Dogecoin is one of the older cryptocurrencies and the first-ever meme coin. It was developed in 2013 as a joke coin but survived for the next 10 years and became one of the most popular cryptos in the entire industry.
Its price exploded in April-May 2021, and while it dropped from its ATH reached on 8th May 2021, it remained quite high.
Of course, the crypto winter of 2022 brought its price down quite significantly, but even so, it remains much higher than where it was prior to 2021.
The coin recordedย a heavy pump in late 2024, fueled by theย Donald Trump-inspired bull cycle. Although even at its highest during this bull run, its price was still only a fraction of its ATH. The coin managed to climb to $0.46, while its ATH has been at $0.7376 since May 2021.
While its growth has not been as fast-paced as the likes of Dogwifhat, Pepe, and Bonk, DOGE still ranks #1 among the top meme tokens by market capitalization.
Dogecoin (DOGE)
Dogecoin Price History
Now, Dogecoin has been around for over a decade after launching on December 6th, 2013. That means that there are 11 years of price movements to examine, which offers plenty of events and developments to cover.
The coin saw its first price surge on December 19th, 2013, only 10 days after launch. Its value increased 300% in around 72 hours, going from $0.00026 to $0.00095.
At the time, China prohibited its banks from engaging in the Bitcoin ecosystem. Dogecoin appeared not only as a fun meme coin but also as a potential alternative.
Unfortunately, three days after that, its price also crashed by around 80% as the shockwave from the incident reached the asset.
Another factor contributing to the crash was the massive mining pols’ exploitation of the very small computing power necessary to mine Doge at the time.
The assetโs volume briefly eclipsed Bitcoinโs and that of all other cryptocurrencies combined once January 2014 arrived. Of course, its market cap never even came close to outperforming Bitcoin.
Dogecoin Price Chart
(DOGE)About a year later, in 2015, Dogecoinโs founder, Jackson Palmer, decided to leave the cryptocurrency community. He never returned, believing that Bitcoin is exploitative and designed to benefit its top proponents.
Things took a turn again in 2017 when Bitcoin led the first great crypto bull run, which allowed it to hit $20,000 per coin.
Dogecoin thrived, peaking at $0.017 on January 7th, 2018. Its market cap reached $2 billion for the first time, but the rest of 2018 was marked by a year-long crypto winter.
While this was a harsh year for the entire crypto industry, the market again recovered in the summer of 2019.
All of this was only the beginning, however, as the next two years were unlike anything Dogecoin had ever seen.
After the crypto price crash in March 2020, caused by the correlation with the stock market, digital assets started to recover, providing a safe haven for those seeking to preserve their funds’ value during the pandemic.
Then, in July 2020, DOGE price surged in response to a TikTok movement that sought to push the coinโs value to $1.
Six months later, in January 2021, DOGE skyrocketed more than ever, going up by 800% in only 24 hours.
Its price surged to $0.07 after it came onto Reddit usersโ radar during the GameStop short squeeze. At the time, Elon Musk, who had previously hinted that he supported DOGE and that it was his favorite cryptocurrency, openly proclaimed himself a Bitcoin and DOGE supporter.
Only a month later, Musk, Gene Simmons, and Snoop Dogg tweeted a new wave of support, pushing DOGE to $0.08.
Two months after that, Coinbase listed the coin, which led to another price surge. Dogecoinโs value got to $0.10. By April 16th, it even hit $0.45, going up by 400% in a single week.
Its daily volume was at $70 billion at the time, while its market cap exceeded $50 billion. On a YTD chart, its total rise was more than 7,000%.
By May 4th, DOGE price reached a symbolic threshold of $0.50, seeing more than 20,000% gains in a single year.
After that, Elon Musk appeared on Saturday Night Live just after Dogecoinโs continuous price surge led it to $0.74. After the show, however, the coin started to fall, and within only 45 minutes, its price was back at $0.470. By the next morning, it declined further to $0.40, resulting in a 43.6% drop in 24 hours.
DOGE kept dropping until July 19th, when it sank to $0.18, only to see another surge to $0.319 when the market started to recover in late July-early August.
This was followed by another correction to $0.19 and then another final surge in 2021 to $0.3. This was when the bull run of 2021 ended, and the crypto winter, which held a firm grasp on the crypto industry throughout 2022, began.
Dogecoin lost value for months until it reached its bottom at $0.055 on June 15th, 2022.
It was relatively stable for the next several months, but with the arrival of late October and early November 2022, it started becoming more restless, trying to spike up again.
After that, it corrected again starting in January 2023, fluctuating between a support at $0.065 and a resistance at $0.092 until early November 2023.
At this point, the market finally started to recover, and before the end of the year, DOGE returned to resistance at $0.10.
In December 2023, DOGE crashed again as the resistance rejected its price, sending it down to a support at $0.078, remaining throughout January and February of 2024.
However, in the final days of February, a new price surge kicked off, leading DOGE to a resistance at $0.20, which it reached on March 5. Following this, the token was rejected again, primarily due to Bitcoin’s failure to reclaim its all-time high and the general lack of bullish sentiment regarding the token.
Moving into the fourth quarter of 2024, the token witnessed significant growth, perhaps due to the renewed interest in meme coins. Bitcoin started to blow up in November, reaching new highs every day after Donald Trump’s victory. As Bitcoin continued to surge to new heights, soaring as high as $108k before a correction, other leading altcoins like DOGE also gained bullish momentum. Amid the market-wide rally, DOGE saw a massive pump that took its price above the $0.46 level.
How Dogecoin (DOGE) Price Determined?
Like other cryptocurrencies that do not fall under the stablecoin category, Dogecoin does not have a fixed price. Since it is not backed by another digital or real-world asset that would give it value, the DOGE price is subject to change, and multiple factors can impact it and help determine how valuable its coins will be.
Supply and Demand
The primary factors deciding the price of any cryptocurrency are supply and demand: how much of the asset is there, and how much do people want it?
Whenever there is a surge in demand, the price is bound to go up, while any massive sales will mean that the demand is low, while the supply is going up, so the price drops accordingly.
Volume
Volume plays a significant role in determining the price of cryptocurrencies, including DOGE. An increase in transaction volume typically suggests an increase in demand, plus it results in more stable cryptocurrency values.
As a result, it eliminates the possibility of skewed pricing. Meanwhile, low volumes indicate a higher likelihood of the prices remaining flat or even falling.
Social Media
Dogecoinโs history has suggested that social media can be a great driver for cryptocurrency prices.
Elon Muskโs announcement that Tesla will stop accepting Bitcoin payments in May 2021 has caused prices to crash, while his praise of Dogecoin has caused the asset to skyrocket by 14,000% in a matter of days.
Not to mention that Musk has spent months, or even years before that, tweeting hints about Dogecoin, each of which has caused a spike in its price behavior.
Media Coverage
Like social media coverage, media has strongly impacted the price of any cryptocurrency, with DOGE being no exception.
Positive news has always encouraged crypto users to buy, while negative ones have resulted in sales, directly causing the price to go up or down.
Media coverage is one of the base components of the fundamental analysis, which allows traders and investors to predict price behavior based on the communityโs sentiment.
DOGE mining
One problem with Dogecoin is that it doesnโt have a maximum supply. The maximum number of DOGE coins is not capped, so the supply will continue to grow infinitely through mining.
This means that, in time, the DOGE price is bound to start going down as the number of coins will keep growing.
Any increase in demand can briefly increase the value, but the fact is that its supply will just keep going up, while demand is limited to the number of people who want to own Dogecoin.
How Often Does Dogecoin Price Change?
As a cryptocurrency not backed by any real-world asset, the Dogecoin price is subject to constant changes. It is impacted by supply and demand, as well as other factors that we covered earlier.
Combine that with the fact that cryptocurrencies can be traded around the clock, even during weekends or holidays, and you get constant changes in price.
Sometimes, price changes can be fairly minimal, which is common for more stable assets.
However, sometimes, changes can be quite massive, as seen before when we covered the coinโs price history.
On multiple occasions, Dogecoin has surged or crashed by a massive percentage, but for the most part, its price is relatively calm compared to Bitcoin, which constantly goes up and down by hundreds of dollars every day.
Investing in Dogecoin
The year-long crypto winter finally ended with the start of 2023. Now, in 2025, the prices of most crypto assets have seen a major rally, with many of them even hitting new ATHs.
Bitcoin, for example, recently crossed the golden $100k mark, after which it attained a new peak price of $108k before correcting below $95k. Historically, the crypto market usually experiences a fully-blown bull run a year after Bitcoin’s halving. If history repeats itself, Bitcoin could be breaking the eagerly anticipated $120k milestone in 2025.
Since DOGE has shown that it mirrors the Bitcoin price, it could also see strong performance. While it may not be able to retest its ATH in the first quarter of 2025, that doesnโt mean that it wonโt reach it later this year, which leads us to several important questions, such as:
Is It Worth Buying Dogecoin in March 2025?
It is worth remembering that crypto prices and predictions are not set in stone. The industry can see massive turns at any moment, and all it takes is a strong event to affect the market in one way or another.
With that said, historical price behavior and current trends indicate that the price of Dogecoin, as well as other cryptocurrencies, should improve in 2025.
The meme coin’s price surged following Bitcoin’s recent ascent above $100k, reaching a new yearly high in 2024. All eyes will be on the inauguration of Donald Trump in January 2025, an historic event which many believe could usher in a prolonged bull run for the market, potentially driving DOGE and other meme coins to new heights.
Who Should Invest in Dogecoin?
Dogecoin is not intended for any specific group of people. It is a meme coinโa cryptocurrency that is meant to be fun, humorous, and exciting.
Its popularity typically leads to high demand during prosperous times for the crypto industry, meaning anyone seeking to earn from trades or investments can buy the coin at any point.
However, crypto users should be careful when it comes to long-term investments, as Dogecoinโs supply will only continue to grow, and if the demand stops following, its price will be bound to go down.
How Start Your Dogecoin Investments?
Investing in DOGE is very simple, and all you need to do is follow four short steps. Those include:
- Opening an account on the chosen exchange, which features DOGE in addition to other major cryptocurrencies.
- Verifying your identity, which is done by uploading documentation that the platform requires in order to confirm your identity and establish that you are an adult.
- Depositing funds, which you can do in several ways, including credit and debit cards, bank transfers, and more, depending on your location.
- Buying Dogecoin, which you can do after your funds arrive by searching for Dogecoin in the search field.
Investing in Dogecoin Responsibly
Investing in Dogecoin is easy, but for the security of your funds, you need also to remember to invest responsibly. There are several things that you can do to increase your likelihood of making profits and reduce your chance of losing money to the volatile, unpredictable crypto market. For example:
- Do not make Dogecoin the majority of your investment portfolio.
- Do as much research as possible before you invest in DOGE or any cryptocurrency.
- Identify which platforms and exchanges are available in your area, compare them, and select the one with the best terms.
- Make sure to withdraw your cryptocurrency from the exchangeโs or brokerโs wallet and store your assets in a private wallet, preferably cold storage (hardware wallet).
- Use VPN to secure your cryptocurrency further by shielding your internet traffic from anyone who might be monitoring it.
- Always hear out what experts have to say, but ultimately, make your own decisions.
Moreover, it is also suggested to take advice from experts. Money management and risk management strategies are essential to safeguard your capital. Similarly, research with the help of advanced platforms like InsideBitcoins is recommended.
Dogecoin Taxation
Since cryptocurrencies became popular years ago, governments around the world have been introducing taxes on earnings from digital assets.
As soon as cryptos started bringing in larger incomes for their citizens, governments decided that it was time to start taxing income from crypto. This is true for most countries today, including those that have little to no laws and regulations for the crypto industry.
With that being the case, you should research your countryโs laws to establish whether cryptocurrency taxes exist and how much you need to pay for profits from crypto.
Keep in mind that not all transactions are subject to taxes everywhere equally. In some countries, things like gifting crypto to charity or non-profit organizations might be exempt from taxation.
Dogecoin vs. Other Cryptos
Dogecoin has grown in popularity. The algorithm-based token has taken the crypto world by storm. Founded in 2013 by Jackson Palmer and Billy Markus, the token was started as a joke, making fun of the wild speculation in cryptocurrencies. Compared to Bitcoin or Ethereum, Dogecoin does not have any specific use case.
DOGE comes under the meme coins category. The token has a strong community that drives the prices. Moreover, Elon Musk has been a strong supporter of this coin. Dogecoin has received so much support that itโs now being used as a mode of payment.
Dogecoin vs. Shiba Inu
Like Dogecoin, Shiba Inu is an open-source, peer-to-peer cryptocurrency based on the Ethereum network, also regarded as a meme token. It was launched in August 2020 and is based on the Japanese dog breed Shiba Inu. Founded by an anonymous person called Ryoshi, the token is a ditto copy of Dogecoin. Moreover, it is regarded as a โDogecoin Killer,โ and the coin has generated 1000000% gains alone in 2021.
Shiba Inu Price Chart
(SHIB)Dogecoin vs. Ethereum
Ethereum is a blockchain network. It is a decentralized public ledger for recording and validating transactions. Users may create, publish, monetize, and utilize apps on the platform and use its native crypto ETH for payment. Ethereum is the king of blockchains for its ecosystem, as it is compatible with a variety of apps.
Ethereum Price Chart
(ETH)Dogecoin vs. Bitcoin
Bitcoin is decentralized digital money that was first introduced in January 2009. It is based on the principles presented in a white paper by the pseudonymous Satoshi Nakamoto. It promises reduced transaction costs than standard online payment channels and, unlike government-issued currencies, is run by a decentralized authority. It is still the gold standard for digital assets such as Dogecoin.
Bitcoin Price Chart
(BTC)Day-Trading Dogecoin vs. Long-Term Dogecoin Investments
One important thing to note is that investing in a cryptocurrency or trading is a very different approach. While they are both perfectly valid, investing in crypto is, according to many, a lot easier.
All you need to do is to make sure that the asset has good technology and use cases that will ensure that it will have a future. If you can confirm that, simply purchase it, lock it up in a private wallet, and you can forget about it for years to come.
So far, everything we have seen in the crypto industry suggests that the prices will increase in time, which is why this is a very good method of profiting from crypto investments.
It doesnโt require discipline or skill โ only patience and some extra money that you can afford to invest into an asset that you might not sell for months or even years.
Trading, on the other hand, is a method that will allow you to earn smaller amounts very quickly. In time, your profits can amount to quite sizable returns.
However, trading requires a much deeper understanding of the asset, market, strategies, and more.
You need to know how to read charts, how create a technical and fundamental analysis, read the market sentiment, constantly monitor the market to take advantage of any new opportunities, and alike.
Since cryptocurrencies are very volatile, their prices go up and down all the time, and you need to be able to decide when is the right time to buy and when to sell.
You also need to be disciplined and keep your emotions in check. If your greed or fear of missing out (FOMO) overtakes you, you can easily make a wrong move and lose money instead of profiting.
The benefits of this approach are that you will get your hands on the profits much sooner than you would from investing. The downside is that it will be smaller earnings and that a lot of practice is required to become proficient at it.
Dogecoin Price Prediction
Dogecoin’s current price action is extremely volatile, with spikes across the price charts. A deeper analysis, however, reveals where it could be headed in 2025, 2026, and 2030.
2025 Forecast
According to predictions from CryptoSlate and LongForecast, if the Bitcoin bull run arrives in 2025 and lifts the entire market, Dogecoin could mirror its explosive 2021 price action. Experts estimate that DOGE might reach between $0.90 and $1.10 during the yearโpotentially even breaking the coveted $1 markโespecially if it gains traction through integration into payment systems like Twitterโs proposed platform.
2026 Forecast
Forecasts for 2026 are more mixed. CoinCodex suggests that if Dogecoin follows a trend similar to early 2022, its price could see a correction, dropping to around $0.50. On the other hand, more bullish projections from InvestingHaven indicate that if favorable regulatory conditions and a continued Bitcoin rally push the overall market upward, DOGE could climb significantly higherโpotentially approaching $0.80 or more by the end of 2026.
2030 Forecast
Looking ahead to 2030, predictions for Dogecoin become highly speculative. CryptoCompare notes that, as a meme coin, DOGEโs price is expected to remain volatile and unpredictable. While some analysts caution that its value may continue to oscillate without a clear upward trajectory, others believe that sustained support from influential figures like Elon Muskโthe โDogefatherโโcould trigger periodic surges. Precise numbers are difficult to pin down, but investors should expect a wide range of outcomes for DOGEโs price by 2030.
Conclusion
Dogecoin is a cryptocurrency with a very unusual story and an even more unusual journey. It was created as a joke, based on a meme, and it wasnโt supposed to survive for more than a few weeks or months, at best.
Somehow, it became a global crypto hit, and it became one of the largest assets in the crypto industry, surviving for over10 full years at this point without showing signs of slowing down or disappearing.
In fact, it even inspired the creation of other meme coins and, eventually, the entire meme coin sector.
It has its flaws, and it might not be the best long-term investment, but so far, it has proven that it can live through even the harshest events in the crypto industry and hold its own, thanks to its extremely loyal community.
With all that being the case, it is definitely an asset worth considering, although caution is recommended.
While regular crypto risks apply, there are even more risks associated with memecoins, so be careful if you decide to add it to your portfolio.
FAQs
Will Dogecoin reach $1?
In order for Dogecoin to hit $1, its market cap would have to go to $180 billion. While there was a belief that it might not happen for a long time, it is possible that Dogecoin's price may surge in response to the upcoming bull run in 2025.
Where to buy Dogecoin?
Dogecoin can be purchased on a number of cryptocurrency exchanges. However, you can also use online brokers
What is Dogecoin?
Dogecoin is a decentralized, open-source cryptocurrency project based on a fork of Litecoin. It is the crypto industryโs first memecoin, which started the memecoin sector back in 2013.
Is Dogecoin dead?
Not at all, on the contrary, Dogecoin is one of the largest and most popular cryptocurrencies in the crypto market. As of October 2024, it ranks as the 7th largest cryptocurrency by market cap, with a daily volume of $3.5 billion.
How many Dogecoins are there?
As of December 2024, Dogecoin has 147.33 billion coins in its circulating supply. However, since the supply is not capped, Dogecoinโs supply will continue to increase.
Is Dogecoin legit?
Yes, Dogecoin is a legitimate crypto project and not a scam. It has acquired huge popularity thanks to the fact it was based on a joke. However, thanks to the fact that its supply is not capped, it does not represent a great investment in the long term. However, short-term gains are still possible, which is why it is popular with day traders.
How to mine Dogecoin?
To mine DOGE, you will need a wallet to collect your coins in, and an account with a mining service provider. While many such services are available, you should do your research and carefully decide which one to use.
