Dogecoin has pumped by 65% over the past 24 hours. The meme coin has been one of the top gainers over the past 24 hours. DOGE’s gains came shortly after Elon Musk completed his purchase deal for Twitter.
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 the performance so far.
Dogecoin’s early 2021 surge has left many investors and enthusiasts wondering whether the rally to $1 this year is feasible. 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, according to Forbes.
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 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.
Obviously, this growth has spurred hopes of the Dogecoin token rising to $1, probably by the end of 2023.
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Dogecoin Current Price
According to Coindesk, Dogecoin is currently trading at $0.1369 with an all-time high of $0.7376 and a $20.8B market capitalization.
At the current price, Dogecoin is short of about $0.8431 to reach $1.
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.
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So, Will Dogecoin Reach $1
According to the current trend, it looks like the Dogecoin price will cross $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 levels of volatility compared to other mainstream cryptocurrencies. The volatility mostly stems from its online popularity and the 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.
Additionally, there are several experts who 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, there are also those who 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 forecasts that DOGE price might reach the $4 mark.
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Will Dogecoin Eventually Reach $5?
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.
What Will Dogecoin Be Worth In 2025?
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, it is possible that the coin might be higher or lower than this level by 2025.
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Conclusion
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 in 2023 or even early 2024.
Already Dogecoin has shown potential for quick growth, and if it doesn’t encounter any resistance along the way, the price will definitely 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.
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