Disclaimer: The datasets shared in the following article were compiled from a number of online resources and do not reflect AMBCrypto’s own research on the subject.
Have you ever heard of a joke that has outlived its greeting? Of course you have. We all have.
However, have you ever heard of a joke that turned into something else entirely? Well, Dogecoin [DOGE] is such a “joke” that dog owners have laughed at up to the bank in recent years.
When cryptocurrencies were first introduced to the internet, it had a pretty grandiose plan to change the world of finance. A decentralized financial system was envisioned, one that would be autonomous and remain entirely free from government regulation. Crypto pioneers dreamed of an alternative world order that would provide us with an independent financial system without external intervention.
Needless to say, such a grand plan provoked suspicions and even grins. Software engineers Billy Markus and Jackson Palmer felt that cryptocurrencies were being taken far too seriously and founded Dogecoin in December 2013 to poke fun at ultra-serious crypto-maximalists.
Featuring the image of an adorable Shiba Inu dog, Dogecoin went viral on social media platforms like Reddit and instantly gained extreme popularity. However, as it continued to gain traction and increase in value, people began to take this joke cryptocurrency seriously.
It is within days of its launch rose from $0.00026 to $0.00095, a significant increase of around 300%. This quickly established it as one of the top 10 cryptocurrencies in the market. Between January and May 2021, DOGE rose by more than 8,600%.
One of the reasons for such a surge was mentions on social media by tech and entertainment giants like Elon Musk, Snoop Dogg, and Mark Cuban. On May 8, 2021, it reached an ATH of $0.7376. At the time of writing, Dogecoin was trading at $0.0741 on the charts.
A longtime Dogecoin developer Sporklin, not anymore, once noticed,
“Dogecoin can be a joke and still be functional… While the branding is made up of frontal jokes and memes, everything underneath has been solid from the start.”
Let’s explore how this fun cryptocurrency that claims to “do nothing but good every day” will perform over the next few years.
Why these projections are important
Dogecoin is the pioneer among all memecoins active in the market. It was only after Dogecoin’s initial success that other memecoins such as Shiba Inu and Monacoin entered the market. In fact, at press time, it was among the top 10 cryptocurrencies in the market.
Dogecoin remains very popular with its core fan base and other crypto enthusiasts. Currently it is Twitter and Reddit Communities have 3.4 million and 2.3 million members respectively. A major reason for its rising value was the support of these online communities.
In January 2021 its price seen an 800% hike in just 24 hours if a subreddit called r/SatoshiStreetBets started increasing its price to make it the cryptocurrency equivalent of Gamestop. It will be in early April 2021 rose by 400% after popular crypto exchange Coinbase went public and Elon Musk tweeted about Dogecoin.
Before investing in Dogecoin, you should be aware of past performance, studies and market forecasts. This is exactly why we offer a summary of the most reliable Dogecoin predictions alongside the Fear & Greed Index.
Dogecoin’s price, market cap and everything else
Just as Dogecoin began as a mockery of Bitcoin and other cryptocurrencies, its performance also largely mimicked the performance of those currencies. Adverse market conditions towards the end of Q2 2022 completely devastated the crypto market and Dogecoin couldn’t escape its brunt either.
In 2021, it remained one of the best-performing cryptocurrencies, peaking in May with an ATH of $0.7376 and a market cap of over $0.7 billion. Then things went downhill quickly. 2022 got off to a fairly decent start for the cryptocurrency, priced around $0.17 in early January. But since then it has lost over 60% of its value.
In May 2017, the market cap surpassed $100 million and at the end of 2017 it surpassed $1 billion. In 2018-20, Dogecoin’s market cap failed to surpass the $1 billion mark. However, in 2021, like its price, its market cap continued to increase. It reached $52.65 billion in April before hitting the $88.68 billion mark in early May. It ended 2021 with a market cap of over $22 billion.
The beginning of 2022 was also quite happy for Dogecoin, although not as good as the previous year. At the beginning of April 2022, the market capitalization was $19.84 billion. Unfortunately, the same has fallen from around $17 billion since May to just over $9 billion at the time of writing.
What is special about Dogecoin is that it fascinates business magnate Elon Musk. Musk even supports Dogecoin on Twitter and once called It’s a rush in an SNL episode, driving its price down significantly both times.
I will continue to support Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
It has also garnered the support of other celebrities such as Mark Cuban and Snoop Dogg. While the former NBA team was Dallas Mavericks accept Dogecoin as payment currency, the latter supports Musk in his support for the meme coin on Twitter.
Another difference between Dogecoin and other cryptocurrencies is that there is absolutely no cap on the number of Dogecoins issued. His site Expectations that it “has a reduced rate of inflation because it has a fixed annual issuance of 5 billion coins”.
Dogecoin predictions for 2025
Investors should understand that different analysts look at different sets of parameters to forecast market metrics. Different analyzes can therefore vary greatly. We should also keep in mind that unexpected macroeconomic forces such as government regulations and wars are unpredictable. The market changes course wildly during such changes. Therefore, no prediction is set in stone.
Now let’s see how different analysts have predicted Dogecoin’s future in 2025.
Coin Journal is rather optimistic about the future of Dogecoin. Especially since forecast its broader utility as more merchants begin to accept it as a form of payment, pushing its price down to $2.59.
On the contrary, a Changelly blog entry mentions that DOGE’s maximum and minimum prices in 2025 will be $0.28 and $0.23, respectively. It projects a potential ROI of 452% for DOGE in said year. Also an analytics insight report claimed that DOGE’s price could surge as high as $0.77 by 2025 if adoption and cryptocurrency regulations are expected to improve.
As for the Finder panel, it predicted that DOGE will be priced at $0.19 by the end of 2025. Those July 2022 forecasts were oddly lower than their January forecasts. Underpinned, the panel predicts DOGE to reach $0.32.
Dogecoin predictions for 2030
Even though predicting market metrics 8 years from now is very speculative, it is still helpful to study the predictions of reliable crypto analysts regarding Dogecoin in 2030.
expenditure writes that the further into the future we look, the more difficult it becomes to predict the price of a cryptocurrency. It becomes particularly challenging in a market that is as volatile as any cryptocurrency. According to it, experts are predicting that the price of DOGE could surpass $0.80 in 2030. In a bullish market, the floor price will not fall below $0.30.
The Finder panel also shared some DOGE price predictions for 2030. According to this, the popular memecoin will reach a price level of $0.64 on the charts by 2030.
Experts say that influencer marketing and promotions will also boost DOGE’s price. It will also grow at a considerable rate. Features like zero staking rewards and lack of new use cases will also impact the market.
It is worth noting at this point that Dogecoin may not follow the traditional rules of a regular asset as it is a memecoin. Just consider what Gavin Smith of Panxora Hedge Fund has to say –
“Detractors of the token forget that community is at least as important as uniqueness in the crypto space.”
It’s also about updates. Normally, people would associate new upgrades and updates with crypto price surges. But was that the case with DOGE? Not quite. In fact, Musk was more useful as a catalyst. In fact, Finder’s panel seemed to agree with that statement.
Is this all good news? Not quite. Look no further than TradingView, whose technical analysis shows a signal of SELL as far as DOGE is concerned.
“Bitcoin Jesus” Roger Ver once said that memecoin is superior and better than the breakthrough cryptocurrency – bitcoin. Whether or not the above predictions come true now depends on many factors, some of which are unpredictable. Still, for an altcoin that started as a joke, Dogecoin has certainly come a long way.
What is certain, however, is the uncertainty. Especially since the fear-and-greed index doesn’t seem to reveal anything at the moment.
Dogecoin Fear and Greed Index is 54. Neutral pic.twitter.com/eONVVqqKbY
— Doge Fear and Greed Index (@DogecoinFear) August 13, 2022