When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. However, a major one is a seemingly ever-increasing positive cryptocurrency industry sentiment and, in turn, increasing prices of the coins themselves. The value of dogecoin, a cryptocurrency originally invented as a joke, surged to an all time high of over 50 cents Tuesday, a landmark as enthusiastic online traders continue efforts to push the . 84% of retail investor accounts lose money when trading CFDs with this provider. Similar to the subreddit WallStreetBets, which helped fuel a rally in GameStop shares at the start of 2021, SatoshiStreetBets aims to pump up the prices of cryptocurrencies. During a tumultuous year, the polarizing cryptocurrency has captured public attention right across the globe after posting incredible gains, acquiring various celebrity endorsements, and dominating crypto Twitter and several other internet sub-communities. Oscar Gonzalez is Texas native who covers video games, conspiracy theories, misinformation and cryptocurrency. (More on that a bit later). Dogecoin started out as a joke. Sign up for free newsletters and get more CNBC delivered to your inbox. Aside from positive cryptocurrency industry sentiment, several other factors have accelerated Dogecoin's recent gains. The good news is that this figure is certainly not out of the realms of possibility, especially if Bitcoin and the cryptocurrency industry as a whole can continue with its current trajectory for the rest of the year. Taking a longer-term view, by 2025 Coinswitch expects Dogecoin to range between a low of $0.0281 and a high of $0.0450. Cryptocurrency, Culture, International News, Video Games, Misinformation, Conspiracy Theories, Cryptocurrency, NFTs, Movies, TV, Economy, Stocks, experiencing issues with cryptocurrency trading. Contessoto himself also tells his followers not to invest more than they could afford to lose. Visa has also published similar plans. The bullish movement has pushed the market cap to $10.7 billion. But remember, the cryptocurrency industry is still young and volatile, and due to Dogecoin having a weak use case and no supply cap, while the numbers may be looking good now, it could easily go the other way. 2023 Tech Times LLC. Following its launch in 2013, one Dogecoin was worth $0.0002 (that's two ten-thousandths of a cent). His rants, however, have also gotten him in trouble. Still, he admits that DOGE "is only worth something because people want to believe in it.". "Until I reach my goal, I'll continue to buy, hold and 'diamond hand' it. HSBC names 4 Chinese stocks set to benefit from the trend. Then there was April 20 (aka, 4/20, National Marijuana/Weed Day) which this year an army of Dogecoin advocates on social media declared as Doge Day. The idea was that by using hashtags like #DogeArmy, #DogeDay420, and #Doge420, they could help propel the value of the coin upward towards the lofty goal of $1 per coin. ", "This is doubly the case in the crypto markets where a small group of players often hold a huge chunk of the total number of 'coins' in circulation. "You just gotta zoom out and chill," Contessoto, 33, told CNBC Make It. Their extreme volatility is one reason experts say that crypto is a risky, speculative investment. Answer (1 of 6): A 2020 TikTok campaign sought to lift dogecoin's price to $1. It then slipped to $0.002961 and had trended down to $0.002503 by early November 2020. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. As of around 2:50 p.m. EST on Tuesday, his dogecoin holdings were worth $700,217.09. There are several reasons for this high level of volatility, but one of the most noteworthy is the fact that Dogecoin is an immensely speculative asset with few fundamentals when compared to most other "big cap" cryptocurrencies. Currently, there are more than 129 billion Dogecoins in circulation, and each minute 10,000 DOGE are added into the network. The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. While all cryptocurrencies are volatile in nature, dogecoin has been subject to a greater deal of volatility than more mainstream tokens, including bitcoin and ethereum, buoyed on by its dual identity as a meme. Ethereum, the second most valuable cryptocurrency by market cap, also hit an all time high Tuesday, pushing past $3,500 mark. Also read:Blockchain.com Needs Cash As Valuation Plunges 70%: Will VCs Back The Struggling Startup? Over the longer term, the forecast puts the price at an average of $0.152755 in 2025 and $0.238451 in 2028. Top 5 Best Cloud-native Disaster Recovery Solutions in 2023, AI to Take Center Stage in 2024 Election; Experts Warn of the Tech's Effect on Voters, China's Algorithm-Based Tech Could Evade US Hypersonic Defenses! In early February, enticed by a friend who is an avid Redditor, I put $50.00 into the coin on Robinhood when it was at about $0.03 and was able to double my money by selling a week later at $0.07. Meanwhile, Dogecoin Whale Alert, a Twitter account that tracks the movement of DOGE whales tweeted that 286,953,266 DOGE, worth $22,140,740 was transferred from a "Top 20 wallet" to a Binance wallet. "It has no intrinsic value and it could just as easily come crashing down in price as continue to go up. One thing should be said here, that over the past few months, these incredible price increases have indeed provided opportunities to make money in the short term. The price increased by 0.57% in the last 24 hours. "I can't pass up a good bargain," Contessoto said. (Photo : Can DogeCoin Really Hit $1 In 2021) And in 2021, it hit 200 sats, before correcting to approximately 100 sats," Chrysochou says. This feature has led some in the crypto space to dub Bitcoin as digital gold.. Dogecoins prices have rallied in 2021 for several reasons. Yes, while many publications make fun of the fact that Dogecoin is, in fact, just a meme coin, the truth is that this sort of publicity attracts more widespread attention, curiosity, and intrigue around the digital currency which leads to more investors jumping on board. Joseph Raczynski of Thomson Reuters expects Dogecoin to benefit from its first-mover advantage and hit 50 cents by the end of this year and reach $1 before the end of 2025. Want CNET to notify you of price drops and the latest stories? In the span of a few months, Dogecoin went from being a joke to a 90 billion dollar digital asset at the height of its price and popularity. "Hey guys I just became a Dogecoin millionaire," the user said, showing a balance of $1,081,441.29 in their account. The success of crypto depends on users and adoption. Even if DogeCoin was only briefly over 60 cents, it's still a new milestone in DogeCoin's miraculous 2021. Towards the end of the year, the minimum price will increase to 0.846257. On the bright side, financial giants including JPMorgan, Citi, and Sachs are contemplating establishing crypto custody. ", But, Kimberley added, "when everyone is doing this, the bubble eventually has to burst and you're going to be left shortchanged if you don't get out in time. Fast forward to August 2021, and you will have to fork out a hefty $0.35 for the very same coin . With that said, the question on many doge fanatics' lips is, "can Doge hit $1 in 2021?". Maybe. "People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up, and then they can sell off and make a quick buck. First, the coin does not (as of now) have many real-world applications. The current circulating supply is 139,146,956,383.705 DOGE. Since last August, Dogecoin has not broken the 30 U.S. centsmark, however, with the memecoins use cases skyrocketing with Musks takeover of Twitter, there is no reason it cannot reach the 50 cents mark before the new year, he said. Dogecoin's price more than doubles in a week. Some of the biggest spikes for dogecoin have come after the token was mentioned by Elon Musk on Twitter, messages that were often accompanied by memes. Somewarn investors to be especially cautious when investing in dogecoinin particular, since itlacks the scarcity and technological developmentthat bitcoin has, for example. At the time of writing, dogecoin was trading at around $0.53 a coina record high. Dogecoin's skyrocketing price has led to worries of a potential bubble in the cryptocurrency market. Technologist and futurist from Thomson Reuters Joseph Raczynski concurs and expects Dogecoin to benefit from its first-mover advantage and hit 50 cents by the end of this year and reach $1 before the end of 2025. Dogecoin gained 50 per cent in the space of a few hours on February 4 to reach a price of $0.05. That follows a spike of more than 900 per cent on January 29 when the coin soared to an all-time high before sliding back, with trading volumes exceeding those of Bitcoin (BTC). In fact, the "shiba inu" inspired coin hit all-time highs in May 2021, reaching an astonishing $0.7376 during an incredible bull run, which was somewhat catalyzed by none other than Elon Musk himself. On February 8th, 2021, the price of dogecoin hit the highest price of $0.082605. Do Not Sell or Share My Personal Information. Mastercard and Visa are trying to streamline crypto payments on their networks. The bullish movement has pushed the market cap to $10.7 billion. Thus, whether or not Doge can make it to $1 comes down to how well the cryptocurrency industry performs from here on out. Here's how the pros are playing it, This beaten-up bitcoin proxy should rebound 35% as the crypto reclaims the spotlight, Berenberg says, Missed the A.I. Read more: Top 10 cryptocurrencies to invest in 2021: portfolio of coins set to explode. But there are some: one advocate and enthusiast is entrepreneur and investor Mark Cuban, who announced in March that his team, the Dallas Mavericks, would begin to accept the coin as a form of payment. Tesla CEO Elon Musk is Doge's highest-profile supporter, and histweets related to the cryptocurrency tend to lead to a jump in its value. Before we get started, we need to discuss the elephant in the room, Dogecoin's volatility. Capital Com SV Investments Limited, company Registration Number: 354252, registered address: 28 Octovriou 237, Lophitis Business Center II, 6th floor, 3035, Limassol, Cyprus. In the shorter term as long as Elon is still the Dogecoin, we will still see more rallies before the year ends as he lays out plans for Twitter, Lian adds. Do not reproduce without permission. Others are "memecoins," which rise and fall in popularity simply because they're kind of funny. It is now being accepted by some online stores for payment and Dogecoin investment is forming part of diversified cryptocurrency portfolios. , YES YES YES , dogecoin guru (@doge_coin_guru) May 2, 2021. You Might Have To Take A Test To Trade In This Country, Do Not Sell My Personal Data/Privacy Policy. But that was just an experiment. So will Dogecoin reach $1? According to the trading beast forecast, Dogecoin will open the year at a $0.0954633 maximum price and trade at a minimum of $0.0649150. The platform has around 20 million users around the world. More bulls are likely to join the bandwagon pushing the price to test the resistance zone in December. There is a crazy excitement [from] very young investors around meme coins and meme ideas. However, its Dogecoin price prediction then puts the cryptocurrency at $0.0343 by the end of March, trending up to $0.0390 by the end of December 2021. ", "I had a game plan in mind going into this purchase, and I wouldn't feel right always telling people to 'buy and hold' and as soon as I hit $3 million, cash out and leaving everyone else hanging," he said. And earlier this week, Venmo (owned by PayPal) announced its more than 70 million customers can now buy Bitcoin, Ethereum, Litecoin, and Bitcoin cash for as little as $1. Built by software engineers Billy Markus and Jackson Palmer during the early Bitcoin craze and featuring a "mascot" of the then-popular meme featuring a Shiba Inu dog, the coin was originally conceived as a meta-joke about monetary value and the internet. While the price is currently in a downtrend, it is prudent to wait and see how the price will behave around this point. But earlier this year, dogecoinskyrocketedon the back of enthusiasm from a Reddit group called SatoshiStreetBets. Recent endorsement from high-profile individuals has swayed the joke cryptocurrency. The minimum price will be around $0.0509205, while the maximum is expected to gravitate towards 0.0748831. At the time Wallace joined the show, Dogecoin was trading around 50 cents. All rights reserved. Since then, Contessoto hasrefused to sell, despite dogecoin'sups and downs. And it's almost impossible to say when that's going to happen. Dogecoin is on the rise this week. Investors shouldexpect things to be different this time. The trend has now retraced to what seems like a minor pullback. But that is not all. According to research shared with Benzinga by Finder, Dogecoin is expected to reach $0.163 by the end of this year. Dogecoins market cap of $69 billion places it as the fourth most valuable cryptocurrency, behind bitcoin, ethereum and Binance Coin. Dogecoin, the cryptocurrency that features the face of a Shiba Inu dog as its logo, has surpassed 10 cents for the first time. All rights reserved. The cryptocurrency is based on the "Doge" meme, which rose to popularity in late 2013. Institutional (and, in turn, mainstream) adoption is cited as one major factor propelling the rise of cryptocurrencies. Around mid-February, the dogecoin chart formed a descending triangle followed by a stable trend. Ultimately, dogecoin is expected to grow in 2021 through 2024. I would have been okay with losing the $50.00 (I half expected to), which meant I was pleasantly surprised when I made a small profit. Join the 520.000+ traders worldwide that chose to trade with Capital.com, Also you can contact us: The price of DogeCoin started ticking up over the weekend. Optimistic Dogecoin Predictions:Finders founder Fred Schebesta expects Dogecoin to be worth 25 centsby the end of 2022, and said that "it shouldn't be underestimated in the world of cryptocurrency where breaking traditional methods for identifying value is a cherished past-time. The Dogecoin bullish movement is expected to continue into the third quarter of 2021. dogecoin guru (@doge_coin_guru) May 2, 2021 This user , for example, is one of many bullish Dogecoin fans who believe the asset will reach the 50-cent mark before the next weekend is out. It gained over 43% and has found its footing once again near the 40-cent mark. Time to get your crystal ball out! Even Morgan Stanley and Goldman Sachs will reportedly soon offer clients the opportunity to invest in Bitcoin and other cryptocurrencies. On the higher side, the cryptocurrency will cross $0.12 in September and continue the bullish movement to close the year at a maximum price of $0.12444. In 2018, dogecoin's pricebegan rising in tandem with other popular digital currencies. But Dogecoin's tendency toward inflation ranks it among the best cryptocurrencies over the long term, Lian says. Please contact us if you have outstanding issues. At this rate, explains Reddit user EthereumDream, miners add more than 5 billion coins per year. DigitalCoinPrice is definitely bullish in this currency: based on historical data, the website forecasts DOGE crypto's price of $0.17 in 2023, $0.21 in 2024, and $0.31 in 2025. All Rights Reserved. CRYPTO-SAVVY is an occasional series from Inverse that explains the world of cryptocurrency and where its going next. It's not the first time dogecoin has seen a wild climb. $1 could quite easily be here before the year is out. Capital Com SV Investments Limited is regulated by Cyprus Securities and Exchange Commission (CySEC) under license number 319/17. To put this into context, if investors purchased $100 worth of Dogecoin on Dec. 22 . Created in 2013 by software engineers Billy Markus and Jackson Palmer, dogecoin was intended to be used as a faster but "fun" alternative to bitcoin. Brokerage platform eToro announced support for dogecoin Monday, citing client demand. The digital currency originally based on a meme - Dogecoin - has taken the world by storm over the past twelve months. Between hissavings and borrowed funds, Contessoto said, heinvested over $250,000 in dogecoinon Feb. 5 when it was priced at about 4.5 cents. Coinbase. DOGE reached the one-cent mark briefly at the beginning of 2021 and then shot to five cents in February. Dogecoin will reach $0.1096323 on the higher side and $0.0745500 on the lower side at the close of the year. has rallied by a staggering 56% over the past 24 hours and has more than doubled its price in the last week, amid Tesla chief E lon Musk . This then catalyzed a series of huge leaping upward gains; the coin moved from five. The Dogecoin forecast from digitalcoinprice.com is more bullish, predicting the price will average $0.073692 in March and reach $0.081293 by the end of 2021. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. With services and companies including PayPal, Venmo, WeWork and Tesla now supporting more traditional cryptocurrencies, its possible some may begin to support dogecoin. Popular memecoin Dogecoin. Other adopters include Latvian airline airBaltic, electronics retailer Newegg, and luxury resort group the Kessler Collection. Fords (NYSE:F) EV Ambitions: Time to Invest or Wait? It's been fairly off the radar since then. All rights reserved. Cryptocurrencies have experienced seismic growth in the recent past. Firstly, the coins market capitalization surpassed $50 billion today. In other words, its not just Dogecoin, its the entire crypto market. The billionaire has called dogecoin his "fav" cryptocurrency and "the people's crypto." The coin hit 16 cents Tuesday morning before inching up to 17 cents. Benzinga does not provide investment advice. The Indian government is also considering banning cryptocurrencies. Analysts at Arcane Research said in a recent note: Bitcoins sideways price action is giving room for altcoins to thrive. In January 2021, the volume on decentralised exchanges surpassed its previous all-time high reached in September 2020. Besides his dogecoin memes, he has announced himself as the unofficial CEO of dogecoin. In fact, according to Genesis Volatility, Dogecoin is almost three times more volatile than Bitcoin (based on historical fluctuations). If you're familiar with cryptocurrency, you know Bitcoin and maybe Ethereum. Even in May, when the value of his holdings surpassed $2 million, he still didn't budge. The material provided on this website is for information purposes only and should not be understood as an investment advice. Dogecoin spiked 400% in a week, fueling fears of a cryptocurrency bubble, Why investors may want to take dogecoin seriously, began rising in tandem with other popular digital currencies, posted a picture of their dogecoin holdings, buying $1.5 billion worth of the cryptocurrency, already view bitcoin as a speculative bubble. A number of Dogecoin investors had sued Musk and his firms for $258 billion for racketeering this summer, alleging that they purposefully inflated the price of Dogecoin before allowing it to plummet. Michael Burgess, a chief operating officer for the Ren Project, said: With another first for RenVM, Dogecoin is no longer a meme coin; it is now a viable financial instrument in its own right, thanks to RenVM and OpenDAO.. If the celebrities continue this infatuation of dogecoin, then its price will continue to increase. Popular brands followed suit and jumped on the #DogeDay420 bandwagon with Dogecoin-related tweets. The price of Dogecoin has risen by 1.39% in the past 7 days. Eventually, penetrate the current all-time in February 2022 to sell at a high of $0.0826640. Designed to make shopping easier. Please refer to our Risk Disclosure Statement. While . Lets take a look at what some analysts Dogecoin price predictions are saying about the crypto: On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. Dogecoin will trade for at least $0.087006 towards the end of the year. We saw Milky Way, Snickers, Slim Jim, and others tweet support for the cryptocurrency, with the goal of sending the coin to the moon (crypto-talk for a coin that is soon going to rise significantly in price). Dogecoin Price Predictions: Can DOGE Hit 50 Cents After SNL Debut? Shop your favorite products and well find the best deal with a single click. Daniel Van Boom covers cryptocurrency, NFTs, culture and global issues. For one, there's the Coinbase listing. Even if DogeCoin was only briefly over 60 cents, it's still a new milestone in DogeCoin's miraculous 2021. Well continue to monitor the situation closely and were sorry if you were impacted. Dogecoin is one of the cryptocurrencies that have grown significantly. The coin hit 16 cents Tuesday morning before inching up to 17 cents. Dogecoin soared up by more than 60 percent in less than 24 hours and experienced a 1,421 percent increase in trading volume according to crypto data firm CoinMarketCap on January 28, 2021. Dogecoin is 88.99% below the all time high of $0.74. Sign up for our free newsletter for the Latest coverage! Musk cant seem to keep Dogecoin out of his mouth, and the altcoins investors love it. Risk warning: onducting operations with non-deliverable over-the-counter instruments are a risky activity and can bring not only profit but also losses. The altcoin hit a record 69 cents Wednesday morning, flying past its previous high of 43 cents back in April. Very few people actually "use" the currency for much of anything, which means that the coin's valuation is solely dependent on the market and public sentiment. While individually these small plugs from brands may seem like potentially irrelevant promotions, they can affect a cryptocurrency's price in a big way. TradingBeasts further forecasts that the cryptocurrency will be traded at $0.0613386 at the beginning of the month and close the month at $0.0619104. To be precise, it has leaped about 774 percent year to date against the US dollar. Investor Optimism Improves Slightly Following JPMorgan's Purchase Of First Republic's Assets, Ford Motor Q1 2023 Earnings Preview, EV plans in focus, Here's what Wall Street expects from Ford Motor's earnings report, Earnings Week Ahead: Apple, Ford, Starbucks, Anheuser Busch, and more, TSLA Stock: Get Ready for the Inevitable Fall of Tesla. Jack Dorsey Slams Elon Musk's Handling of $44 Billion Acquisition Deal: What Happened? Next:Want To Trade Bitcoin, Ethereum And Dogecoin? A Journey to new highs. The digital token reached an all-time high of 32 cents Friday morning, more than doubling in price from a day ago. In response, Musk stated in June that while he himself supports cryptocurrency, he never advised anyone to invest in the space. Sign up for a daily update delivered to your inbox. The Dogecoin protocol is based on the now-defunct Luckycoin, which was a fork, or spinoff, from Litecoin (LTC). Use the training services of our company to understand the risks before you start operations. If you are not familiar with this previously lesser-known crypto, what is Dogecoin all about? You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved. Dogecoin has been no exception to the frenzied interest in these digital assets. appeared first on InvestorPlace. Dogecoin price predictions are heating up this week ahead of a huge weekend for the coin as well as a potentially huge weekend upcoming. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Some investors already view bitcoin as a speculative bubble the world's most popular digital coin has more than doubled since the start of 2021. Dogecoin has attracted a following among users of Robinhood. The bullish movement of the dogecoin will continue through April. A Division of NBCUniversal. This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Following its launch in 2013, one Dogecoin was worth $0.0002 (that's two ten-thousandths of a cent). Some reports have attributed the latest dogecoin rally to support for the meme-based token from Tesla CEO Elon Musk. At the end of the month, the price is expected to reach $0.0599065. Do you think #Dogecoin will reach 50 cents before May 10th ? In fact, Markus recently wrote on Reddit that he sold his coins for (only) about enough to buy a used Honda Civic. After starting the year at $0.0056, the coin quickly rose to $0.07 in February, $0.40 in April, and $0.73 in May, only for it to crash and lose 75% of its value in the space of a few weeks. But to answer the question more aptly, we need to dive into a few specifics to see whether or not it's a viable target or just another crypto pipedream that will never come to fruition. Bitcoins supply is limited to 21 million coins, there being around 18.69 million currently in circulation. The massive support from Teslas Elon Musk and other celebrities could boost investors confidence. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. But Dogecoin is unique, and being in a category all on its own, a more all-encompassing assessment requires one to look at other less-traditional influencing factors. All Rights Reserved. The billionaire has flirted with the idea of using Dogecoin as a payment option for a membership or paid version of Twitter. The combined value of the cryptocurrency market climbed above $1tr in January for the first time, as Bitcoin traded at a record high of $41,941.56, according to data from CoinMarketCap and CoinGecko. Dogecoin's skyrocketing price has led to worries of a potential bubble in the cryptocurrency market. Similarly, Gene Simmons said he would be buying the currency. Dogecoin, worth around 7 cents today, would still have to more than double in value relative to . Courtesy of Glauber Contessoto and Rodrigo Ramos. Investors are hoping the surge today will lead to something different. It started out as a joke. In fact, it has hit an all-time high within the first two months of 2021. TradingBeasts predicts that Dogecoins price will pass $0.081 in January 2022. Among those is meme-inspired cryptocurrency dogecoin, which is down about 77% since its all-time high of nearly 74 cents in May. If the price breaks the resistance, we could see price movement upwards. At least a third say each of these were major reasons why they left. Dogecoin is even more bizarre in that respect., Novogratz and other proponents of Bitcoin so-called Bitcoin Maximalists who believe that the Bitcoin network will provide everything that investors want in a digital currency in the future also point to its inherent scarcity as a characteristic supporting its value. Over the years, veterans of the Doge ecosystem have been fighting its corner against trolls, critics, and FUDders alike, preaching the good word of the dog meme currency. But even after a nearly 10% price spike Tuesday from about 46 cents to around 50 cents per coin dogecoin is still trading well below the levels it hit just before Musk . A break to the downside could slump to a $0.045 zone. On Thursday, the U.S. online brokerage said there was a "major outage" in its crypto trading feature after facing "unprecedented demand."
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