How likely is it that Dogecoin will reach new heights in 2022 and beyond? Here’s a complete case study outlook by the crypto market experts and our price prediction as well.
In 2021, the cryptocurrency market has done wonders. On the 1st of January 2021, the whole market capitalization of cryptocurrencies was roughly $777 billion. By the end of January, its market capitalization surpassed the $1 trillion milestone, with Bitcoin amounting to more than 60% of this value.
Yet, this growth was far from being over. As months passed by, the whole market capitalization continued to increase, leaving people with huge gains and cryptocurrencies with new all-time highs. The market reached its peak on the 12th of May, accumulating more than $2.55 trillion in worth. This was the highest value the market ever reached.
As we mentioned above, cryptocurrencies skyrocketed during that period of time, setting all kinds of new all-time highs. Having reached a market capitalization of $1.15 trillion, one Bitcoin was worth $64,863 on the 14th of April. After the market reached its peak, it dipped quite a lot, leaving this industry with a total market capitalization of $1.20 trillion. Yet, the market has recovered and is worth more than $2.39 trillion today. This market capitalization is expected to quadruple itself in value by the end of 2021.
Following the growth of Bitcoin, altcoins also grew enormously. One of these currencies is Dogecoin – the king of memecoins. But what is Dogecoin? Is this crypto project credible? Will DOGE ever reach $1 or $5? We will do our best to answer these and many more questions throughout this article.
What is Dogecoin?
To begin with, we must talk about the fundamentals of Dogecoin. Similar to Bitcoin, this crypto project is considered to be a first-generational cryptocurrency. Dogecoin was initially started as a joke by Jackson Palmer and Billy Markus. These two software engineers worked on this cryptocurrency and initially launched it on the 6th of December 2013. They based it on the Doge meme of a Shiba Inu dog that was quite famous at the time of this cryptocurrency’s launch. This made the coin blow up in Reddit, but because there was a lot of controversy around cryptocurrencies at that time, there were not a lot of investments done.
Being quite an OG of the crypto industry, Dogecoin uses a Proof-of-Work (PoW) mechanism. This means that it secures its network and validates transactions through computing power. So, people who provide computing power as nodes get rewarded with DOGE in return. Additionally, Dogecoin has an uncapped total supply of 131.7 billion. Every year, roughly 5 billion DOGE are mined and added to the supply.
Although the founders of Dogecoin started it as a joke, this cryptocurrency has become quite popular and has attracted the attention of influential people like Elon Musk, Mark Cuban, and even Vitalik Buterin. Furthermore, Elon Musk has been a great influence on the price movements of Dogecoin. Through his tweets, Musk supported Dogecoin and encouraged everyone to buy it. One of the first Doge-related tweets came in July 2020, where he called the Dogecoin takeover “inevitable”.
It’s inevitable pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
Many claimed that Dogecoin is built around hype and stated that when the hype dies down, so will Dogecoin. Although the hype around Dogecoin died months ago, this cryptocurrency is still one of the top 10 biggest cryptocurrencies regarding market capitalization. This makes it a better investment than many other cryptocurrencies in the market right now.
Lately, the Dogecoin Foundation got Elon Musk and Vitalik Buterin to join them as board members. Elon Musk is a business tycoon and the richest individual in the world at the time of writing, while Vitalik Buterin is the founder of Ethereum, the revolutionary cryptocurrency. Ethereum has been the second-biggest cryptocurrency regarding market cap for numerous years. These additions make this crypto project even more credible and increase its potential. Additionally, this means that Dogecoin might begin working on improving its tokenomics and mining process. Some speculate that the Dogecoin Foundation is even considering migration from a Proof-of-Work (PoW) blockchain to a Proof-of-Stake (PoS) blockchain.
Dogecoin (DOGE) Price Analysis
Dogecoin joined the market in 2013 with a price of $0.0003. During the 2013-2017 time period, this cryptocurrency had a high of $0.0012 and a low of $0.00014. This changed on the 10th of January 2018, however, when Dogecoin reached the peak of its bull run, hitting a trading value of $0.013. Afterward, its price fell and dwelled around $0.003 for years.
On the fourth quarter of 2020, another bull run began, and Dogecoin got bullish once again. By April 2021, Dogecoin was the fourth biggest cryptocurrency regarding market cap, having accumulated more than $88 billion in value. This led to Dogecoin reaching an all-time high of $0.73. Dogecoin entered the year with a trading value of $0.01 and reached the price of $0.73 in just four months, making it one of the fastest-growing cryptocurrencies in the market.
Today, Dogecoin is trading at a value of $0.24 and has a trading volume of $1.72 billion. Moreover, its market cap is just above $30 billion.
What can Dogecoin be Used for?
In general, cryptocurrencies aim to be used as a digital version of fiat currencies for making payments – be they small or big. However, what makes cryptocurrencies special is their safety, speed, and tokenomics. When compared to traditional payment methods, using crypto to make a payment is way safer because of blockchain technology. Moreover, it is cheaper and faster since there is no third party involved in the process.
But blockchain technology is way more than what we mentioned above. In the crypto industry, we have all kinds of cryptocurrencies and tokens. Governance tokens, utility tokens, and stable coins are just a few examples. We even have ERC-721 tokens that are also known as Non-Fungible Tokens (NFTs) – visual or audio files stored on the blockchain as tokens.
When it comes to Dogecoin, its main use case is making all kinds of payments. Dogecoin’s blockchain is quite similar to Bitcoin. Although Bitcoin and Dogecoin have different tokenomics, they both use the same technology and have the same goal – replacing the traditional payment methods.
As we mentioned before, Dogecoin uses a Proof-of-Work mechanism to keep its network up and running. In return for becoming a node, people get rewarded in DOGE. Because of this and the fact that Dogecoin has an uncapped supply, this cryptocurrency is inflationary and has an inflation rate of 4% per year – just below the US Dollar inflation rate which is 4.2% on average.
The Dogecoin Foundation is trying to fix this by continuously releasing updates on the Dogecoin blockchain. They a trying to make Dogecoin one of the main payment methods for everybody. Their latest update decreases the fees that come with depositing or withdrawing Dogecoin. Even though Dogecoin fees are relatively low when compared to Ethereum gas fees or so, the Dogecoin team wants them to be even cheaper.
Today, you can use Dogecoin as a payment method on numerous online websites – you can even use it in Coinbase Commerce. According to Cryptwerk, you can use Dogecoin as a payment method in more than 900 shops & markets, 580 internet services, 150 gambling websites, and 68 gaming websites.
So, Dogecoin can be used for all kinds of online payments. Moreover, many physical stores in Sweden and the United States have also begun accepting Dogecoin as a payment method.
Dogecoin vs Bitcoin
Dogecoin and Bitcoin are very similar in some aspects, while very different in some others. Both are first-generational cryptocurrencies, being some of the earliest cryptocurrencies to ever exist. Moreover, for the time being, both are designed to serve as payment methods only.
Both Bitcoin and Dogecoin use a Proof-of-Work (PoW) mechanism to keep their network safe and validate transactions. This means that you can obtain these two cryptocurrencies without the need to directly buy them. All you have to do is own a computer and start mining them. However, miners are typically very powerful computers that use big amounts of electricity.
When looking at the rewards, both networks are very similar. For example, if you use a miner that has 55-68 TH/s for mining Bitcoin, you mine roughly 0.0000179 BTC per hour. If you use the same miner for mining Dogecoin, you can mine around 3.88 DOGE per hour. After converting these two into US Dollars, we can see that their value is nearly the same.
The supply of these two cryptocurrencies is different. Considering that their tokenomics have a lot of differences, this should not come as a surprise. While Bitcoin has a capped supply of 21 million coins, Dogecoin has an uncapped supply. In more simple terms, Bitcoin is scarce and only 21 million BTCs will ever exist while Dogecoin’s supply will continue to increase infinitely. They initially had a capped supply of 100 billion; however, this changed in 2014 when Dogecoin’s creators decided to make its supply unlimited.
This makes Bitcoin a deflationary coin and Dogecoin an inflationary one. The Dogecoin team has addressed this issue and there are speculations that Dogecoin might begin to burn coins to decrease the total supply. At the time of writing, there are 131 billion DOGE and 18.8 million BTC in circulation.
As we stated above, Dogecoin and Bitcoin both aim to be the main payment methods sometime in the future. Considering the current global financial system is heavily flawed, the creator of Bitcoin introduced something that has the potential to serve as a better global financial system through Bitcoin – the first-ever cryptocurrency. The founder of Bitcoin is anonymous and goes by the pseudonym of Satoshi Nakamoto.
Even though both of these cryptocurrencies have somewhat of the same goal, they are still very different. Bitcoin aims to be a serious payment method that will surpass the traditional payment methods. This means that it wants to be used in purchasing valuable and important goods. On the other hand, Dogecoin – the people’s cryptocurrency – wants to be a more joyful payment method. They want to be a community-driven currency that is constantly used to pay for fun activities, playing games, making bets, and even helping charities.
Is Dogecoin Better Than Bitcoin?
As mentioned above, Bitcoin is the first cryptocurrency to ever exist. Having been launched in 2009, Bitcoin paved the path for the cryptocurrencies that came after it. Being the first cryptocurrency to ever exist has its pros and its cons though. Considering that second/third-generation cryptocurrencies took over the market as years passed, the market dominance of Bitcoin fell. Yet, this cryptocurrency is still the biggest one when it comes to market capitalization.
Even though Dogecoin was created roughly 4 years after Bitcoin was introduced to the public, the code used in its blockchain is very similar to that of Bitcoin’s. Since both are first-generational cryptocurrencies, they both have been around for quite some time. Unlike other first-generational cryptocurrencies, Bitcoin and Dogecoin are doing extremely well in the market.
When it comes to which is better, it is hard to decide. We will provide some factual information regarding these cryptocurrencies to make it easier for you to choose between them.
- First off, Bitcoin is way larger than Dogecoin. At the time of writing, the market capitalization of Bitcoin is over $1 trillion while Dogecoin is sitting at a market cap of around $30 billion. This means Bitcoin is roughly 30x bigger than Dogecoin. This makes Bitcoin a more serious investment, however, it also indicates that Dogecoin has way more room to grow than Bitcoin.
- Secondly, Bitcoin’s price movements massively affect the market performance of most altcoins – Dogecoin included. This undoubtedly makes it more important than other cryptocurrencies for the time being. Nevertheless, Dogecoin is more focused on the community and is a coin created for fun, meaning that it is not trying to surpass Bitcoin when it comes to market dominance.
- Lastly, Dogecoin has lower network fees, faster transactions, bigger miner payouts, and a way lower price. Considering its low price, many crypto enthusiasts think that it is way more suitable for day-to-day payments than Bitcoin. One of these enthusiasts is Elon Musk. In a tweet he made earlier in 2021, he claimed that Dogecoin has more potential than Bitcoin when it comes to being used for microtransactions. He stated that with a few tweaks on its tokenomics, Dogecoin might become the best cryptocurrency for such payments.
Saying which is better, in general, is hard. Dogecoin is just as good of an investment as Bitcoin because of its potential. So, please make sure to do your research before deciding between one of these two major cryptocurrencies.
DogeCoin Price Prediction 2022 – What do Experts Say?
The year 2021 has been huge for Dogecoin and that cannot be emphasized enough. This cryptocurrency surpassed all expectations during this year and experienced a 300x in price, leaving early investors with enormous gains. However, Dogecoin failed to surpass the $1 milestone until now. This is expected to happen sometime soon, however, with crypto experts being quite positive for the future of Dogecoin.
What Will DOGE be Worth in 2022?
Considering everything we said until now, let us take a look at some Dogecoin price predictions for 2022.
One website that has made its Dogecoin price prediction is Crypto Newz. According to their forecast, Dogecoin is expected to be bullish throughout the whole of 2022. They claim that Dogecoin is likely to enter the year 2022 with a price of $0.80 and continue growing slowly towards the end of 2022, only to possibly reach a trading value of $1.22.
This would leave Dogecoin with a new all-time high, almost double the value of its current all-time high.
Wallet Investor is one of the biggest prediction websites out there. When compared to other Dogecoin price forecasts, that of Wallet Investor is more bearish than expected. According to their Dogecoin price prediction for 2022, this coin might surpass the $0.50 milestone by the end of August 2022.
Moreover, after some months, Dogecoin is expected to end the year 2022 with a potential price of $0.59. If their prediction is correct, Dogecoin will not be able to set a new all-time high by the end of 2022.
Dogecoin has been criticized quite a lot during 2021 because there are people who think Dogecoin is useless. As we stated above, although Dogecoin was started as a joke, it is successfully achieving its goals of becoming a currency that is traded for fun occasions and charities.
Coin Bureau, one of the biggest cryptocurrency Youtubers, made a video covering Dogecoin in April 2021. In his video, he criticized Dogecoin a lot, stating that it is a bubble. To add to this, he said that, just like the whole cryptocurrency market, Dogecoin is also in a bubble that is ready to explode at any time. This was when the whole market had reached its peak in the last bull run. By the end of the video, Coin Bureau stated that, even though Dogecoin is hype-driven, it has real potential and might surpass the $1 milestone soon.
Coin Price Forecast
Another rather bearish Dogecoin price prediction for 2022 is that of Coin Price Prediction. Their algorithms predict a hard year ahead of Dogecoin. They claim that, by mid-2022, Dogecoin might get close to a trading value of $0.30. Additionally, they claim that Dogecoin is likely to end the year 2022 with a price of around $0.32.
Considering that they used technical analysis for their Dogecoin price forecast, this is understandable. Cryptocurrencies are more likely to respond as expected to fundamental analysis than to technical analysis. This is mainly because they have not been fully implemented yet – unlike most of the other markets.
Crypto Daily Trade Signals
Another cryptocurrency Youtuber is Crypto Daily Trade Signals. Recently, he posted a video where he gave his price prediction for Dogecoin and Shiba Inu. After analyzing the wallet count, the price movements of Bitcoin, and doing a technical analysis of Dogecoin, he estimated that Dogecoin might surpass the $1 milestone by January 2022.
Considering that the whole market is expected to experience a dip during February 2022, Dogecoin’s price may fall under the $1 mark again.
According to Previsioni Bitcoin, Dogecoin is likely to have a green 2022 – by “green” we mean the coin is likely to experience price increases. This prediction website provided its visitors with a Dogecoin price forecast for 2021, 2022, and 2023, which was done mainly using computer algorithms.
Their Dogecoin price prediction 2022 shows Dogecoin sitting at a potential price of $0.60 on January 2022. Furthermore, they predict that this cryptocurrency is likely to surpass the $1 milestone by May 2022, followed by a dip that may leave Dogecoin trading at a price between $0.70-$0.80 throughout the rest of the year.
Crypto Academy Dogecoin Price Prediction 2022
Our Dogecoin price prediction for 2022 here at Crypto Academy is based on fundamental analysis as well as technical analysis. We tried to analyze everything regarding the market movements of this coin, including Elon Musk tweets and different DOGE listings. Having had the best years of its life, Dogecoin might not be ready to stop just yet. At Crypto Academy, we believe that Dogecoin has the room to grow even more, potentially surpassing its current all-time high during its journey.
Will Dogecoin hit $1?
According to our forecast, Dogecoin is highly likely to hit $1 by the end of 2021. Even though it had quite a run during 2021, this coin may experience another mooning as we approach the end of 2021. Nevertheless, its price is likely to dip by February-March 2022 and potentially create a support zone around $0.60. Dogecoin might dwell around that price for some weeks before it sets off again. Our Dogecoin price forecast shows Dogecoin reaching a potential trading value of $2-$3 as the end of 2022 approaches.
Therefore, Dogecoin is likely to hit, or even surpass, the $1 milestone very soon.
Long-Term Dogecoin Price Prediction 2023, 2024, 2025 2026
Long-term Dogecoin price predictions tend to be controversial for several reasons. The way that the supply of Dogecoin works makes it an inflationary cryptocurrency. This means that the value per token will drop as time passes by. Having a 4% yearly inflation rate, Dogecoin needs its market capitalization to grow by more than 4% yearly to keep up with the price.
Dogecoin Price Prediction 2023
Around 5 billion Dogecoin tokens are mined every year. This means that when 2023 is just around the corner, around 137 billion Dogecoin tokens will be in circulation if its tokenomics stay the same. Since this is not that big of a number, most predictions regarding Dogecoin’s price in 2023 are positive. Dogecoin might have a trading value of $0.91 when 2023 begins and a trading value of $1.07 by the end of 2023. Considering that the cryptocurrency market is becoming bigger every day, a 160% increase in just a year is huge. Moreover, this indicates that Dogecoin is likely to grow slowly but surely in the long term.
How much will Dogecoin be in 2023?
One website that made numerous Dogecoin price predictions for 2023 is Coin Price Forecast – the one that we mentioned before. They make price predictions for Dogecoin each month to refresh the information regarding the coin. On the 15th of July 2021, they predicted Dogecoin to hit the price of $2.90 sometime during 2023. Because of its supply yearly growth, to reach this price at that time Dogecoin would need a market capitalization of about $408 billion.
Dogecoin Price Prediction 2024
After experiencing a huge year, Dogecoin might use 2024 to relax a bit. Understanding how the market works, after such a huge increase in its price, Dogecoin is likely to drop in price. That being said, Dogecoin might go as low as $1.32 at the beginning of 2024. According to Crypto Newz, Dogecoin may continue to lose its value throughout the second quarter of 2024, just to get back on its feet by the third quarter of the year. As the fourth quarter of 2024 commences, Crypto Newz predicts the trading value of Dogecoin to go higher than $1.74. Although the coin is likely to experience gains throughout 2024, it might not break the all-time high created back in 2023.
How much will Dogecoin be in 2024?
As we mentioned before, 2024 might be a slower year for Dogecoin when compared to its previous years. Dogecoin was worth only $0.002 back in December 2020 and skyrocketed by the end of 2021, hitting the price of $0.74 (+36,900). Keep in mind that this increase is not experienced often by any cryptocurrency. Even Bitcoin, Ethereum, and Cardano have yet to grow this much for such a short time. According to Coin Data Flow, if Dogecoin grows only half as much as Bitcoin grew in previous years, Dogecoin might trade between $1.23-$2.91 in 2024.
Dogecoin Price Prediction 2025
The price predictions for 2025 are bullish when it comes to Dogecoin. Nevertheless, not only Dogecoin but the whole market is expected to be very bullish during this year. Markets move in cycles, and the next major cycle is believed to come during that time. According to Coin Data Flow, Dogecoin may hit a trading value of $6.70 sometime during 2025 if Dogecoin grows only half as much as Bitcoin did previously. Their Dogecoin price prediction for 2025 is a result of many analyses during which important indicators were used. Moreover, they try to rely on statistics as much as possible when doing long-term predictions because this method has proven to be quite accurate.
How much will Dogecoin be in 2025?
After a slow and somewhat steady year, 2025 is likely to be crazy for Dogecoin. During this year, the volatility of Dogecoin is expected to increase as a consequence of the trading volume that is likely to be experienced. Dogecoin might have a slow start to the year, however, as weeks go by and the second and third quarters of 2025 commence, Dogecoin is expected to rally up. Coin Price Forecast, a crypto prediction website, claims that one Dogecoin is likely to be worth somewhere between $5.91-$10.68. By then, the cryptocurrency market is expected to be way bigger than it is today.
Dogecoin Price Prediction 2026
After five years, Dogecoin might be struggling compared to previous years. Having experienced a huge bull run during 2025, the price of the coin is likely to drop throughout 2026. That being said, when compared to 2021, 2022, 2023, and 2025, 2026 is expected to be bearish.
How Much Will Dogecoin be in 2026?
As stated above, 2026 is expected to be hard for cryptocurrencies – for Dogecoin in particular. There are numerous reasons for experts to believe so, and the most important one is bull/bear cycles. These cycles are seen in all types of markets just as they are seen in the cryptocurrency market. So, numerous indicators show that 2026 wights more by the bearish cycle. By 2026, being bearish after accumulating such gains should not be much of a problem. According to Crypto Bulls Club, however, Dogecoin might reach a trading value of $9.02 sometime in 2026 – and this is their prediction if the market is bearish. On a bullish note, they claim that Dogecoin may reach a maximum price of $15.04 by the end of 2026.
Crypto Academy Dogecoin Long Term Price Prediction 2022, 2023, 2024, 2025, 2026
Now, it is time to present what Crypto Academy thinks about the future of Dogecoin. After careful analysis of Dogecoin’s price movements, overall Dogecoin market, and events that affect Dogecoin either directly or indirectly, we have come up with our price prediction. Without further adieu, let us present our Dogecoin price prediction for 2022, 2023, 2024, 2025, and 2026. And if you have missed our Dogecoin price prediction for 2021 check it out here.
Dogecoin Price Prediction 2022
We have mentioned numerous times that the year 2021 was crazy good for Dogecoin. The price growth it experienced is proof of that – DOGE mooned. As in every other investment, early investors reaped the most gains, but even those who jumped on board after Dogecoin hit $0.05 saw their investment rise through the roof. As we have entered the fourth quarter of 2021, Dogecoin is beginning to move upwards again.
Many believe that Dogecoin is likely going to hit $1 by the end of 2021. This means that the first two months of 2022 might be quite positive for Dogecoin, during which DOGE may go as high as $1.50. Yet, after February 2022, a big dip is believed to occur, possibly leaving Dogecoin with a price of $0.60. After Dogecoin recovers from this dip, we believe that it might shoot up once more and end the year with a price between $2-$3.
We must note that Elon Musk plans to launch its SpaceX Doge-1 satellite during the year 2022. This event might cause the volatility of Dogecoin to increase even more. Additionally, he stated that the whole Doge-1 project will be paid in DOGE. This is believed to be a good sign for Dogecoin.
Dogecoin Price Prediction 2023
Dogecoin is one of the top cryptocurrencies for sure, but that does not mean that this coin will not have bad days. It is a logical assumption that after that much of an increase during 2021 and 2022, Dogecoin’s price might dip. After setting the $2-$3 all-time high during 2022, Dogecoin might go back to dwelling around $1.50-$1.90 for some time.
Dogecoin’s price will likely recover after some months. Understanding how the market often works, as soon as Dogecoin hits the $2 mark during 2023, it may go through a small dip. Yet, Dogecoin is expected to shoot up and surpass the price of $2 once again before the year 2023 ends. Similar to the Coin Price Forecast, our Dogecoin price prediction shows this coin ending the year 2023 with a potential price of around $2.60.
Dogecoin Price Prediction 2024
Moving on, the year 2024 might be a better version of 2023 when it comes to Dogecoin’s market performance. Although the year 2021 stands unbeaten when it comes to Dogecoin’s performance, the year 2024 is likely to enter Dogecoin’s history for positive market performance. The beginning of 2024 might be characterized by small price movements, however, that is probably going to change as the end of the year approaches.
The year 2024 is considered very important by every crypto enthusiast because something huge is set to happen – and that is the Bitcoin halving. Every 4 years, Bitcoin halves the rewards distributed to miners. The last time this happened was in 2020 and the next time it will happen is in 2024. This event is known to have a positive effect on the overall crypto market. Therefore, we expect the price of Dogecoin to pump by the end of 2024, potentially hitting a high of $5 sometime during the fourth quarter of 2024.
Dogecoin Price Prediction 2025
The first two quarters of 2025 are expected to be characterized by price movements similar to those that Dogecoin experienced during the fourth quarter of 2024. Considering that Dogecoin is expected to become bullish by the end of 2024, this bullish trend is expected to continue throughout the first months of 2025. The price chart of 2025 might look similar to the one of 2021, but with higher numbers of course.
We expect Dogecoin to hit a new all-time high of $7.32 by April 2025 – leaving Dogecoin with a 3555% price increase. If you invested in Dogecoin during the first weeks of October 2021 and held it until April 2025, your initial investment would grow by 3555% if this prediction is correct. Long-term investing in cryptocurrencies such as Dogecoin minimizes the risks that come with investing in this volatile market while keeping the rewards relatively the same.
Dogecoin Price Prediction 2026
We always mention the fact that cryptocurrencies are still extremely undervalued. When compared to other markets, the crypto market is not that big after all. However, as years are passing by, the implementation of this market is growing rapidly, and this is directly affecting its value. By 2026, we believe that cryptocurrencies will have gained mass implementation. This means that bull/bear market cycles might become shorter.
That being said, we believe that Dogecoin, as well as the whole crypto market, is less likely to experience a bear market after its huge growth during 2025. We believe that Dogecoin might continue to grow throughout 2026 and reach a possible trading value between $8-$10 sometime during that year.
Will Dogecoin Reach $10?
As we said before, Dogecoin has a lot of room to grow. Although no one can say how high will its price go, most experts believe that Dogecoin might increase rapidly throughout the upcoming years. However, the cryptocurrency market is still young and there is a lot of skepticism around it. According to our price prediction, Dogecoin may reach a trading value of $10 in the long run. We believe Dogecoin could reach $10 sometime during 2026.
Taking into consideration the annual supply growth of Dogecoin, to hit $10 by 2026, Dogecoin would need to have a market capitalization of $1.6 trillion. Until today, no single cryptocurrency has accumulated such value, however, many believe that the whole crypto market may be worth more than $10 trillion by the end of 2026.
Can Dogecoin Ever Reach $100?
Reaching $100 is not possible for Dogecoin if they do not change their tokenomics. To reach a price this high with the current tokenomics, Dogecoin has to have a market capitalization of more than $16 trillion. Gold, the most expensive asset in the world, has a market capitalization of $11.5 trillion. That being said, Dogecoin may reach $100 only if its tokenomics undergo drastic changes.
Coin Bureau is not that fond of Dogecoin mainly because of its tokenomics. In one of his videos, he claims that the success of this coin may be fully dependent on the team behind it. If they choose to improve the way Dogecoin works, then its potential is limitless.
Will Dogecoin Ever Reach $1000?
We cannot predict changes in the way a cryptocurrency works, including its tokenomics and fees. Therefore, when making predictions, we always talk about the potential of a cryptocurrency with the current tokenomics.
Dogecoin reaching $1000 is impossible for several reasons. Dogecoin has an unlimited supply. This means that new coins are mined every second. With an ever-growing huge supply, Dogecoin is an inflationary cryptocurrency. Unlike tokens like Safemoon that promise their holders millions of dollars in profit, Dogecoin is well aware of its flaws and does not promise its holders that it will ever hit $1000 but rather work on improving themselves. Just as Provscons analyzed, for Dogecoin to reach $1000 per coin, it would need a market cap of $150 trillion. This market cap is higher than the GDPs of all the countries combined. Achieving a value that is two times bigger than the global economy is rather absurd.
Can Dogecoin Reach $10,000?
Above, we explained why reaching $1000 is impossible for Dogecoin, let alone reaching $10,000. To explain this as quickly as we can, to trade 1 Dogecoin for $10,000, Dogecoin’s market cap needs to be over $1 quadrillion. According to Wealth Wave, the whole financial industry is worth around $109 trillion. That being said, Dogecoin being the one to overcome the biggest industries in the world alone is extremely unlikely.
We do believe that one day the cryptocurrency market may surpass today’s financial industry’s worth. Yet, this cannot be done by a single cryptocurrency, let alone Dogecoin. According to experts, Bitcoin might lead the revolution and other cryptocurrencies will follow. Dogecoin may be one of the followers as well.
So, Dogecoin cannot reach $10,000. This may be possible only if there is an enormous burn of Dogecoin. A burn that will leave Dogecoin with a total supply below 1 billion.
Where do You Buy Dogecoin?
Buying cryptocurrencies today is way easier than it has ever been. When it comes to Dogecoin, one of the biggest cryptocurrencies in the world right now, there are several ways to buy it. These days, numerous cryptocurrency exchanges enable trading between Cardano (ADA), Ethereum (ETH), Bitcoin (BTC), Binance Coin (BNB), Dogecoin (DOGE), and many more cryptocurrencies.
At the time of writing, you can buy Dogecoin in:
- Coinbase Exchange
- Huobi Global
What is the best way to buy Dogecoin?
Even though there are numerous ways to buy Dogecoin, always use the one that fits you best. When investing through a cryptocurrency exchange, please make sure that your country is supported, the payment method fits your investment, and the fees are not that high. If you were to ask us what is the best way to buy Dogecoin, we would suggest Binance, Coinbase, and Kraken.
- Binance has the biggest trading volume out there, which translates to higher liquidity, which then translates to faster and cheaper trades. One flaw of Binance is that it is very limited in the United States.
- Coinbase has the second-biggest trading volume when it comes to Dogecoin. Moreover, unlike Binance, Coinbase has no limitations in the United States, making trading way easier.
- Kraken is like the second option for most traders. It has a high trading volume, a simple interface, relatively low fees, and supports numerous payment methods. If you cannot use Binance or Coinbase to purchase Dogecoin, then Kraken is the way.
Conclusion – Is Dogecoin Worth Buying?
Yes. Dogecoin has surpassed the expectations of everyone. In early-2021, Elon Musk was under fire for hyping up the Dogecoin community that much and was considered the only cause behind the mooning of Dogecoin’s price. Yet, even after the hype died and Elon stopped mentioning Dogecoin in his tweets, the price of Dogecoin did not plummet.
At the time of writing, Dogecoin is holding strong at $0.24. Exactly 1 year ago, you could buy one Dogecoin for $0.0024. Dogecoin has been one of the biggest cryptocurrencies regarding market cap for quite a while now, and we think it may continue to stay in that group.
To wrap it up, the updates around Dogecoin, the support of people like Mark Cuban, Elon Musk, and Vitalik Buterin, and Dogecoin’s strong community may push this coin to its limits. We believe that buying Dogecoin is worth it. Moreover, our predictions show that Dogecoin is likely to leave investors with huge profits.
Frequently Asked Questions (FAQ)
Is it safe to buy Dogecoin?
Yes. Although many influential people are yet to accept Dogecoin as a serious investment, buying Dogecoin is safer than buying many other cryptocurrencies. This is because Dogecoin has a clear vision and a very strong community. This does not mean that Dogecoin will skyrocket anytime soon, however, having a clear vision and a strong community contributes to keeping a coin alive and ‘healthy’. That being said, it is highly unlikely for Dogecoin to drop below the $0.20 support because its community is holding and not selling. There are good days and bad days for every cryptocurrency or asset, but this does not mean that they are not safe to buy.
Can you turn Dogecoin into cash?
Yes. Turning Dogecoin into cash is not that hard nowadays, with these many cryptocurrency exchanges out there. The best way to turn your Dogecoin into cash may be through Kraken. The Kraken Exchange includes DOGE/USD and DOGE/EUR market pairs, making it possible for you to trade your DOGE for fiat currency. Even though Kraken is known for having fees slightly higher than other major exchanges, it comes with numerous benefits such as the one mentioned above. After turning your DOGE into fiat, you can send the funds to your bank account. This can be done only through a bank transfer for the time being.
How do I cash out Dogecoin?
Cashing out Dogecoin is not hard, but it comes with consequences. When cashing out cryptocurrencies, many fees come during the process and after the process. First off, not all exchanges allow you to cash out crypto. So, you have to transfer your Dogecoin to an exchange that is open for these types of activities. Two of the best examples of this are CEX.io, Kraken, and Binance. Through CEX.io, you can sell your Dogecoin for U.S. Dollars or other fiat currencies and then send those funds to your bank account using one of the cash-out methods they provide on their platform.
Can I buy Dogecoin directly?
Depends. After choosing the cryptocurrency that suits your type of investment, simply check if it supports your preferred payment method. If it does, then you can buy Dogecoin directly from their platform. First off, you will need to fund your account using one of their payment methods. Some of the most common payment methods are Paypal, debit/credit card, and direct bank transfers. After funding your account, all you have to do is find a market pair that includes DOGE and the cryptocurrency you bought. Now, you are good to proceed with the trade.
How do I buy Dogecoin instantly?
Buying Dogecoin instantly can be done through numerous exchanges; and again, we suggest you use Kraken. Unlike most other cryptocurrency exchanges, Kraken has an “Instant Buy” feature that allows you to instantly purchase any of the cryptocurrencies listed in their exchange. All you have to do is enter the amount of money you want to pour into Dogecoin and proceed with the payment. Although this seems like the best way to buy Dogecoin, using the “Instant Buy” option has higher fees and increases the risk of price slippage.
- Bitcoin is worth more than $1 trillion today, amounting to more than 44% of the whole crypto market value.
- As Bitcoin grows, alternative coins, also known as altcoins, grow as well.
- One of the altcoins which outperformed most of its competitors is Dogecoin.
- Dogecoin experienced an increase of 36,900% in a matter of months.
- Similar to Bitcoin, Dogecoin is a first-generational cryptocurrency. It was created in 2013.
- Dogecoin uses a Proof-of-Work (PoW) mechanism to validate transactions and secure its network, however, they are considering reforming it into a Proof-of-Stake (PoS) network.
- Experts believe that Dogecoin might surpass the $1 milestone by early 2022, while we at Crypto Academy believe that it will do so by the end of 2021.
- When compared to Bitcoin, Dogecoin is believed to be more suitable for micropayments for numerous reasons.
- By 2026, most experts believe that Dogecoin may hit the $10 milestone.
- At the time of writing, the best places to buy Dogecoin are Binance, Kraken, Coinbase Exchange, KuCoin, and Gate.io.
- In conclusion, Dogecoin is worth buying, and investing in it today is likely to leave you with gains sometime in the future.