Dogecoin Price Prediction and Forecast for 2021
February 19, 2021
WHAT IS DOGECOIN?
Often referred to as a ‘joke or fun currency,’ Dogecoin is a cryptocurrency/ digital asset that started as a joke but turned out to be one of the oldest and widely adopted cryptocurrencies that have withstood the good and bad global financial markets. Dogecoin is a decentralized, peer-to-peer digital currency that enables you to easily send money online via Blockchain while often being tagged as “the internet currency.” Primarily used as a payment and fundraising currency and being used as a tipping currency for content creators on platforms like Twitter and Reddit, Dogecoin is an open-source, peer-to-peer digital currency created on 6th December 2013 by Billy Markus and Jackson Palmer. Dogecoin uses Litecoin’s scrypt technology as a fork of Litecoin and is a proof-of-work coin. Palmer and Markus launched Dogecoin and marketed it as a “fun” version of Bitcoin, using a Japanese dog known as Shibu Inu as its logo. A few key features of Dogecoin that fundamentally distinguishes it from most other cryptocurrencies are its inflationary nature, fast and cheap cost of transactions, active community, scalability, security, and fast-spreading adoption.
PRICE HISTORY OF DOGECOIN
The value of Dogecoin has been on the rise since its inception, making it one of the most profitable cryptocurrencies ever created. From its All-Time Low of $0.000088 on 6th May 2015, Dogecoin price surged over 70,000% to record a New All-Time High of $0.078175 on 29th January 2021. When Dogecoin launched in 2013, DOGE price hit a yearly low of $0.0000205 on 18th December 2013 before rallying more than 300% to a yearly high of $0.0001514 the next day.
In 2014, the Dogecoin market cap dropped from $70Million to $6Million from 21st January to 18th August 2014, with Dogecoin price at $0.0001 for a yearly low. Dogecoin price further dropped to its All-Time Low of $0.000088 on 6th May 2015 before making a yearly high of $0.000218 on 22nd June 2015.
During the 2017/2018 bull market, Dogecoin price made a New All-Time High of $0.018 on 7th January 2018, with a mind-blowing market cap of $2Billion and a daily volume of $268Million, earmarking Dogecoin as one of the most valuable cryptocurrencies at the time. As the entire cryptocurrency market entered a bear market in 2018 to early 2019, investors and DOGE holders struggled to keep Dogecoin price up as it retraced its 2018 parabolic move. On 13th March, 2020, the global markets witnessed a black day as the markets reacted to news about global lockdowns due to the COVID-19 pandemic, resulting in markets falling with Dogecoin price making a new 3year low of $0.0014. As global markets recovered following the announcement of a COVID-19 vaccine, DOGE price recovered similarly. According to Yahoo! Finance, a single three-word tweet from the richest man globally, Elon Musk, in December, sent Dogecoin prices up by 20%. Even though this wasn’t a Dogecoin news or Dogecoin news related tweet, cryptocurrency investors and traders claimed it could be an indirect Dogecoin news of adoption.
This happened just five months after he posted a photo depicting Dogecoin consuming the global financial system.
( source: pic.twitter.com/eBKnQm6QyF)
On 29th January, 2021, Dogecoin price made a new All-Time High, hitting $0.075 with a $9.6Billion market cap as cryptocurrency traders, TikTok users, and WallStreetBet groups sought to push DOGE price to $1.
Dogecoin’s current price of $0.0325 makes it the 14th most valuable cryptocurrency with a market cap of $4.2Billion and a market dominance of 0.4%.
DOGECOIN PRICE PREDICTION FOR 2021
A $1,000 investment in Dogecoin in March 2020 during the global market crash with an average buy price of $0.0020, would yield a return of investment (ROI) of 1,510% ($11,500 with Dogecoin’s current price at $0.0325 at time of writing) or 3,273% ($32,730) at All-Time High of $0.075. With the recent Dogecoin sentiment reaching the roof compared to other altcoins and Dogecoin’s current price being ten times above its last year value, the popularity of Dogecoin would continue to rise as its price finds a new range and new investors get to hear about Dogecoin. The fact that most of these sentiments are due to the short-lived TikTok trend and the Elon Musk and WallStreetBets group effect might even result in a sharp drop as Dogecoin value ranges.
Different Chartists, technical analysts, and top cryptocurrency influencers have made their Dogecoin Price predictions for 2021.
Wallet Investor Dogecoin Price Prediction for 2021
Wallet Investor is a renowned firm that provides cryptocurrency, stocks, forex, commodity, and real estate statistics, price changes, and a unique Machine Learning/ Artificial Intelligence (AI) based price prediction. Wallet Investor released its AI Dogecoin price prediction for 2021, 2022, and 2025, predicting a tight range in Dogecoin value between $0.031 and $0.042 in 2021 as global markets recover fully from the pandemic and lockdowns while expecting a rise to $0.050 in 2025.
TradingBeasts Dogecoin Price Prediction for 2021
TradingBeasts, a firm that offers cryptocurrency live prices and crypto price predictions, has released its Dogecoin price prediction, stating that Dogecoin price will range between $0.031 and $0.048 for the remainder of 2021. This prediction is similar to the Dogecoin price prediction by Wallet Investor.
PrimeXbt Dogecoin Price Prediction for 2021
With Primexbt’s target of $0.041 already met, the price is expected to hover around $0.041 in the coming weeks/ months as Dogecoin’s value becomes less volatile. Similar to Wallet investor’s Dogecoin price prediction, Dogecoin’s current price of $0.035 could be a midpoint of a range between $0.031 and $0.041.
Cryptoground Dogecoin Price Prediction for 2021
Cryptoground, a firm that applies deep learning and neural network algorithm on the historical data of digital assets/ cryptocurrencies to predict their future price action, released its Dogecoin price prediction for 2021; stating that a drop to $0.0033 would occur in a year and a further rise to $0.0126 by 2025. This Dogecoin prediction means that 2021 would be bearish for Dogecoin price.
Digital-Coin-Price Dogecoin Price Prediction for 2021
According to Digital-Coin-Price, an analytics firm that uses cryptocurrency price data to make predictions, the Dogecoin USD price would range between $0.04 to $0.05 in 2021, with a peak price of $0.0515 expected by October 2021. This means that Digital-Coin-Price expects a bullish Dogecoin price in 2021, similar to PrimeXbt’s Dogecoin prediction.
REASONS FOR DIFFERENT DOGECOIN PRICE PREDICTIONS
Several reasons have resulted in the different Dogecoin price predictions.
- Prolonged COVID-19 pandemic: The prolonged dominance of coronavirus (COVID-19) and discovering a new but deadlier strand has put the human population on a hunt for ways to make a profit to afford a healthy lifestyle during this period. With many countries still on full/ partial lockdowns, the effect of these extended lockdowns would result in a ‘hunt for profit,’ which could result in volatile markets like the cryptocurrency market being pumped in a bullish parabolic advance, emerging markets and innovations popping up as well as scams and bubbles.
- Unstable global economy: According to Andreas Steno, Chief global FX/FI strategist of Nordea, more than $3 trillion was created in 2020 alone, meaning that about 20% of all existing supply of the United States Dollar was created in 2020. This increased supply has resulted in a decrease in the value of the US dollar, encouraging investors, financial institutions, and corporate organizations to seek better value elsewhere, especially in metals, stocks, and other nascent technologies like Bitcoin and digital assets. This was seen as positive Dogecoin news and is one of the catalysts for the current crypto bull market. Further unstableness in the global economy could result in a ‘never-seen’ parabolic advance in the cryptocurrency markets.
- Freedom of money: As people continue losing trust in the traditional financial system, the push for a decentralized system continues with people looking for trustless, immutable, and secure systems to depend on, and the cryptocurrency industry is leading in this regard. The industry could thus see increased volatility in the coming year as more institutions and individuals like Elon Musk, Grayscale and Microstrategy adopt cryptocurrencies and blockchain technology.
DOGECOIN PRICE PREDICTION FOR 2025
With the current parabolic rise of Dogecoin retracing its move, technical analysis suggests that Dogecoin price would see a retracement of about -84.75% to -94.75% before another parabolic move in a few years. This long term view is similar to Wallet Investor’s Dogecoin prediction for a bullish DOGE price in the long term.
Similar to its late 2017 to 2018 parabolic move, the Dogecoin price surged over 3,200% from its 2020 low of $0.0014 to an all-time high of $0.075 on 29th January 2021, has already retraced a large percent of that move. Dogecoin’s current price is $0.0325. This parabolic retracement pattern occurred in early 2017 as well, when Dogecoin price retraced -85% after a 2,850% rise.
Since history always repeats itself, Dogecoin’s current price of $0.0325 looks ready to drop slowly to about $0.0055 before its next parabolic move to $0.1 and new All-Time Highs. The next parabolic advance would be fueled by massive Dogecoin news of global adoption as the world moves into an era of Blockchain and cryptocurrency dominance.
With many investors hopeful about Dogecoin and many institutions adopting Dogecoin as a means of payment, Dogecoin’s USD price looks eager to make a new high in the long run. Should Elon Musk, the world’s richest man, adopt Dogecoin as a means of payment for Tesla, we could have another parabolic advance coming for Dogecoin price. In the short term, Dogecoin USD price could witness a few weeks to months of retracement and range before finding strong support. Traders who long and short Dogecoin with leverage would make profits off this retracement, while long term investors who have long term targets just hold DOGE till their targets are hit. In the short term, Dogecoin news of adoption and new developments, which hasn’t happened for years, could send DOGE price roaring again as the cryptocurrency market remains the most volatile market in the world. With the Dogecoin community growing and becoming stronger, blockchain development may be agreed upon by the community to boost the technology behind Dogecoin and further increase its chances of gaining massive global adoption.
DOGE can be a profitable investment option for investors looking to invest in cryptocurrencies/ digital assets. At the current Dogecoin USD price of 0.03250, a $1,000 fiat purchase is equivalent to 3,250DOGE, and based on the above prediction, a long term increase is expected to happen, with a target price of $0.10. So within five years, a $1,000 investment would be worth over $2,800 with an ROI of about 185%.
HOW TO EXCHANGE DOGECOIN
Using Atomic wallet’s multi-purpose feature, you can easily exchange multiple digital assets/ cryptocurrencies to Dogecoin and also exchange Dogecoin to other cryptocurrencies. Simply follow these steps:
- Login to your already secured Atomic wallet.
- Click ‘exchange’ on the wallet home page as below.
- Select your desired cryptocurrency and exchange it with Dogecoin. You can also view your transaction history by simply clicking ‘order history.’
Aside from the fact that Dogecoin was designed as a fun/ joke project, investing in any cryptocurrency/ digital asset is risky. Investments and trading is no joke as it can result in massive losses if the risk is not properly managed. The above charts, comments, trading ideas, and information should not be taken as investment advice as all price predictions are based on speculation and cannot be taken as certain. The information provided should not in any way be taken as an inducement to buy or sell or invest in cryptocurrencies/ digital assets. Every decision made as a result of the information provided here is solely your responsibility.
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