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The price of Dogecoin is still too low, and most people are now wondering if it will ever hit $1. To put things into perspective, let's look at Dogecoin's current price and performance so far.
Dogecoin's early 2021 surge has left many investors and enthusiasts wondering whether the rally to $1 this year is feasible. According to Forbes, the meme-based asset achieved a new all-time high in the second week of May last year, of over $0.73 after recording a 95% over the following week.
The bull run had taken Dogecoin's market cap to over $80 billion, which makes it more valuable than big companies like Nintendo and Mitsubishi. Now, the meme altcoin is ranked the tenth most valuable cryptocurrency by market cap. This places it behind coins like Bitcoin, Ethereum, and Binance Coin in that order.
By the end of 2021, Dogecoin had risen 3200% from a humbling low of $0.005 on January 1, 2021.
This growth has spurred hopes of the Dogecoin token rising to $1, probably by the end of 2023.
According to Coindesk, Dogecoin is currently trading at $0.1569 with an all-time high of $0.7376 and a $20.8B market capitalization.
Although Dogecoin took part in the early-2021 market-wide bull run, its price was still relatively low, and few people ever imagined it would reach as high as it is now. According to Coindesk, Dogecoin was traded at $0.004741 on 1st January, and most predictions back then revolved around the coin reaching $0.1 by the end of last year.
However, the last parabolic growth has proved that the coin could be belting down some major milestones this year.
But will it reach $1?
According to the current trend, the Dogecoin price will exceed $1 before the end of 2023.
Dogecoin has proven to be popular among home traders as it continues to rack in community members. The coin is very popular among social media users, especially on Reddit.
This is despite the fact that Dogecoin has experienced greater volatility levels than other mainstream cryptocurrencies. The volatility mostly stems from its online popularity and frequent mentions from celebrities like Elon Musk.
To understand whether or not Dogecoin might reach $1 in 2023, we would usually have to look at several traditional factors that cut across the board when it comes to evaluating the strength of cryptocurrencies. These include the current price action, use case, blockchain protocols, development team, and the circulating supply.
All these factors apply to Dogecoin and can help us determine whether the coin's price will keep rising this year. However, Dogecoin has other unique factors that have significantly helped in its growth.
These include the active online community and support from celebrities. If these two parties are consistent with their support for the rest of the year, Dogecoin might hit $1 sooner than we expect.
In May 2021 the brokerage firm eToro announced that it would be adding Dogecoin to its listings due to growing demand from users. With over 20 million users around the world, eToro's support for Dogecoin might inadvertently help it reach $1 soon enough.
Additionally, several experts have predicted the Dogecoin coin might go above $1 by the end of this year. For instance, Carol Alexander, a professor of finance at the University of Sussex, expects that Dogecoin will keep rising largely due to the active online community and support from public figures.
InvestorPlace also predicts that Dogecoin might not only reach but also stay at $1. According to the price analysis platform, the huge amount of Dogecoin in supply means more people are likely to invest and help drive its price up. The website also believes that the renewed interest in DOGE will help it reach $1 sooner.
On the other hand, some believe that Dogecoin will more likely fall than rise after the earlier surge. In an interview with CoinTelegraph, Kadan Stadelmann, a CTO at blockchain solutions provider, Komodo said that Dogecoin would unlikely reach $1 any time soon.
According to Stadelmann, the recent public support and adoption by celebrities like Mark Cuban and Elon Musk should have been able to shoot the price to above $1. Stadelmann believes that Dogecoin only feeds on its fame as a meme, and most people will not seriously consider it the future of money.
In the same vein, Joel Edgerton, who is a COO at cryptocurrency exchange company biFlyer, said that Dogecoin's practicality as a money-making solution is foggy.
The Dogecoin price prediction in 2030 certainly looks promising as the crypto assets display fairly strong fundamentals for the future.
The positive Dogecoin price predictions for the next decade forecast that DOGE price might reach the $4 mark.
If Dogecoin reaches $1 in 2023, the possibility of it going to $5 in the next two years is very real. According to bookmakers, Dogecoin has a 77% likelihood of reaching $5 in 2025.
With most of its energy coming from social media support and celebrity endorsements, Dogecoin will likely see a lot of volatility before finally going up to $5.
Predicting the price of Dogecoin by 2025 is a bit tricky given its high volatility. However, judging from its current momentum, it is obvious that Dogecoin will be much more valuable in 2025 than it is now.
Already, most price analysts have given their predictions for as far as 2025. For instance, Coinpedia predicts that Dogecoin will likely reach $5 in the next five years. According to the site, the coin might even go as far as $7, assuming that it does not encounter any resistance.
Coinpedia believes that the price of Dogecoin in 2025 will be much higher if it embraces more developments and gets more expert endorsements.
On the other hand, Long Forecast is a bit less bullish and predicts that Dogecoin might be slightly above $0.20 by 2025. This means that by the end of 2035, we could expect the altcoin to trade as high as $1.
Digital Coin Price does not provide much in terms of investor confidence. According to the site, the Dogecoin DOGE asset might be trading at around $0.34 by 2025. This is way lower than the majority of the sites which believe that Dogecoin will be at least $1 by 2025.
Wallet Investor is a bit more optimistic than Digital Coin Price. The site predicts that Dogecoin will be trading for as low as $0.68 by 2025. The coin has already surpassed this point and might be trading way above it by 2025.
Overall, according to predictions from most analysts, Dogecoin might go above $1 by 2025. However, given the high volatility, the coin might be higher or lower than this level by 2025.
Most price analysis experts believe that Dogecoin might soon reach $1. However, being a highly volatile asset, we can't say for sure that it will touch $1 this year or even early next year.
Already Dogecoin has shown potential for quick growth, and if it doesn't encounter any resistance along the way, the price will be much higher by the end of the year. So, if you are looking to invest, you might want to buy now while the price is still low.
