trend. Contessoto himself also tells his followers not to invest more than they could afford to lose. But Dogecoin's tendency toward inflation ranks it among the best cryptocurrencies over the long term, Lian says. 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. Secondly, DOGE holders have the Elon Musk SNL episode to look forward to. To put this into context, if investors purchased $100 worth of Dogecoin on Dec. 22 . 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. Become a home entertainment expert with our handpicked tips, reviews and deals. Dogecoin price is expected to be bullish all through up to 2025. There is a crazy excitement [from] very young investors around meme coins and meme ideas. In July 2020, the cryptocurrency jumped from 0.002286, almost doubling to $0.004543 within a few days. Top 5 Best Cloud-native Disaster Recovery Solutions in 2023, AI to Take Center Stage in 2024 Election; Experts Warn of the Tech's Effect on Voters, China's Algorithm-Based Tech Could Evade US Hypersonic Defenses! "I can't pass up a good bargain," Contessoto said. It started out as a joke. Elon Musks Saturday Night Live episode airs this weekend, on May 8. Those are the two biggest cryptocurrencies, but underneath them is an entire market of smaller ones called "altcoins" -- or, sometimes, "shitcoins." 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. There are several reasons why deflationary currencies like Bitcoin BTC/USD might never be used as money. Bitcoins supply is limited to 21 million coins, there being around 18.69 million currently in circulation. 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. The co-founders are no longer directly involved in the DOGE cryptocurrency. When not writing, Daniel Van Boom practices Brazilian Jiu-Jitsu, reads as much as he can, and speaks about himself in the third person. The massive support from Teslas Elon Musk and other celebrities could boost investors confidence. The price increased by 0.57% in the last 24 hours. 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. 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. As the world ambassador to Dogecoin (CCC:DOGE-USD), crypto investors are at the edge of their seats, anticipating a DOGE name-drop. The campaign managed to drive dogecoin's price up by 50 percent in 24 hours and 95 percent in one week. The coin which was started as a joke in 2013 was trading at about 5.5 cents as of 7:22 a.m., 7.6 percent higher than a day earlier but roughly 36 percent below the all-time peak of 8.7 . Do Not Sell My Personal Data/Privacy Policy. Additionally, trading platforms eToro and Gemini listed the memecoin, drastically expanding its reach. Towards the end of the year, the minimum price will increase to 0.846257. In June, the price is expected to reach $0.0754225 and hit $0.0512873 on the lower side. 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. appeared first on InvestorPlace. 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. 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. But its growth has not been any joke. On February 8th, 2021, the price of dogecoin hit the highest price of $0.082605. There are many others, and they're preposterous. The Dogecoin protocol is based on the now-defunct Luckycoin, which was a fork, or spinoff, from Litecoin (LTC). 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 price could retest this high, which would then become our support. Rapper Lil Yachty has claimed he will invest a significant portion of his wealth on dogecoin. Shop your favorite products and well find the best deal with a single click. 2023 BDG Media, Inc. All rights reserved. If the celebrities continue this infatuation of dogecoin, then its price will continue to increase. Investors who bought in will have ended up nursing some nasty losses. In September dogecoin price will increase to a high of $0.781554. 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. 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. Joseph Raczynski of Thomson Reuters expects Dogecoin to benefit from its first-mover advantage and hit 50 cents by the end of this year and reach $1 before the end of 2025. Past profits do not guarantee future profits. Blockchain.com Needs Cash As Valuation Plunges 70%: Will VCs Back The Struggling Startup? rally? Ill stick to Bitcoin and Ethereum, thank you very much. Investorscould get burned, so they should invest only what they can afford to lose. For instance, Elon Musks tweets have significantly affected the price of dogecoin. eToro alone has 20 million users, who can now easily buy DogeCoin through its platform. % so far in 2021. . On Friday, a Reddit user posted a picture of their dogecoin holdings on the Robinhood investing app. No. Created in 2013, DogeCoin was the first such memecoin. 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 reason for these huge rises and falls is due to the fact that Dogecoin is inherently an extremely volatile coin. During a tumultuous year, the polarizing cryptocurrency has captured public attention right across the globe after posting incredible gains, acquiring various celebrity endorsements, and dominating crypto Twitter and several other internet sub-communities. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. Even if DogeCoin was only briefly over 60 cents, it's still a new milestone in DogeCoin's miraculous 2021. ", Sign up now: Get smarter about your money and career with our weekly newsletter, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Well continue to monitor the situation closely and were sorry if you were impacted. 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. All Rights Reserved. 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. The Indian government is also considering banning cryptocurrencies. Should it? Also read:Blockchain.com Needs Cash As Valuation Plunges 70%: Will VCs Back The Struggling Startup? Taking a longer-term view, by 2025 Coinswitch expects Dogecoin to range between a low of $0.0281 and a high of $0.0450. Putting aside this aforementioned focus on the cryptocurrency and its hype value, lets look at Dogecoin through a more traditional lens. 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. Some reports have attributed the latest dogecoin rally to support for the meme-based token from Tesla CEO Elon Musk. The minimum price will be around $0.0509205, while the maximum is expected to gravitate towards 0.0748831. "You risk losing nearly all the money you put in," James Ledbetter, editor of fintech newsletter FIN andCNBC contributor,previously toldCNBC Make It. 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.
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