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Dogecoin (DOGE) price

The Dogecoin price has skyrocketed by more than 14000% percent for investors who entered the market in early 2021. It exploded due to Elon Musk’s tweets, reaching a market valuation of more than $30 billion - higher than other mainstream cryptos. Today, the crypto ranks among the top 10 cryptos by market cap overtaking Litecoin or Shiba Inu.
Dogecoin price DOGE
Dogecoin price DOGE

DOGE price history – Coinbase chart

Even some Dogecoin investors that entered in April 2021 made up to 5x gains after a sharp price correction. However, the Dogecoin price today is trading at $0.2340, after falling by more than 70% from its all-time high.

In this guide, we’ll review predictions for the Dogecoin price and speculate how high the popular meme cryptocurrency could go.

Dogecoin live price chart

At the time of writing, the DOGE price is around $0.2340, with a 24-hour trading volume of $1.4B. Dogecoin now has a market cap of $31.3B or 1.20% market domination. The market has 132.2B Dogecoins in total circulation.

Review the DOGE live price chart on sites like Coinmarketcap or Coingecko for the latest price of Dogecoin now, or use our widget below:

Monitoring the latest cryptocurrency prices is essential as cryptocurrency is so volatile and reacts strongly to the news cycle.

DOGE crypto is currently ranked 10th behind Solana and Bitcoin in terms of market capitalization. DOGE token reached an all-time high price of $0.74 on May 8, 2021, and a low of $0.0082. The token witnessed a sharp rally in early 2021 and now is in a downfall or a correction.

In the short term, e.g. if looking at the 4 hour, daily or weekly timeframe, some traders may consider the price action today bearish and have decided to sell Dogecoin (DOGE). Those investors with a long-term bullish outlook will be looking to buy the dip however and still hold DOGE for a retest of the highs and further expansion into price discovery.

Just remember to set a stoploss and only invest what you can afford to lose or forget about for some time – bear markets can be multi-year in duration.

Where can I buy Dogecoin in July 2022?

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Dogecoin price over the years

Dogecoin price DOGE price chart on Binance via Tradingview

Dogecoin was launched on December 6, 2013, with over a million people visiting Dogecoin.com in the first 30 days. Billy Markus and Jackson Palmer were the people behind this creation. Markus modeled Dogecoin’s protocol on existing cryptocurrencies Luckycoin and Litecoin, both of which utilize scrypt technology in their proof-of-work algorithms.

Rise of Dogecoin 2013 -2015

On December 19, 2013, Dogecoin’s value increased about 300% in 72 hours, jumping from US$0.00026 to $0.00095, with a daily volume of billions of Dogecoins.

This expansion happened when bitcoin and other cryptocurrencies were hurting from China’s decision to prohibit Chinese banks from engaging in the bitcoin ecosystem. Three days later, Dogecoin saw its first significant collapse, plunging by 80% due to this incident and massive mining pools abusing the little amount of computer power necessary to mine Dogecoin at the time.

Dogecoin’s trading volume momentarily eclipsed that of Bitcoin and all other cryptos combined in January 2014. However, its market capitalization lagged well behind that of Bitcoin.

Moreover, Jackson Palmer left the cryptocurrency community in 2015. He did not return, believing that bitcoin, initially envisaged as a libertarian alternative to money, is exploitative and designed to benefit its top proponents. This event led to the exit of Billy Markus, who believed that Palmer’s stance was correct.

Dogecoin during the 2017-2019 crypto bubble and aftermath

The year 2017 and 2018 was great for Dogecoin as it achieved a peak of $0.017 on January 7, 2018, bringing its total market value to USD 2 billion.

Dogecoin’s value increased again in the summer of 2019, along with the rest of the cryptocurrency market. This was when Binance added the token to its platform, and many believed Elon Musk approved the coin in a cryptic tweet.

Elon Musk and Reddit pumping Dogecoin 2020 – 2021

In July 2020, Dogecoin’s price soared in response to a TikTok movement to bring the coin’s price to $1.

Moreover, in January 2021, Dogecoin rose by approximately 8005 in 24 hours, reaching a price of $0.07, owing to Reddit user attention, which was aided in part by Elon Musk and the GameStop short squeeze.

Similarly, it again pumped to a new high of $0.08 in February 2021 due to Twitter support from Musk, Snoop Dogg, and Gene Simmons.

In April 2021, Dogecoin and other cryptocurrencies soared, aided partly by Coinbase’s direct listing on April 14, although the company did not provide Dogecoin trading. Its price originally touched $0.10 on April 14 before reaching a new high of $0.45 on April 16 (up 400 % in one week), with a 24-hour volume of approximately $70 billion. Dogecoin’s market capitalization exceeded $50 billion at the time, making it the sixth most valuable cryptocurrency; its value has climbed by more than 7,000% year to date.

On May 4, 2021, Dogecoin’s value first reached the symbolic threshold of $0.50, a more than 20,000% gain in a single year. This event was followed by Elon Musk’s participation on Saturday Night Live, where Dogecoin fell 34% from $0.711 at the show’s start to below $0.470 45 minutes later. By the next morning, Dogecoin had fallen to a swing low of $0.401, a decline of 43.6 percent, and a loss of $35 billion in value.

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How is the price of Dogecoin (DOGE) determined?

Supply and demand

The supply and demand of Dogecoin influence its crypto price in the market. These markets feature order books with buying and sell orders like the stock markets. An increase in demand for DOGE coins will cause the price to rise, while an increase in sell order supply will cause the price to fall.

Dogecoin in the media

Dogecoin was in the spotlight in early 2021 for its meteoric gains of more than 14000%. Numerous major media sites included Dogecoin in their headlines, which encouraged people to purchase more of these tokens, thereby skyrocketing in prices.

Forbes stated how the DOGE coin started as a joke and then reached a market capitalization at around $78 billion. They also mentioned how the popularity had given it many advantages in terms of mainstream adoption. Finally, they said DOGE is an ideal choice for the short term, and investors must research before investing.

CNBC also took the opportunity to feature DOGE in their headlines, stating that how the crypto skyrocketed after Musk’s tweets. They also mentioned how marketing and social media efforts pushed the coin to the moon. Finally, they concluded by saying that how Dogecoin is going mainstream because of its popularity.

Volume

Volume plays a major role in determining cryptocurrency prices. An increase in transaction volume results in more stable cryptocurrency values and eliminates the possibility of skewed pricing. However, a low crypto volume indicates the prices will fall or remain flat.

Social Media

Social media has been a great driver for the price of Dogecoin. In May 2021, Elon Musk’s tweets heavily impacted the token prices, driving it up to more than 14000% in a few days. Elon has been a continuous supporter of Dogecoin, and the market has not taken any chance with reacting to his tweets.

Dogecoin (DOGE) mining

Another determinant for Doge’s prices is its mining capability. Mining is the process through which new cryptocurrency tokens are created. Cryptocurrency mining entails the use of a computer to validate the next block on the blockchain. Its decentralized network of miners is what enables it to function as it does. In exchange, the protocol generates cryptocurrency tokens in addition to any fees paid to the miners by the trading parties.

Participants invest significant sums of money in high-end hardware and power to mine Dogecoin. In a proof-of-work system, such as the one used by Dogecoin, the greater the competition for mining a particular cryptocurrency, the more difficult it is to mine. That is because miners are effectively competing against one another to solve a difficult mathematical problem to verify a block. As a result, the cost of mining grows as more powerful equipment is required to mine effectively.

As mining expenses rise, cryptocurrency prices are set to rise as well. Miners will refrain from mining if the value of the mining money is insufficient to cover their expenditures. And, because miners are necessary for the blockchain to function, the price will have to increase as long as there is demand for the blockchain.

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At many of the CFD brokers below experienced day traders can open a long or short position on DOGE to profit from short term swings in the DOGE price.

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