A complete analysis of the Dogecoin price. How high can it go?

DOGE price history – Coinbase chart

Dogecoin is one of the older cryptocurrencies and the first-ever memecoin, which was developed in 2013 as a joke coin, only to survive for the next 10 years and become one of the most popular cryptos in the entire industry.

Its price blew up in April/May 2021, and while it dropped from its ATH in the second half of the year, it still managed to stay 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 saw a strong recovery in March 2024, 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 $0.20, while its ATH has been at $0.60 ever since early May 2021.

The token followed a downward trend once again due to volatile macroeconomic conditions. Despite this, it ranks #8 among the top cryptos by market capitalization.

Dogecoin live price chart

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Where can I buy Dogecoin in November 2024?

Dogecoin is a big and very popular cryptocurrency, and as such, it can be found on most major crypto exchanges. However, it can also be found on more traditional trading platforms like eToro.

eToro is a trading app with over 33 million users, offering both traditional and crypto assets. As such, it is a great choice for those who wish to diversify their portfolio by mixing cryptocurrency investments with other assets.

The platform has more than a decade and a half of trading expertise, and it stands out from most other similar trading sites.

Some of its benefits include the fact that you can purchase cryptocurrencies with 0% fees, and it also includes social and copy trading, allowing you to copy trading experts.

This is a great opportunity for those not skilled in crypto trading to make gains while still learning the ropes of the industry.

Furthermore, eToro also holds a number of licenses that allow it to offer its services in major countries, such as the US, the UK, Cyprus, and alike.

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Dogecoin price history

Now, Dogecoin has been around for over a decade, after launching on December 6th, 2013. That means that there are 10 years of price movements to look into, 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 by 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 memecoin 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 thing that contributed to the crash was the fact that massive mining pols abused a very small amount of computing power necessary to mine Doge at the time.

The asset’s volume eclipsed Bitcoin’s for a brief period and that of all other cryptocurrencies combined once January 2014 came. Of course, its market cap never even came close to outperforming Bitcoin.

About a year later, in 2015, Dogecoin’s founder, Jackson Palmer, decided to leave the cryptocurrency community. He never returned, as he believed that Bitcoin is exploitative and designed to benefit its top proponents.

Things took a turn once again in 2017 when Bitcoin led the first great crypto bull run, which allowed it to hit $20,000 per coin.

Dogecoin thrived during this time, peaking at $0.017 on January 7th, 2018. Its total 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 started to recover in the summer of 2019.

All of this was only the beginning, however, as the next two years were unlike anything that Dogecoin had ever seen before.

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 who were seeking to preserve the value of their funds during the pandemic.

Then, in July 2020, DOGE price surged in response to a TikTok movement which sought to push the coin’s value to $1.

Six months after that, in January 2021, DOGE skyrocketed more than ever before, going up by 800% in only 24 hours.

Its price surged to $0.07 after it came onto Reddit users’ radar, during the GameStop short squeeze. At the time, Elon Musk, who was previously hinting that he supports DOGE and that it is his favorite cryptocurrency, openly proclaimed himself a Bitcoin and DOGE supporter.

Only a month later, a new wave of support came via Twitter from Musk, Gene Simmons, and Snoop Dogg, pushing DOGE to $0.08.

Two months after that, Coinbase listed the coin, which led to another price surge, and Dogecoin’s value skyrocketed to $0.10. By April 16th, it even hit $0.45, going up by a total of 400% in a single week.

At the time, its daily volume was at $70 billion, while its market cap exceeded $50 billion. Its total rise was by more than 7,000% on a YTD chart at that time.

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 Dogecoin’s continuous price surge led it to $0.711. 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 that took it 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 of 2021 to $0.3. This was when the bull run of 2021 ended, and the crypto winter that held a firm grasp of the crypto industry throughout 2022 began.

Dogecoin was losing 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 from January 2023, and it kept fluctuating up and down between a support at $0.065 and a resistance at $0.092, which kept happening until early November 2023.

At this point, the market finally started seeing some recovery, and before the year’s end, DOGE returned to a 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, where it remained throughout January and February of 2024.

In the final days of February, however, 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. However, moving into the third quarter of 2024, the token still maintains significant traction in the market.

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How is the price of Dogecoin (DOGE) determined?

Like other cryptocurrencies that do not fall under the categories of stablecoins, 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 that decides 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 big 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

Dogecoin’s history has suggested that social media can be a great driver for cryptocurrency prices.

Elon Musk’s 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 prior to that, tweeting hints about Dogecoin, each of which has caused a spike in its price behavior.

Media coverage

Similar to social media coverage, media has had a strong impact on the price of any cryptocurrency, with DOGE being no exception.

Positive news have 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 community’s sentiment.

DOGE mining

Now, one problem with Dogecoin is that it doesn’t have a max 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, DOGE price is bound to start going down, as the number of coins will keep growing more and more.

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.

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How often does the price of Dogecoin change?

As a cryptocurrency that is not backed by any real-world or another 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 coin’s 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.

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Investing in Dogecoin

With the start of 2023, the year-long crypto winter has finally ended, and now, in March 2024, the prices of most crypto assets have seen a major rally, with many of them even hitting new ATHs.

Bitcoin, for example, recently managed to cross the $73.5k mark after which it corrected to sinking to $61.5k. Historically, crypto prices are expected to see a recovery after a long bear market, and they typically also see a surge as Bitcoin halving approaches, which is presumably what this was. Then, several months after the halving a new price surge starts, possibly in the last few months of 2024, or maybe in early 2025.

With that said DOGE could possibly also see strong performance. While it did not go back to its own former ATH; that doesn’t mean that it won’t reach it later this year, which leads us to several important questions, such as:

Is it worth buying Dogecoin in November 2024?

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 an event that would be strong enough to affect the market in one way or another.

With that said, historical price behaviour and current trends indicate that the price of Dogecoin, as well as other cryptocurrencies, should improve in late 2024.

The meme coin’s price surged ahead of the Bitcoin halving, reaching a new yearly high in 2024. It was expected that Bitcoin’s halving would generate more gains for the ecosystem.

However, that didn’t exactly come to pass, as similar to 2020, the 2024 halving also saw a steep market cooldown. What also didn’t help was the regulatory environment, which wasn’t attuned to the crypto market’s growth. This led to Bitcoin’s tumble into the $50k zone. It was only a fear-fueled rally that allowed BTC to bounce back.

By then, however, the damage to Dogecoin had been done, with its price dropping close to its 2022 lows. Nevertheless, this presents a great buying opportunity for the token.

Who should invest in Dogecoin?

Dogecoin is not meant for any specific group of people. It is a memecoin — a cryptocurrency that is meant to be fun, humorous, and exciting.

Its popularity typically leads to high demand during prosperous times for the crypto industry, which means that 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 Dogecoin’s supply will only continue to grow, and if the demand stops following, its price will be bound to go down.

How to get started with Dogecoin investments?

Investing in DOGE is very simple, and all you need to do is follow four short steps. Those include:

Opening an account with eToro, which features DOGE in addition to several other major cryptocurrencies, with 0% fees for purchases, excellent security, multiple deposit methods, and other similar benefits
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 with eToro, which you can do after your funds arrive by searching for Dogecoin in the search field, clicking Trade once you find it, and entering the amount that you wish to buy.

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 exchange’s or broker’s 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. Following money management and risk management strategies is essential to safeguard your capital. Similarly, research with the help of advanced platforms like InsideBitcoins is recommended.

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Dogecoin taxation

For years now, since cryptocurrencies went big, governments around the world have been introducing taxes on earnings from digital assets.

As soon as cryptos started bringing in larger income for their citizens, governments decided that it was time to start taxing income from crypto, which 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 own country’s 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, and 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 scrypt 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. The token does not have any specific use case when compared to Bitcoin or Ethereum.

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 it’s now being used as a mode of payment.

Dogecoin does have its rivals though, from Baby Doge Coin to Dogecoin20 and Dogeverse, and course SHIB:

Dogecoin vs. Shiba Inu coin

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 ‘Dogecoin Killer,’ and the coin has generated 1000000% gains alone in 2021.

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.

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.

Day-trading Dogecoin vs. Long-term Dogecoin investments

One important thing to note is that investing in a cryptocurrency or trading it are two very different approaches. 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 doesn’t require discipline or skill — 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.

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Future Predictions for Dogecoin Price

Dogecoin’s current price action is extremely volatile, with spikes appearing across the price charts. A deeper analysis, however, reveals where it could be headed in 2024, 2025, and 2030.

Q4 2024

Dogecoin’s latest price action shows an upward channel forming, with $0.11 acting as its immediate support and $0.13 as its resistance.

If the token continues to maintain upward momentum, it could reach $0.19 by the end of 2024.

However, this prediction holds only if it continues to follow the channel pattern along with the trendline shown in the image below. If it does not, the token’s value could drop further.

2025

The Bitcoin bull run could arrive by next year, lifting the entire market upwards. This could spell good news for Dogecoin. If it mirrors its 2021 price action, new all-time highs could become achievable for this token. It is also possible for DOGE to reach the coveted $1 mark in 2025.

2026, 2030, and Beyond

There are two forecasts for Dogecoin’s price in 2026. If it follows a similar trend to early 2022, we may see a drop in the DOGE price, which, while not catastrophic, may lead to the token being valued at just $0.50.

However, if the regulatory environment is favorable and bulls attempt to rally Bitcoin toward the $1 million mark, Dogecoin could climb higher. As for Dogecoin’s price action by 2030, nothing can be said with certainty. Since it is a meme coin, its price action is expected to remain volatile. Additionally, it would be wise to keep a close watch on Elon Musk – the “Dogefather” – as his posts have often been known to cause surges in DOGE’s price.

The best Dogecoin alternative

Dogecoin is an OG asset that people would want to support in new ways. Crypto All-Stars is one such project that, while not acting as an alternative to Dogecoin, could serve as a meme coin that supports the Dogecoin ecosystem in new ways.

Crypto All-Stars portrays itself as an all-star meme coin project, as evident from its imagery that shows the mascots of the best meme coins hanging around on a 2D, pixelated plane. Dogecoin is the muscled one, doing pull-ups while other mascots watch. This strong imagery highlights the unifying effect Crypto All-Stars could have on the meme coin ecosystem.

Crypto All-Stars makes the interaction between most major meme coins more tangible with the addition of MemeVault, a staking pool in which people can “vault” their Dogecoins and other meme coins in return for APY perks.

This approach enhances Dogecoin’s use case, allowing users to leverage their DOGE tokens in new ways.

Claybro, one of the leading YouTubers in the crypto niche, has already discussed its potential to become the next 10x crypto.
Available on presale and having raised more than $2 million already, it is evident that Crypto All-Stars could be a complementary investment for DOGE lovers.

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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 wasn’t 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 nearly 10 full years at this point without showing signs of slowing down or disappearing.

In fact, it even inspired the creation of other memecoins and, eventually, the entire memecoin 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.

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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 such as eToro, which charges 0% in trading commissions.

What is Dogecoin?

Dogecoin is a decentralized, open-source cryptocurrency project based on a fork of Litecoin. It is the crypto industry’s 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 8th largest cryptocurrency by market cap, with a daily volume of $111 million.

How many Dogecoins are there?

As of October 2024, Dogecoin has 146.28 billion coins in its circulating supply. However, since the supply is not capped, Dogecoin’s 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.