Dogecoin Long Term Price Prediction

Dogecoin price all-time growth, via Coinbase

Some cryptocurrencies such as Dogecoin surprised people with their bullish uptrend. Despite a market correction in mid-2021, this crypto is trailing way above its past average, giving returns exceeding 8000% to its holders.

The DOGE bull run has seen it overtake many other coins to break into the top 10 worldwide in terms of market capitalization (now 10th). Should you invest in Dogecoin at the current price today? The price is still in an uptrend and some bullish price predictions for Dogecoin extend into the $1 mark.

In this guide we’ll review several Dogecoin price predictions over different timeframes to help you make an informed decision.

Dogecoin Price Predictions: 2021 – 2030

Owing to its bullish nature, Dogecoin has consistently thrived in the crypto market and has even caught the attention of billionaire investors.

In this section, we are going to look at potential future trends and price predictions for Dogecoin spanning from 2021-2030 so that investors can make an informed decision when it comes to investing in Dogecoin.

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2021- 2026

As of 17^th November, Dogecoin is trading for $0.24, a 944 percent growth since the beginning of the year.

According to some models the Dogecoin price projection for the end of 2021 is $0.28, with a year-over-year change of 1107 percent. The increase from today until the end of the year is 16 percent. The Dogecoin price could rise to $0.31 in the first half of 2022, and then add $0.02 in the second half to finish the year at $0.33, a 36 percent increase over the present price.

Some crypto analysts expect the DOGE price increase even in 2023, to $0.47 by the end of the year, an increase of 94% from its current price. Then the price could go up to the mark of $0.54 during the middle of 2024 before correcting to close the year at just over 50 cents, for a total a rise of 115%.

It can be observed from the data in the table that the Dogecoin price would continue to rise even in 2025 and 2026 where it would hit $0.75 by the end of 2026, a rise of 210%.

2027 – 2030

Following the same trend, Dogecoin is expected to witness continuous growth from 2027-2030 where the price will touch the mark of $0.71 by the end of 2027 and $0.81 by the end of 2028, reflecting a rise of 193% and 235% respectively.

Finally, Dogecoin price could continue to rise even in 2030 where it is expected to go up to almost $1. One dollar will be an important psychological resistance many investors will decide to sell at or just before that level.

Technical Analysis of Dogecoin

The price action of Dogecoin (DOGE) is in a bullish uptrend as compared to its action since its launch. The chart shows that Dogecoin is made higher highs (HH), and higher lows (HL) on a high timeframe (HTF) such as the monthly chart.

The wicks which didn’t break $0.16 indicate that it has strong support at that level, i.e. buyers were interested every time DOGE/USDT approached $1 and the monthly candle never closed below that level.

If we draw a trend line connecting the lows of each monthly candle, and another connecting the highs, the Dogecoin price is rising in an upward channel.

Technical analysis on Tradingview

If price continues to respect this channel, we could predict a target of $0.32 to be hit sometime between 2022 and 2023. An optimistic Dogecoin price prediction would see $0.28 reached in Q4 of 2021, and $0.30 in Q3 of 2022.

At the time of writing, the cryptocurrency is experiencing a price dip and may trade sideways for another few months and still remain within this bullish upward channel.

With the recent dip in Bitcoin, trading platforms such as Tradingview are showing mixed signals.

Binance DOGE / USDT charts and Technical analysis on Tradingview

We’d suggest being aware of fundamental analysis (FA), for example, as can be seen from the chart above, the Dogecoin price went into a 20% correction in less than a month, due to various reasons, one of which was major investors backing out.

We recommend studying the FA of any coin you invest in and keeping up to date with what professional traders and investors are saying. One way of doing this would be logging into platforms such as Twitter, Telegram and Reddit to follow the best cryptocurrency traders.

Also browser online review sites such as InsideBitcoins and stay up to date with the latest crypto news.

You can also join social trading forums like eToro where investors share their thoughts on the tokens they buy.

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Fundamental Analysis of Dogecoin

Dogecoin crypto data via Coinbase

It is important to know the fundamentals of any cryptocurrency before investing your money in it. We’ll base our analysis on two factors mentioned below.

Best meme coin among all?

Reading about Dogecoin’s history and origin would tell you that it started as a lighthearted alternative to cryptocurrencies such as Bitcoin. However, as of now, there are several other rival meme coins such as Shiba Inu and Floki Inu that might give Dogecoin a run for its money.

One point tonote is, it predates almost all of the major cryptocurrencies, such as Ethereum (2015), Cardano (2017) and others, having been founded in 2013 by software engineers Jackson Palmer and Billy Markus. So arguably it has a first mover advantage with a wider fan following compared to many of its rivals. Although it currently does have a lower marketcap than ETH and ADA.

Looking at the fundamentals

The supply of Dogecoin is around 131.5 billion, much higher than Bitcoin (21 million) and Cardano (45 billion). This means the cryptocurrency has built in inflation metrics as more supply would mean a lower price. Also, in contrast to Bitcoin that is acceptable almost everywhere, and Ethereum that supports building DApps, Dogecoin doesn’t have any unique selling proposition or use case to attract investors.

Considering these factors, it could be concluded that it is best to buy Dogecoin with spare cash and keep it as a small position alongside other cryptos as part of a diversified portfolio.

‘Feed’ section on eToro

Along with the points we’ve mentioned, you can also use eToro that includes a ‘research’ section where doing fundamental analysis (FA) of Dogecoin and other cryptocurrencies alongside technical analysis (TA) could be done by interreacting with other traders and investors.

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Don’t invest in crypto assets unless you’re prepared to lose all the money you invest.

What factors affected the price of Dogecoin in the past?.

There is no definitive answer to this question because there are so many factors that influence the value of such currencies. Specific trends, on the other hand, are completely foreseeable, and they can be used to generate profit. In this section, we familiarize our readers with certain factors that can affect the price of Dogecoin.

1.    Traction gained due to tweets of Influential People

The rising popularity of Dogecoin among A-list celebrities is one of the most encouraging features of the cryptocurrency business. This is the primary reason why, in the first two months of 2021, it reached an all-time high.

Elon Musk’s tweets, for example, have had a substantial impact on the price of dogecoin. He has identified himself as the unofficial CEO of dogecoin, in addition to his dogecoin memes. Musk tweeted the phrase “Doge” and an image of a rocket aiming towards the moon on February 4th of this year. He dubbed Dogecoin “the people’s crypto” the same day. “SpaceX is going to place a literal Dogecoin on the literal moon,” he tweeted again in April.

Musk’s tweets have had a major influence on Dogecoin’s ascent to prominence. His tweet in April had a significant impact on the token’s price, driving a 32 percent increase in share value from 5 cents to around 7 cents.

2.    Government Regulations:

The price of cryptocurrencies can be influenced in a number of ways by government intervention. To begin, governments can control the price of assets such as fiat currencies by purchasing and selling them on international markets. Second, they can dampen overconfidence in an asset class by slapping it with restrictions that raise the cost of doing business.

As a result, no one can deny that government regulation has the ability to affect the price of any cryptocurrency and sadly, Dogecoin is no exception to this rule. Hence, government regulations are a major factor in determining the price prediction of Dogecoin.

Instances in India and Nigeria:  The Indian Parliament was reported to be discussing a government-sponsored bill to outlaw cryptocurrency in January. Needless to say, the community reacted with the #IndiaWantsBitcoin campaign, which encouraged citizens to contact their government officials and request progressive legislation.

One of the numerous arguments against the prohibition is the harm it would cause to a thriving ecosystem with 10 million to 20 million bitcoin users, 340 firms, and 50,000 workers. The bill’s exact contents aren’t yet known, but it appears to be aimed at paving the way for a government-backed digital rupee. It’s time for India to learn from Nigeria’s example.

Nigeria’s central bank (CBN) ordered banks to terminate cryptocurrency users’ this year. The CBN released a press statement in reaction to the uproar, assuring the people that the rule was not new and that it was in their best interests.

The fact that the CBN felt compelled to respond to social unrest is noteworthy. This could be due to the still-fresh memory of the #EndSARS movement, which shook the country late last year and resulted in the collapse of a federal police unit with a reputation for ruthless brutality thanks to large protests and global online support.

3.    Wide acceptance by different platforms

Dogecoin became the seventh cryptocurrency to be listed on Coinbase, a renowned crypto exchange, which was one of the largest boosts for the cryptocurrency. A listing like this turned out to be the impetus Dogecoin needed to take off on an upward trajectory. Taking cryptocurrency trends, Dogecoin’s attractiveness and a listing on Coinbase into account, price projections for the dog-faced started to grow more bullish.

Moreover, both eToro and Gemini announced this year that they would support the meme cryptocurrency and allow their active user bases of over 20 million and 13 million respectively, to trade Dogecoin on their platforms. The adoption of dogecoin by the two sites not only increased the market for the cryptocurrency’s trade, but also legitimised it.

Despite the fact that there is no limit on how much dogecoin can be manufactured because it was meant to be fun, not valuable dogecoin currently has a market valuation of $74 billion, making it the fourth-largest cryptocurrency in the world, according to CoinMarketCap.

Does Dogecoin stand a chance in the future?

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While it is among the top 10 cryptocurrencies in the world, aside from Dogecoin, the market for Bitcoin at the moment is dominating media attention with the cryptocurrency now recently making a new all-time high of just under $70,000 (£over 50,000). Bitcoin has risen more than 50% since the beginning of October, following price increases of more than 500% since last October and 5,000% over the last four years. This trend seems like it will continue in the long run with few minor setbacks in between.

Meanwhile, Ethereum has also retained its status as one of the best performing cryptos of all time, and it has a dedicated team of investors who stand behind this cryptocurrency. Ethereum has been in a uptrend against Bitcoin (on the ETH/BTC pair) for the last two years.

It’s worth noting that Binance is one of the world’s fastest-growing cryptocurrency exchanges, and it’s just getting stronger with each transaction made on the site utilising Binance Coin (BNB).

Finally, given its market capitalization and liquidity, Litecoin deserves to be mentioned. Unlike Bitcoin, which has a restricted quantity of 21 million coins, Litecoin has an 84 million coin limit and a block reward of 12.5 LTC, which is more than other cryptos. Miners will find that mining Litecoin is faster than mining any other cryptocurrency because the average time to mine a Litecoin is under two minutes.

Because of its expanding popularity, Litecoin is the best of all the altcoins as of today.

So while Dogecoin may remain a famous meme coin for a good while, the growth of other cryptocurrencies and their rock solid fundamentals could give them an edge.

How to invest in Dogecoin in the UK

As the awareness about cryptocurrency grew, many platforms have blossomed in the past few years. To be on the safer side, we suggest trading and investing in Dogecoin through a reputable brokerage that charges reasonable costs and accepts your preferred payment method.

Some of the most reputable online brokers are eToro, Coinbase, and Binance.

Several features offered on eToro

You can also earn staking rewards for holding ETH, ADA and TRX on eToro. Read our article on staking to learn more.

How to Buy Dogecoin on eToro

Step 1: Begin by creating your account by clicking here.

Step 2: Upload your ID: A copy of your passport or driver’s license and proof of address would be sufficient.

Step 3: Deposit currency into your account through a debit card or bank transfer.

Step 4: You are all set to buy Dogecoin once you’ve validated and verified your account and deposited funds into it. In the search box, type ‘Dogecoin,’ then click ‘Trade,’ and enter the amount you want to invest (in Euro/Pound/USD).

Read more about buying cryptocurrency here.

Which important events will influence Dogecoin prices?

2021

Dogecoin didn’t get much traction until the beginning of 2021, with prices hovering around $0.0088. All of that changed in January 2021, thanks to the buzz created by social media communities. The Gamestop short squeeze, which caused many retail investors to pour into Dogecoin as a joke, contributed to the euphoria.

During January, the price of Dogecoin increased by 1167 percent in just a few days, rewarding investors with extraordinary rewards. Following this upswing, the price of Dogecoin stabilised around $0.0500 until April 2021, when momentum began to pick up again.

Due to endorsements from Tesla CEO Elon Musk, Snoop Dogg, and Mark Cuban, Dogecoin was well-known among crypto investors by this time. Dogecoin’s listing on Coinbase and other reputed trading platforms also played a fundamental role in the surge.

For the years, 2022-2025

As the table in the previous section shows, Dogecoin is expected to remain bullish and the price can head towards $0.33 by the end of 2022. According to our expert-led price predictions of Dogecoin, this upward trend would continue in 2023 and 2024, even though it might be gradual. Finally, 2025 could also witness a rise of about 164% in the Dogecoin price.

It’s not possible to give an exact prediction of the Dogecoin price for the next five years but based on the prediction given by our experts, we have high hopes for this cryptocurrency. Moreover, the fact that it remains the most preferred lighthearted crypto with support from billionaire celebrities such as Elon Musk and the Winklevoss twins further strengthens our prediction.

Conclusion

It is surprising that a coin that started merely as an internet joke or ‘meme’ ended up taking the cryptocurrency market by storm and being a top 10 ranked coin by marketcap. Add to that the listing of Dogecoin on Coinbase and alll other established trading platforms, and it seems the Dogecoin enthusiasts around the world have had the last laugh.

It is no secret that the crypto-market is highly volatile however – past perfomance isn’t an indication of future results and no Dogecoin price predictions are 100% guaranteed to be accurate. Only invest what you can afford to lose and do your own research (DYOR) into Dogecoin and read cryptocurrency price predictions for a number of assets. If Bitcoin and Ethereum go into a correction, Dogecoin will likely follow.

To network with other traders check out eToro exchange. As mentioned earlier, it is not just a trading platform, but a ‘social trading platform’ where investors can interact and share their thoughts on the tokens they buy. We suggest complementing your research with the learning experience you can get from networking on eToro to get the best results.

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