Is Dogecoin dead? DOGE Price Prediction
Is Dogecoin dead, is one of the recurring questions lately in the crypto sector. The crypto market in 2022 and in the current year has experienced bearish trends. Dogecoin is not an exception. However, its value was in free fall for a long time due to various factors. Created as a joke, this meme coin reached an all-time high in May 2021 when its price was $0.731578. The Shiba Inu Dog, another prominent meme coin at the same time, was worth $0.00003791.
But its success was a short-lived adventure. Due to many turbulences in the cryptocurrency world and other factors, Dogecoin started to lose its value.
Crypto investors shifted their investment decisions toward other cryptos on the market. Its current market cap dominance is estimated at Market Cap Dominance 0.761%. So is dogecoin dead, and why did it lose its value?
Should you consider it for long-term investment? To learn more about the fall of Dogecoin and its price prediction, keep reading the following lines.
What is Dogecoin, and how does it work?
Everyone’s favorite meme-corner had a somewhat gloomy 2023. Indeed, the value of DOGE has practically stagnated since the start of the year, while the overall crypto market has climbed more than 35%. In the minds of all investors, therefore, a question arises: has Dogecoin lost its lustre and how will it end the year?
Dogecoin (DOGE) is a cryptocurrency that was created in 2013 as a light-hearted and meme-inspired digital currency. Dogecoin is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a “joke”. It has gained popularity over the years due to its community-driven nature and widespread adoption.
Here is an overview of Dogecoin’s historical market performance:
Dogecoin’s historical market performance
Early Years: Dogecoin started trading in December 2013 at a very low value. Initially, it had a relatively small market capitalization and was primarily used for tipping and charitable donations within online communities.
Price Surge in 2017: In 2017, Dogecoin experienced a significant price surge along with the broader cryptocurrency market. The price rose from a fraction of a cent to reach its all-time high at that time, reaching around $0.017 USD in early January 2018. This surge was driven by increased interest in cryptocurrencies and speculation.
Market Volatility: Like many cryptocurrencies, Dogecoin has experienced periods of high volatility. The price has fluctuated based on factors such as market sentiment, investor demand, and broader trends in the cryptocurrency market.
Social Media Influence: Dogecoin’s market performance has often been influenced by social media trends and viral movements.
Notably, in early 2021, Dogecoin gained substantial attention on social media platforms, driven by tweets from notable individuals such as Elon Musk and other celebrities. This led to a significant surge in the price of Dogecoin.
Coinciding Events: Dogecoin’s market performance has been influenced by certain events, such as community-driven campaigns and partnerships.
For example, there have been instances where the Dogecoin community raised funds for charitable causes or sponsored sports teams, which garnered media attention and contributed to short-term price movements.
Adoption:Some of the major companies who accept Dogecoin as payment include Crypto Emporium, AMC Theatres, Tesla, Newegg, AirBaltic, Microsoft, Twitch, and many others.On July 2, Elon Musk confirmed eating a McDonald’s Happy Meal on live television if the fast-food giant adopts Dogecoin.
Is Dogecoin dead and what’s the issue with Dogecoin?
Being a pioneer in the world of memecoins since its emergence in 2013, Dogecoin (DOGE) has witnessed numerous competitors come and go, many of whom failed to achieve any success.
Nonetheless, DOGE has managed to maintain its popularity among investors seeking lucrative returns, largely due to endorsements from renowned personalities like Elon Musk.
However, the year 2023 has witnessed a surge in the proliferation of new memecoins, each vying to outshine the others by offering more attractive yields. Cryptocurrencies such as Pepe Coin (PEPE) and Big Eyes Coin (BIG) have swiftly delivered triple-digit performances, bringing joy to their fortunate holders.
Faced with such promising possibilities, investors are constantly scouring the horizon in search of that one golden opportunity that will enable them to make quick profits.The DOGE, na Top 10 cryptos in terms of capitalization, does not offer enough potential for express gains in a highly volatile cryptocurrency market. And this is how DOGE found itself behind in 2023.
Is the DOGE dead? 2 facts that give investors chills
Is Dogecoin dead? We cannot give a definite answer. Certain points mean that we can no longer expect exceptional performances like in 2021. Here is why.
The unlimited supply of Dogecoin jeopardizes its growth potential!
If Satoshi Nakamoto programmed Bitcoin to have a maximum supply of 21 million BTC, this is not the case for Dogecoin which has no limit on the number of DOGEs that can be created. Their number has already exceeded 132 billion. It is estimated that the number of Dogecoins in circulation will double in 20 years.
This explains why a Dogecoin is worth less than a dollar today, while a Bitcoin is worth nearly $43,000.
Rare assets like Bitcoin are more likely to retain their value than less rare assets. In the eyes of investors, Bitcoin is the queen of cryptocurrencies and it is a store of value, similar to gold.
This is far from the case of Dogecoin, whose rapid growth has been attributed to hype and the support of celebrities like Elon Musk.
In addition, unlike other cryptocurrencies such as Ethereum, Dogecoin does not offer a development platform and is limited to basic cryptocurrency functionalities: purchase, sending and storage. The namecoin is nevertheless integrated into some DeFi protocols like Nexo to earn passive income.
Celebrity influence is now limited!
In 2 years, the market capitalization of Dogecoin has increased considerably. This makes it more difficult for a whale to cause the DOGE price to fluctuate significantly on its own.
Also, the influence of celebrities, including Elon Musk’s tweets, is now limited. Gone are the days for a tweet from Elon Musk relating to Dogecoin that raises the price by tens of percent.
In short, Dogecoin is not dead yet! But now responds more naturally to supply and demand. Some good news will push the price up more than 10%, but the price will correct most of the time. And the good news is that the DOGE/USD chart is showing some interesting technical setups.
Is Dogecoin dead, and What does the future hold for DOGE?
In spite of the unimpressive performance in 2023, the stability of DOGE cannot be denied. The community of DOGE remains devoted and helpful, as evidenced by their active presence on social media platforms where users proudly showcase their unwavering support for the cryptocurrency.
Furthermore, it is unquestionable that Dogecoin continues to enjoy steadfast backing from its community, which is crucial for the survival of a meme-based cryptocurrency.
Moreover, technical analysis reveals that there is significant support for the DOGE/USD pair at $0.050. This strong demand zone should be leveraged to revitalize the currency. At present, Dogecoin is being traded within the range of $0.050 to $0.095.
All in all, even though Dogecoin is not as popular as it used to be, he never said his last word. The community of its followers and the prospects for evolution are always there. So, could we see renewed interest in DOGE before the end of the year? Only the future will tell us!
Dogecoin price prediction
Now that we have given you a nuanced answer to the question Is Dogecoin dead, let’s tackle its price prediction.
At the time of writing, DOGE was trading at $0.068, up 1.75% in the last 24 hours, according to Benzinga Pro.
A Dogecoin wallet that had remained inactive for over 9.3 years suddenly came to life on Tuesday.The reasons behind crypto addresses going dormant remain elusive, with various theories circulating within the crypto community.
One plausible assumption is that early adopters acquired the tokens and held onto them, anticipating a surge in prices over the years.
Experts’ analysis of the technical indicators suggests that the current market feeling is Bearish Bearish 59%, with a Fear & Greed Index score of 63 (Greed). Also,by 2025, they forecast that Dogecoin (DOGE) could be worth $0.324616.
Our prediction is based on consulting multiple sources but If you’re interested in understanding potential price trends for Dogecoin in 2025, it would be advisable to do your own research. Consider different perspectives, and evaluate the overall market sentiment. However, please keep in mind that any price prediction should be taken with a grain of salt, as the cryptocurrency market is highly volatile and subject to rapid fluctuations.
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