Dogecoin Price Prediction: Is it Worth Investing in July 2023?

Before trying to figure out how high Dogecoin can go, let's find out its current standing in the market

Dogecoin (DOGE) was one of the top cryptocurrency performers in 2021. It was Dogecoin that triggered the meme coin rally that peaked in November 2021. With this in mind, how high can Dogecoin go in 2023? What is Dogecoin price prediction for the future? Is DOGE a good investment? Before trying to figure out how high Dogecoin can go, let's first find out Dogecoin's current standing in the market.  

Dogecoin (DOGE) has been struggling to rally fully since April 2023. Within the last month, the price of Dogecoin (DOGE) has fallen by -29.563%, eliminating an average sum of $0.024 from its value. Currently, the meme coin trades at $0.067.

Atomic Wallet, a centralized storage and wallet service, was recently hacked over the past weekend. Around $35 million worth of different digital tokens were stolen. Part of the stolen digital tokens includes Dogecoin (DOGE). Although Dogecoin (DOGE) was not the largest stolen asset, this development may have affected buyers' confidence.

Again, competition from other meme coins like FLOKI (FLOKI) and Shiba Inu (SHIB) may be affecting the meme coin's performance. Dogecoin (DOGE) fell by 8.05% within the last seven days. If this bearish trend continues, the meme coin might lose its current 8^th position on crypto rankings. It might also affect Dogecoin's (DOGE) goal to hit $1 by 2023 end.

Dogecoin's (DOGE) investments grew due to hype and mentions by several social media influencers. However, its short-term investment status could reduce its chances of becoming the meme coin of 2023.

What is Dogecoin?

Dogecoin is a meme coin with some exciting beginnings. It was created as a joke to satirize the explosion of all manner of cryptocurrencies in the 2010s. In fact, the creators of Dogecoin didn't mean for this joke cryptocurrency to become so popular. However, it has gained such a strong community and become one of the most successful cryptocurrencies ever created.

Dogecoin runs on a Proof-of-Work algorithm, just like Bitcoin. Anyone can mine Dogecoin, and you don't need sophisticated equipment. Currently, there is 130 billion DOGE in circulation, and 10k DOGE enters circulation every minute.

One of the most exciting aspects of Dogecoin is that, unlike most meme coins, it has its blockchain. Dogecoin is now considered one of the best cryptocurrencies.

For 2030, the analysts have this Dogecoin price prediction

In this period, the Dogecoin price would rise from $0.50 to $0.52, +4%. Dogecoin will start 2029 at $0.50, then dip to $0.45 within the first half of the year, and finish 2029 at $0.48. It is about +179% from today's price.

Wallet Investor

Analysts at Wallet Investor are strongly bullish on their Dogecoin price predictions, both short-term and long-term. In 2022, Wallet Investor expects Dogecoin to test a high of $0.199.

In the next 5-years, Wallet Investor's price prediction is $0.630. Quite bullish considering that Dogecoin is currently trading at $0.08.

Trading Beasts

Trading Beasts are moderately bullish on Dogecoin short term but strongly bullish in the long run. Per their Dogecoin price prediction, Trading Beasts expects Dogecoin to end 2022 higher by 34.98%, with a potential high of $0.1445.

Long term, Trading Beasts Dogecoin's price prediction is $0.237, or an increase of 121.34%.