The price of Dogecoin has had a breakthrough over the resistance at the $0.27 level, with the rise in the value of cryptos after Bitcoin set a new all-time high on October 20. With this relative fortune, some investors are in anticipation of a rebound in the coin’s price, after it retreated from its record high earlier in the year.
However, the calculation of a dogecoin price prediction for 2021 appears to not be for the faint-hearted. Dogecoin’s triple-digit surge in April, which saw it rise by an incredible 514% from April 12 to April 16, looked like the start of giant strides. But the story didn’t end there. After starting that week at $0.07 and ending it at $0.43, DOGE kept growing. While its price then dipped to around $0.25 on April 19, it soon rallied,
What Is The Worth Of Dogecoin?
Dogecoin was launched this year as a satire on the cryptocurrency space, with its social media popularity spawning a raft of other dog-themed coins. Dogecoin reached an all-time DOGE to USD high of $0.7376 on May 8, a gain of 15,653% from the start of this year. Nonetheless, making a Dogecoin forecast is tricky when market sentiment can change overnight.
It could be recalled that the price quickly fell on a “sell the news” response to Elon Musk’s appearance on US TV show Saturday Night Live, when he referred to dogecoin as a “hustle”, having talked it up in previous weeks. Following this event, the price of Dogecoin continued to fall as the broader cryptocurrency markets sold off, dropping as low as $0.1607 on July 20.
Furthermore, notable market observers and investors such as Mark Cuban noted that as well as investing in Dogecoin, holders tend to use it more than other cryptocurrencies to pay for goods and services. Cuban is the owner of the Dallas Mavericks basketball team, which is known to accept Dogecoin and several other cryptocurrencies as payment for tickets and merchandise.
According to Cryptowerk, another 26 merchants now accept dogecoin for payment, bringing the total to 1,911 – the list includes shops, Internet services, hotels, and gaming platforms.
On August 16, the price of Dogecoin moved up to $0.3510 but suffered a decline to $0.1945 on September 26, after cryptocurrency prices dipped in late September. Meanwhile, following the launch of the first Bitcoin ETF (ProShares Bitcoin Strategy ETF), Dogecoin has had a rebound to trade around the $0.25 level, hitting an intra-day high of $0.2714 on October 18.
Dogecoin Prediction Towards The $1 Mark
There is a divided opinion as to what holds in the future for DOGE. Today, Dogecoin has a market cap of $35 billion, making it the tenth-largest cryptocurrency.
Longer-term forecasts are suggestive that it could take several years for the Dogecoin coin to surpass its previous all-time high of $0.74 and reach the $1 level.
Wallet Investor predicts that DOGE price could move up to an average of $0.2860 by the end of December 2021, then climb to $0.5310 by the end of 2022 and more than double to $1.2650 by the end of 2025. Also, based on historical data, DigitalCoin envisions DOGE price potentially averaging $0.4601 in 2022 and $0.7448 in 2025, thereby rising to $1.16 by 2028.
The DOGE price hitting $1 would give the cryptocurrency a total market cap of $131billion, sustaining it as the third-largest coin, eclipsing the likes of Binance coin, Ripple, and Tether.
Conclusion
It is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours. As such, analysts might and do get their predictions wrong.
Therefore, we strongly recommend that you always do your research, and consider the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision.
