DOGE Price Prediction - Will the Memecoin Move Up More?

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The price of one Dogecoin is today at around $0.08207. Yesterday, the price of one Dogecoin was $0.0801. Over the last 24 hours, there has been a surge of around 1.05% in its value.

Recent price action has left the Dogecoin market capitalization at over $10.9 billion. The current circulating supply stands at 132.6 billion DOGE.

Dogecoin’s Performance in the Last Week

The coin’s performance in the last week is not eventful. There has been a downshift but not too significantly. At the start, one Dogecoin was trading around $0.08674. And now, it is trading around at $0.082. This indicates a drop of 5.06% in the last 7 days. The 7-day high has been reached at $0.08674. Whereas, the 7-day low has been witnessed at $0.07909 around the middle of last week.

From the high of $0.08674, the price saw a sudden dip to $0.08367. It rose again but not till the $0.086 mark and has not been able to make full recovery since. The price then slipped further down to around $0.08053 and has been gradually dropping till now.

Dogecoin’s Performance in the Last Month

As opposed to its 7-day graph, the coin’s last month’s graph is looking slightly better. A glance tells us that there have been more rises in its price than falls, which is always a good sign.

The 30-day high was reached at around the $0.09867 mark, which was achieved during the first week of February. The 30-day lowest was seen at $0.07940 which was during last weekend. This could be because of the release of the FOMC meeting minutes which left the cryptocurrency market a bit shaken.

The coin was trading at $0.08656 at the start of the month. It is now only slightly lower at $0.08207. This indicates a fall in its price by 5.19%. Dogecoin’s current 24-hour trading volume stands around $333.5 million.

When was Dogecoin launched?

The Dogecoin was originally formed in the year 2014 as a not-for-profit foundation. Its members hoped to provide support, protection, and governance to the digital asset projects. However, none of this was fully achieved as the foundation got inactive and finally dissolved.

In the year 2021, when the world was still reeling from the pandemic, the foundation was started again. This time it aimed to support the Dogecoin ecosystem and community. The foundation retained some of its original members and added some new crypto industry experts as an advisory board. Dogecoin’s official website states that the members meet once a month to promote the coin and to discuss how it could be further improved.

The coin’s all-time graph indicates this journey. One can see that the coin was trading at a higher price only from the year 2021. Its journey was pretty flat before that.

More On Dogecoin And How It Works?

The launch of Dogecoin was inspired by an internet dog meme. The cryptocurrency even has a picture of the ‘Shiba Inu’ dog as its business logo. Dogecoin is known as the oldest meme coin since it started as a joke.

The idea was to launch a cryptocurrency which will appeal to a wide range of people and not just Bitcoin enthusiasts. It was created as a fun cryptocurrency and creators never thought that it will boom in this industry.

The success of Dogecoin can be attributed to Elon Musk. In 2021, Musk mentioned on his Twitter that his favourite meme coin is Dogecoin. Soon after this tweet, the coin’s price soared and people started to show great interest in it.

Dogecoin vs Bitcoin

There are many points of difference between Bitcoin and Dogecoin. Bitcoin was launched as the first cryptocurrency. Whereas, Dogecoin was launched as the first meme coin.

Bitcoin uses a proof-of-work protocol for its mining. Whereas, Dogecoin can be mined using a normal computer or laptop as it is not compute-intensive. Dogecoin can also be mined using Script technology, ASIC miners or Graphic Cards.

Unlike bitcoin, Dogecoin’s maximum supply is not capped. This means that one can mine as much Dogecoin as possible.

Dogecoin’s Prediction For 2023

The coin’s all-time high was achieved during the second quarter of 2021. At that time, one coin traded for around $0.7386. The coin’s all-time low was registered during 2015 when it was trading at around $0.000085.

Its market sentiment is bearish at the moment. The coin is currently at a volatility rate of 5% which is considered high. This means that the coin’s price may fluctuate drastically in a short time.

In the last month, the coin has decreased in value against the US dollar, Bitcoin, and even Ethereum. It has decreased by around 4.2% against the US dollar. Whereas, it has decreased by at least 7% against Ethereum and 6.34% against bitcoin over the last 30 days.

In the last decade, the coin has grown at an average rate of around 748.34% per year. It is important to note that quarter 2 has always pumped up its price, with an average profit of 120.8%.

The predicted price for this year is not very high from its current value. A growth of $0.088 per coin in the next few months is expected.

Considering the current turbulent market, the coin may suffer from a bearish run. This means that during a pessimistic scenario, its price may come down to $0.064 by the end of 2023.

Dogecoin’s price graph may change slightly in a positive direction next year. As per our technical analysts, its price may range between $0.092 to $0.10 in the year 2024.

DOGE Alternatives

Dogecoin’s future is challenging to predict because it gets heavily influenced by social media frenzy. In such a scenario, one move can either take it to unprecedented heights or completely crash it.

Considering the current market movement and the coin’s overall volatility, it could be a tricky investment. Investors should always be cautious with their funds and weigh all considerations before taking any decision.

Therefore, for now, it is better to invest in other memecoins that have more potential upsides and aren’t erratic when trading.

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