He even namedSpaceX's 2022 moon missionDOGE-1. 5,000 percent since the start of the year, skeptical of the cryptocurrencys massive rally. The year 2020 was good for cryptocurrencies. Dogecoin sub-Reddit has more than 2.2 million subscribers. So what does this all mean for investors, and what are the prospects for this controversial coin? All rights reserved. Dogecoin has attracted a following among users of Robinhood. In eliminating three zeroes, one of the most-popular digital currencies on the planet gained more than 37,000%. appeared first on InvestorPlace. A recent rise in the price of Bitcoin followed by a period of consolidation is prompting more retail investors to look at altcoins. Key Facts. The trend has now retraced . The co-founders are no longer directly involved in the DOGE cryptocurrency. For instance, Nigeria, the second-biggest bitcoin market in the world, has banned the use of cryptocurrencies. Fords (NYSE:F) EV Ambitions: Time to Invest or Wait? All rights reserved. Cryptocurrency, Culture, International News, Video Games, Misinformation, Conspiracy Theories, Cryptocurrency, NFTs, Movies, TV, Economy, Stocks, experiencing issues with cryptocurrency trading. Following its launch in 2013, one Dogecoin was worth $0.0002 (that's two ten-thousandths of a cent). See Also:HOW HIGH CAN DOGECOIN (DOGE) GO? Dogecoin gained 50 per cent in the space of a few hours on February 4 to reach a price of $0.05. Cryptocurrency aggregator Coinswitch predicts that DOGE could move up by more than $0.005 in the coming month or two, noting that it has been adopted as a means of payment by online stores such as eGifter, AllGamer.net and others. Also read:Blockchain.com Needs Cash As Valuation Plunges 70%: Will VCs Back The Struggling Startup? In other words, more investors are likely to continue buying dogecoin, pushing prices even higher. Lets take a look at what some analysts Dogecoin price predictions are saying about the crypto: On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The digital token reached an all-time high of 32 cents Friday morning, more than doubling in price from a day ago. All jokes aside, Doge's crypto community acts as a central pillar to its success, and if it is to make it to $1 before the year is out, it will need all of its unsung community heroes to do their part online. Glauber Contessoto's dogecoin holdings on Robinhood as of July 20 at 2:50 p.m. EST. While we cant predict dogecoins price with utmost certainty, it is prudent the most likely direction. Sign up for free newsletters and get more CNBC delivered to your inbox. Dogecoin (DOGE) is the latest cryptocurrency to catch a wave, becoming the 12th largest crypto by market capitalisation after Tesla founder Elon Musk posted a series of tweets in the past week. The size of the potential loss is limited to the funds held by us for and on your behalf, in relation to your trading account. Please contact us if you have outstanding issues. Investorscould get burned, so they should invest only what they can afford to lose. Rapper Lil Yachty has claimed he will invest a significant portion of his wealth on dogecoin. Optimistic Dogecoin Predictions:Finders founder Fred Schebesta expects Dogecoin to be worth 25 centsby the end of 2022, and said that "it shouldn't be underestimated in the world of cryptocurrency where breaking traditional methods for identifying value is a cherished past-time. Michael Burgess, a chief operating officer for the Ren Project, said: With another first for RenVM, Dogecoin is no longer a meme coin; it is now a viable financial instrument in its own right, thanks to RenVM and OpenDAO.. Use the training services of our company to understand the risks before you start operations. In the span of a few months, Dogecoin went from being a joke to a 90 billion dollar digital asset at the height of its price and popularity. 86% of retail CFD accounts lose money, use up all its steam and fail out on #DogeDay, coins market capitalization surpassed $50 billion, cant seem to keep Dogecoin out of his mouth. Very few people actually "use" the currency for much of anything, which means that the coin's valuation is solely dependent on the market and public sentiment. Blockchain.com Needs Cash As Valuation Plunges 70%: Will VCs Back The Struggling Startup? The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It is now being accepted by some online stores for payment and Dogecoin investment is forming part of diversified cryptocurrency portfolios. To be precise, it has leaped about 774 percent year to date against the US dollar. It has since found a growing community online. The bullish movement of the dogecoin will continue through April. As the supply of Dogecoin is not capped, there are more than 128 billion coins in circulation and the low price has made the currency popular in social media communities for small transactions. Just over a week ago, Musk tweeted, "Doge Barking at the moon, which boosted the coins price some more. The billionaire has called dogecoin his "fav" cryptocurrency and "the people's crypto." Musk's' The Boring Company, SpaceX, and Tesla all accept Dogecoin as payment for merchandise. During a tumultuous year, the polarizing cryptocurrency has captured public attention right across the globe after posting incredible gains, acquiring various celebrity endorsements, and dominating crypto Twitter and several other internet sub-communities. At least a third say each of these were major reasons why they left. Sign up for our free newsletter for the Latest coverage! It started out as a joke. A $1,000 dogecoin purchase on Jan. 1, 2021 at a price of less than a cent per coin would be worth $121,052 at Wednesday's high of 69 cents, a gain of more than 12,000% according to CNBC . Joseph Raczynski of Thomson Reuters expects Dogecoin to benefit from its first-mover advantage and hit 50 cents by the end of this year and reach $1 before the end of 2025. Join the 520.000+ traders worldwide that chose to trade with Capital.com, Also you can contact us: Dogecoins market cap of $69 billion places it as the fourth most valuable cryptocurrency, behind bitcoin, ethereum and Binance Coin. Courtesy of Glauber Contessoto and Rodrigo Ramos. But that was just an experiment. Like other cryptocurrencies, Dogecoin is characterised by high price volatility. Want CNET to notify you of price drops and the latest stories? It's not the first time dogecoin has seen a wild climb. Meanwhile, Dogecoin Whale Alert, a Twitter account that tracks the movement of DOGE whales tweeted that 286,953,266 DOGE, worth $22,140,740 was transferred from a "Top 20 wallet" to a Binance wallet. For Dogecoin to hit $1, it will need to hit a market cap of $130 billion, which is around 3x from its current price point. The price will close at $0.1 price in May 2023, which represents a 55.75% change. Should it? Since then, Dogecoin has dropped and been turbulent. Over the years, veterans of the Doge ecosystem have been fighting its corner against trolls, critics, and FUDders alike, preaching the good word of the dog meme currency. Dogecoin is a cryptocurrency based on the "Doge" meme, which rose to popularity in late 2013. Many aim or claim to have utility, or improve facets of the Ethereum blockchain, upon which most altcoins are built. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. Gene Simmons also recently revealed that he owns DOGE while snoop posted an altered album, Snoop Doge. Musk has also come out as a supporter of bitcoin, with his electric car company buying $1.5 billion worth of the cryptocurrency earlier this year. The massive support from Teslas Elon Musk and other celebrities could boost investors confidence. Created in 2013, DogeCoin was the first such memecoin. That follows a spike of more than 900 per cent on January 29 when the coin soared to an all-time high before sliding back, with trading volumes exceeding those of Bitcoin (BTC). His rants, however, have also gotten him in trouble. The meme coinDogecoinDOGE/USD is expected to appreciate considerably this year and even more further into the future according to research conducted by United Kingdom financial analysis service Finder. One phenomenon seen over the years is the correlation between how much a coin is talked about, whether that be measured by mentions on social media or trends on Google, and its price. It started out as a joke. 2023 Tech Times LLC. Contessoto himself also tells his followers not to invest more than they could afford to lose. Daniel Van Boom is an award-winning Senior Writer based in Sydney, Australia. Dogecoin has witnessed wild swings in the past over Musks tweets and announcements. Where the last surge saw the coin use up all its steam and fail out on #DogeDay, investors have bullish indicators and incoming catalysts lined up. Like many cryptocurrencies, it has a tendency for volatile swings in price. The rise from $0.000232 in 2013 to the current price of 0.05 represents a 21000% rise. Ill stick to Bitcoin and Ethereum, thank you very much. So will Dogecoin reach $1? In fact, the "shiba inu" inspired coin hit all-time highs in May 2021, reaching an astonishing $0.7376 during an incredible bull run, which was somewhat catalyzed by none other than Elon Musk himself. Recent endorsement from high-profile individuals has swayed the joke cryptocurrency. Now, with dogecoin trading around 17 cents, he continues to buy the dip. Dogecoin soared up by more than 60 percent in less than 24 hours and experienced a 1,421 percent increase in trading volume according to crypto data firm CoinMarketCap on January 28, 2021. Besides his dogecoin memes, he has announced himself as the unofficial CEO of dogecoin. Dogecoin's skyrocketing price has led to worries of a potential bubble in the cryptocurrency market. These factors are making investors awfully excited about the future of Dogecoin. According to DigitalCoinPrice's Dogecoin price estimate for 2030, the coin might hit $0.90 that year. Update: Crypto trading is now fully restored. Additionally, Dogecoins bullish movement started the year on a high note, doubling from $0.005405 to $0.011427 on January 2. Nonetheless, Contessoto's plan remains the same: "Once I hit $10 million, then I'll take out 10%. The minimum is forecast to be $0.0521378. To put this into context, if investors purchased $100 worth of Dogecoin on Dec. 22 . Dogecoin's ascent to prominence as the tenth-largest cryptocurrency by market capitalization was fueled by Dogechain, a layer-2 scaling solution for Dogecoin, which recently unveiled its future roadmap. So while the answer is probably, yes the coin will reach $1.00, will I be investing again? These public endorsements brought huge amounts of publicity to Dogecoin and gave it some much-needed validity, bringing in billions worth of new investments. There's no doubt that Dogecoin will reach 50 cents per coin before 2022 ends. One simply called Meme launched in August at $1 and now trades at over $2,000. Another fundamental aspect that will affect dogecoins is government regulation. Ford Motor (F) Gets a Buy from Morgan Stanley, Registration on or use of this site constitutes acceptance of our. And now, defying all odds, dogecoin has a total market value of more than $40 billion, according to crypto market data site CoinGecko, adding over $20 billion in the last 24 hours. Capital Com is an execution-only service provider. The projects latest developments: will DeFi drive adoption of Dogecoin? In January, crypto traders fantasized about DogeCoin hitting 10 cents. Its popularity on social media makes Dogecoin prone to wild price swings, with various attempts by users on TikTok and Reddit to collectively drive up the price causing the market to spike. https://t.co/adhugIHVGR. Putting aside this aforementioned focus on the cryptocurrency and its hype value, lets look at Dogecoin through a more traditional lens. The cryptocurrency Dogecoin was created in 2013, but it wasnt until early 2021 around the time of the now-infamous Reddit-fueled GameStop and AMC short squeeze sagas that the coin started to attract more mainstream attention. Some bitcoin investors, for instance, have sounded the alarm about Musk's dogecoin tweets. Popular memecoin Dogecoin DOGE/USD has rallied by a staggering 56% over the past 24 hours and has more than doubled its price in the last week, amid Tesla chief Elon Musks acquisition of social networking giant Twitter. Similar to the subreddit WallStreetBets, which helped fuel a rally in GameStop shares at the start of 2021, SatoshiStreetBets aims to pump up the prices of cryptocurrencies. Now it's a top 10 digital currency worth $40 billion. Well continue to monitor the situation closely and were sorry if you were impacted. But investor Glauber Contessoto, whose dogecoin holdings previously surpassed a value of $1 million, isn't worried. Tesla CEO Elon Musk is Doge's highest-profile supporter, and histweets related to the cryptocurrency tend to lead to a jump in its value. 2023 TECHTIMES.com All rights reserved. CRYPTO-SAVVY is an occasional series from Inverse that explains the world of cryptocurrency and where its going next. What do Dogecoin predictions indicate about the direction of the price from here? The Dogecoin price on launch in 2013 was $0.000232, so the rise to around $0.05 represents a 21,000 per cent increase.