Dogecoin lost over 45% of its value in 2022. Is DOGE a Buy, Sell, or Hold on the recent dip? CAPEX looks at DOGE's forecast for 2023 and beyond.
Dogecoin was launched as a joke coin on Reddit in December 2013. The coin quickly became mainstream and was used for online tipping and charity.
Since its launch, it has become one of the most important crypto assets over the years and the largest meme coin. Dogecoin's price had an outstanding performance in 2021. However, market sentiment has shifted in the cryptocurrency world. Meme coins are greatly affected by the general downtrend of the entire market. The good news is that Dogecoin, as the original meme coin, did show some signs of recovery in 2022 and might continue its upward trend in 2023.
This general bear market of 2022 threatens to influence 2023, as geopolitical instability, increasing interest rates by the Federal Reserve, and high inflation continue to affect all markets, not just the crypto-related ones.
Dogecoin is not a meme coin anymore, it is seen as a serious investment by many internet experts. And the coin continues to benefit from the great support of key industry thought leaders, including Elon Musk. In November 2022, when Musk finally completed the acquisition of Twitter, the price of Dogecoin doubled in less than a week. Many online rumors suggested that Dogecoin could be used as a payment method on Twitter, which was a key catalyst in driving the price up. At the beginning of November 2022, Dogecoin’s price reached about $0.14, which is quite remarkable considering that it was trading at $0.17 at the beginning of 2022. But the hype wore out, and Dogecoin dropped again to around nine cents.
“The people’s crypto” is now one of the largest coins, ranked by its market cap, which is more than $12.2 billion, according to CoinMarketCap. Although the coin isn’t capped to a maximum total supply, the 132 billion coins are an interesting investment for crypto enthusiasts.
But what is the outlook for dogecoin's future price? Will the DOGEUSD price continue to drop in 2023? Will the Dogecoin price surge or plunge in 5 years?
This article aims to address all the queries related to Dogecoin price prediction for 2023 and beyond, fundamentals, and technical updates.
Summary of Dogecoin Forecast & Price Predictions
- Dogecoin price prediction today: the actual rally should face strong resistance at 0.10-0.11 and send the price back below 0.08 during the first quarter as per charts and experts.
- Dogecoin price prediction 2023: while most experts forecast XRP can surpass 0.10 during the year, others said crypto winter could extend into 2023 and push the Dogecoin price below 0.06.
- Dogecoin price prediction 2025-2030: most analysts point out that crypto investors will shift focus from speculative trading to the development and adoption of blockchains and applications powered by tokens with utility and cash flows.
Dogecoin was founded in December 2013 by Jackson Palmer, who was later joined by programmer Billy Markus. The coin’s logo is a viral internet meme of a Shiba Inu Japanese breed dog. Although Palmer left in 2015, Markus continues to be its chief developer. Dogecoin developers insist that, despite the humorous façade, they have taken responsibility for the project and its users over the years.
In the beginning, Dogecoin's most common use was to tip individuals who shared or create great content. It’s an easy-to-use crypto, perfect for day-to-day payments of goods and services. Dogecoin’s community sees it as the perfect alternative to fiat currency. Also, unlike Bitcoin, it can fulfill the need for crypto payments, as DOGE transfers are fast and cheap.
The rise of Dogecoin had to do with the bullish trend that started in December 2020 and Bitcoin’s price evolution. However, unlike other cryptos, Dogecoin benefited from external support from social media influencers and celebrities.
It’s not a secret anymore that Elon Musk is a big supporter of Dogecoin.
Dogecoin’s tremendous growth in 2021 was also aided by the implementation of additional use cases for the coin. For instance, the Dallas Mavericks and AMC Entertainment started to accept Dogecoin as payment for their tickets. Many others have started accepting DOGE as payment for their goods or services, including Tesla merchandise, airBaltic, and Twitch.
Related: How to Buy Dogecoin
Dogecoin’s price dropped 45% in 2022.
Dogecoin is one of the coins with the largest fanbase of all cryptos. Dogecoin's official Twitter account has 3.6 million followers. It is also the most popular meme social media coin, as it originated from Reddit.
The ATH (all-time high) that most investors talk about happened in May 2021, when the coin reached $0.75, but it has never recovered to that level. Unlike most cryptos, Dogecoin didn’t get pumped when the price of Bitcoin exploded in November 2021. And in 2022, it lost only 45% of its value from January to December, which is less than the 65% loss suffered by Bitcoin. Obviously, the bear market made all financial investment drop significantly, but not all cryptos are the same. Dogecoin continues to gain force from its social media supporters, which is in itself a never-before-seen online trend.
Another important aspect is that the DOGE community is optimistic about the coin's future in 2023. Many hope to see DOGE adopted as a payment method by Twitter, which hasn’t yet been ruled out by Elon Musk.
The coin enjoyed widespread institutional adoption in 2021 as a payment method, and this trend continued in 2022. In 2023, we may expect to see even more retailers supporting DOGE and accepting it as a payment method.
With 2023 already looking like another roller-coaster period for digital currencies, CAPEX looks at Dogecoin’s price predictions from best-rated websites and experts.
Dogecoin Price Prediction 2023 and beyond
Even though there have been many storms on cryptocurrency exchanges, Dogecoin may have a bright future. It is not exaggerated to say that this meme coin has survived all hailstorms. Many centralized crypto platforms and exchanges declared bankruptcy in 2022, but Dogecoin wasn’t affected as badly as other coins or tokens.
Dogecoin continued to receive a lot of media attention and was one of the few cryptos to have a short bull moment in 2022.
That moment began at the end of October 2022 when Elon Musk bought Twitter. Given Elon’s affinity for the meme coin, the acquisition of the social media platform started rumors about Elon adding a new payment method or tipping method on Twitter that would involve Dogecoin. While that did not happen yet, the market always buys the rumor, and the price surged more than double from 0.06 to over 0.14 in November 2022. But what will happen in 2023? Will we see a new Dogecoin record value in 2023?
Dogecoin Forecast 2023
DOGE price prediction site Wallet investor suggests that Dogecoin’s price will drop in 2023 and it will reach an average of $0.00873 in December 2023.
DigitalCoin is more optimistic about its Dogecoin forecast. It predicts that the price of DOGE will increase and will reach an average of $0.22 by the end of 2023.
The long-term forecast for Dogecoin from Price Prediction shows that the price will continue to rise in 2023, reaching an average of $0.14.
CoinPredictions has set an average Dogecoin price target of $0.1145 by the end of 2023. They predict that the maximum price of Dogecoin will be $0.14 by the end of 2023.
According to Long Forecast, Dogecoin will drop during 2023, and it can reach a maximum of $0.032 in 2023.
It's important to remember that analysts’ forecasts can be incorrect when predicting Dogecoin prices. Analysts make projections based on a technical and fundamental analysis of the crypto's performance. However, past price performance does not guarantee future results.
You should do your research and remember that trading decisions are influenced by your attitude towards risk, market knowledge, and your tolerance for losing money. The consensus, when it comes to crypto, is to not invest more than you can afford to lose.
Dogecoin Price Prediction Today - Should you buy or wait for new lows?
The public support of Elon Musk continues to help boost the price of Dogecoin. It is expected to see significant price growth in the future due to celebrity support. Musk tweeted that Dogecoin is a payment option for Tesla merchandise (Cyberwhistle and Giga Texas Belt Buckle as well as the Cyberquad for Kids).
The community expects to see more companies accepting Dogecoin as payment, and this will drive Dogecoin’s price up. US-based movie theatre chain AMC Theatres accepts DOGE as payment for tickets. Mark Cuban, Dallas Maverick owner, also accepts DOGE coins to purchase tickets and merchandise. There is a huge community behind the coin. After getting all this attention, Dogecoin is now listed on all major crypto exchanges, which makes it easier for retail inventors to add it to their portfolios or simply use it for payments.
According to Cryptwerk, over 2050 merchants accept Dogecoin as payment.
DOGE continues to gain more utility and receives a lot of attention each time an online celebrity talks about it. The future tweets of Elon Musk can have a significant impact on this meme coin’s price.
In 2022, Dogecoin Foundation released a roadmap that details future updates. This plan aims to make DOGE more useful, as the community envisions that DOGE will one day be used to pay for everyday things, such as coffee or even your rent. They want DOGE to be more widely accepted as payment. Some of the proposed milestones is creating different resources such as a Dogecoin Standard (a guide to help new developers join the project), a wallet, radio nodes for remote locations, and more.
Another impressive milestone is the DOGE-1 mission to the Moon. Elon Musk announced a SpaceX mission that is entirely funded by Dogecoin, thus becoming the first space mission funded by a cryptocurrency. Originally, the launch was planned for the first quarter of 2022, but it was postponed to January 2023.
Dogecoin is likely to resume its upward price trend as all these developments get implemented.
According to the Dogecoin one-year forecast, DOGE's average price is expected to surpass $0.10 by the end of the year.
If we perform technical analysis, we might discover a bearish outlook. There is a bearish divergence in the RSI, in the short term, present at the 0.382 Fib retracement. The resistance sits at around $0.10. If a breakdown happens, the next support area could be at $0.087-$0.091. But it is also possible that the price of Dogecoin will fall to the next support at $0.060. To overcome the bearish sentiment, the next level to cross is $0.105.
On the medium term, the actual consolidation might be an accumulation and generate a new uptrend in 2023.
While we can speculate about the potential price of Dogecoin over the next months and years, the truth is that Dogecoin still is a highly speculative investment. There are not much historical data to support these predictions. It is important to invest only what you are willing to lose and include some traditional investment instruments to build a strong portfolio.
Your investments should be small, and you should not place crypto investments above other financial goals, such as saving for retirement or paying off high-interest debt.
Dogecoin Price Prediction 2025
There are indications that the crypto market is entering a new era.
There is no doubt that DOGE's long-term price prediction will rise as there is still optimism about the currency attracting more attention.
There are indications that the crypto market is entering a new era.
There is no doubt that DOGE's long-term price prediction will rise as there is still optimism about the currency attracting more attention.
According to the latest DOGE price predictions, it could reach $0.38 or more by the end of 2025. DigitalCoinPrice predicts that the maximum price in 2025 could be $0.41. On the other hand, WalletInvestor predicts that Dogecoin could drop to $0.004. Note that past results do not always reflect long-term earning potential. It is important to analyze the potential financial consequences of this investment to determine if it is a wise financial decision.
Dogecoin Price Prediction 2030
Are you expecting Dogecoin to rise in value? The same applies to Dogecoin price predictions as it does to weather forecasts. The further we go into the future, the harder it becomes to try to predict the price of Dogecoin. The world of 2030 may be quite different from what we see now. What does 2030 hold for Dogecoin?
By 2030, Dogecoin’s price could surpass $1.87. If the market becomes bullish, the maximum price could rise to $2.20, according to a 2030 Dogecoin prediction from PricePrediction.
Is It Possible to Forecast the Price of Dogecoin?
Many price predictions for Dogecoin are flawed because they lack the necessary analytical support. Investors will always be attracted to a high price point, especially one that is on an upward price trend. Someone holding a cryptocurrency priced at $0.01 could easily believe that it will rise to $10,000 just because it sounds good.
The problem is that predictions can be made without any evidence or analysis. However, three types of analysis have been used in the financial world for a long time to try and forecast prices and the evolution of markets.
- Technical Analysis
- Fundamental Analysis
- Sentimental Analysis
Dogecoin Forecast using fundamentals
Investors in financial markets use fundamental analysis to study and evaluate the variables that impact an asset’s price.
You can assess the intrinsic value of a cryptocurrency to determine if it is undervalued or overvalued. This can be achieved by analyzing qualitative factors like the state of the economy and cryptocurrency market conditions, as well as the management and market capitalization of crypto companies.
Fundamental analysis can help traders determine the price of a cryptocurrency based on a wide range of information. This could be a great way to make long-term investment decisions.
How to conduct a Dogecoin price prediction today using fundamentals?
Fundamental analysis is when you examine the fundamentals of cryptocurrency projects, from their market capitalization to the utility and value of the native token.
Do not confuse fundamental analysis and technical analysis. Fundamental analyses of cryptos are more qualitative and less tangible than statistical trends like price charts or historical market data.
The fundamental analysis of cryptocurrency is like that of traditional financial markets with more traditional assets such as stocks. It is not as important to focus on a company’s historical financial performance, financial statements, or balance sheets.
The following parameters can be used to help investors predict trends in crypto markets:
- Market capitalisation
- Total and circulating supply
- Token utility and use cases
- Community size
- The team of the crypto project
- The crypto's trading volume
- Crypto exchanges listings
- Partnerships with trusted institutions
- The latest news about the coin
- Government rules and regulations
It is important to remember that fundamental analysis can only give you an overview of cryptocurrency investments. You can better understand the project and the future changes in cryptocurrency prices by looking at all the information. To get a better picture, you can also refer to the company’s whitepaper.
You can also examine blockchain metrics which provide crucial information about a cryptocurrency's technology and processes.
Dogecoin Forecast using technical analysis
Technical analysis uses historical price charts and market statistics to examine and anticipate price changes in the financial markets. It is founded on the concept that if a trader can recognize historical market trends, they may anticipate future price trajectories accurately.
Whereas fundamental analysis focuses on an asset's 'real value,' considering both external and intrinsic elements, technical analysis is only based on an asset's price charts. To anticipate future movements, all that is required is the recognition of patterns on a chart.
The ability to recognize price trend cues in a market is an important part of any trading strategy. All traders must devise a strategy for determining the optimal entry and exit points in a market and using technical analysis tools is a popular technique for doing so.
Technical analysis software is now so widely utilized that many people believe it has established self-fulfilling trading rules: As more traders use the same indicators to find support and resistance levels, more buyers and sellers will congregate around the same price points, repeating the patterns.
In general, technical analysts look at the following broad types of indicators, formations, and theories:
- Price trends (trendlines, channels, Elliott Waves, Dow Theory)
- Chart patterns (double tops and bottoms, head and shoulders, triangles, wedges)
- Price action (pin bar, inside and outside bars, and different candlesticks chart patterns like Doji candle)
- Trend following indicators (moving averages, Ichimoku, Parabolic SAR, ZigZag, ADX)
- Volatility indicators (Bollinger bands, ATR)
- Oscillators (RSI, MACD, CCI, Stochastic)
- Support and resistance levels (Fibonacci retracements, pivot points)
In the recent bearish run, the Dogecoin price followed a downward channel.
There are two ways to trade using channels – either by trading the trend or trading the breakout once the trend has been completed. Trading the trend will involve taking a position consistent with the overall direction of the trend, such as going long in an ascending channel and going short in a descending channel.
However, you can also take a position in the opposite direction to a trend during a temporary retracement, which could eventually turn into a more permanent reversal. If this is the case, you will want to have entered the trend at an early stage, such as when the price first hits support, in order to benefit from any long-term change in price against the prevailing trend.
Trading the breakout will mean that you take a position on any price action which breaks through the upper band of the channel. For example, you could take a long position if the DOGE price breaks above the upper band of the channel.
Dogecoin Price Prediction Using Market Sentiments
In finance, the term "sentiment" refers to a viewpoint or opinion about a market's condition. The sentiment of crypto market investors towards the asset is a description of their general emotions and attitudes. It reflects the collective psychology of all those involved in trading and developing cryptocurrency.
How investors feel about cryptocurrency can have a tangible impact on market cycles and the price. It can have serious implications if enough traders act on the ideas, thoughts, and feelings they share, regardless of whether they are based on real-world data. This is evident in how tweets by Elon Musk have impacted Bitcoin's price (a bullish sentiment).
For analyzing the sentiment of cryptocurrency markets, there are many statistics you can use. The following statistics provide vital information about the movement and trajectory of cryptocurrency assets: funding rates, sentiment indices, social media, community analysis, and whale monitoring.
The funding rates are the monthly payments that traders receive based on price differences between the spot price of currencies and tokens and the price difference between cryptocurrency perpetual contracts. Positive funding rates indicate a bullish market.
A sentiment index is used to predict whether investors will act fearfully or greedily. It can be affected by volatility, market momentum, and investor responses to surveys. A fearful market can be an opportunity to buy if it is managed correctly. Conversely, a greedy market means that it is a good moment to sell.
Another crucial aspect for assessing sentiment in crypto markets is the community’s activity on social media, especially Twitter and Telegram. Investors would look for an active social network with meaningful interaction across platforms.
Whale monitoring is the process of keeping an eye out for big crypto players. A cryptocurrency whale is an investor who holds large-value transactions on multiple blockchains is called. Whale watchers spot major market participants' trades and trade accordingly.
Dogecoin Historical Prices
Dogecoin's price history dates back almost a decade. It is one of the oldest cryptocurrency altcoins. The asset has been in a long-term downtrend since the peak crypto bubble when it reached $0.018773 (early 2018), and the future outlook was very bearish.
Things looked good in 2019, and Dogecoin, as well as many other top crypto tokens, started to rebound.
It was the topic of a TikTok trend in 2020 where users tried to pump and dump Dogecoin. It was incorrectly called a stock by some users, but it still prompted people to ask, "Why is Dogecoin rising and not falling?"
Dogecoin users are encouraged to purchase Dogecoin with the expectation that Dogecoin will reach a projected value of $1. Dogecoin was close to reaching it, with a recent high of over 75 cents per DOGE. Even in 2023, online supporters still believe that $1 is possible if Dogecoin's future price action turns bullish.
Dogecoin is one of few cryptocurrencies that can be used as a payment currency and not just as a speculative investment. As of December 2022, the circulating supply is 132.67 billion DOGE. Dogecoin's current price is $0.092, with a 24-hour trading volume of $754 million.
Is Dogecoin worth buying in 2023?
Investors are looking for better alternatives due to the decline in the value of larger cryptos such as Bitcoin. Dogecoin provides an alternative to expensive cryptos and aims to become a cryptocurrency used for payments. Overall, this innovative approach could support the price over time and make Dogecoin an attractive investment in 2023.
How high can Dogecoin go in 2023?
Most cryptocurrency forecasters have made optimistic predictions for Dogecoin's price in 2023. One of the most optimistic forecasts is $0.22, by DigitalCoinPrice.
Will Dogecoin crash in 2023?
According to most experts and prediction websites, Dogecoin should not crash in 2023.
Does Dogecoin have a future?
In 2022, Dogecoin Foundation published a roadmap for the entire project that is designed to increase the utility of the coin. DOGE aims to become a payment cryptocurrency, making it widely accepted and accessible by retail investors and everyday users.
What will Dogecoin be worth in 5 years?
Dogecoin has a good chance of rising over the next five years, as more individuals start using it for everyday payments.
What Dogecoin will be worth in 2025?
Considering most expert predictions, the price of Dogecoin could reach around $0.16 by 2025.
What Dogecoin will be worth in 2030?
Predicting the price of any cryptocurrency so far off into the feature is often impossible, but according to the latest price trends, the price of Dogecoin (DOGE) could reach over $1.00 by 2030.
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