Since then, various celebrities came out of the woodwork in support of Doge, ranging from famous rapper Snoop Dogg to billionaire business magnate Mark Cuban and even Gene Simmons. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. 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. Fast forward to August 2021, and you will have to fork out a hefty $0.35 for the very same coin . Will Dogecoin future price moves be equally dramatic? The billionaire has called dogecoin his "fav" cryptocurrency and "the people's crypto." The projects latest developments: will DeFi drive adoption of Dogecoin? Since the coin is typically associated with speculation and hype, whether or not it makes it to $1 depends on a number of factors, such as: One of the key strengths of Dogecoin is its die-hard (almost cult-like) community. On Monday, April 19, Dogecoins market capitalization (equated by multiplying a coins current price by its circulating supply) hit $50 billion for the first time, with the coin itself hitting an all-time high of $0.45 made possible by surges of roughly 500 percent from the previous week and roughly 5,000 percent since the start of the year. 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. "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. 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. Dogecoin trading is also available on the Binance, Bitfinex and OKEx crypto exchanges. 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. But Dogecoin's tendency toward inflation ranks it among the best cryptocurrencies over the long term, Lian says. But investor Glauber Contessoto, whose dogecoin holdings previously surpassed a value of $1 million, isn't worried. At the time, the cryptocurrency was at $0.0023. 5,000 percent since the start of the year, skeptical of the cryptocurrencys massive rally. On Friday, a Reddit user posted a picture of their dogecoin holdings on the Robinhood investing app. In July 2020, the cryptocurrency jumped from 0.002286, almost doubling to $0.004543 within a few days. 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. Brokerage platform eToro announced support for dogecoin Monday, citing client demand. On Thursday, Musk posted a cryptic tweet saying "Doge Barking at the Moon," likely in reference to the popular crypto slang phrase "to the moon.". Dogecoin's price more than doubles in a week. Capital Com is an execution-only service provider. For one, there's the Coinbase listing. The Great Resignation: Why workers say they quit jobs in 2021 | Pew A Journey to new highs. As of around 2:50 p.m. EST on Tuesday, his dogecoin holdings were worth $700,217.09. This allows Dogecoin holders to convert their DOGE into renDOGE and from renDOGE into DOGEO stablecoin on OpenDAOs app. It has since made its way down to around 55 cents. DOGE has also become available on more cryptocurrency exchanges, making investing in Dogecoin available to more people and supporting higher trading volumes. Benzinga does not provide investment advice. % so far in 2021. . About two months later, on April 15, he said, hebecame a dogecoin millionaireon paper. Fast forward to August 2021, and you will have to fork out a hefty $0.35 for the very same coin, where it is now ranked as the 7th most popular cryptocurrency in the world (by market cap). 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. DOGE now has a market cap of $6.39bn, according to digitalcoinprice.com, ahead of altcoins like Uniswap, Aave, EOS and Monero. Delivered Wednesdays. 2023 BDG Media, Inc. All rights reserved. Like many cryptocurrencies, it has a tendency for volatile swings in price. A recent rise in the price of Bitcoin followed by a period of consolidation is prompting more retail investors to look at altcoins. Despite this, enthusiasm is high amongst some in the crypto community who continue to hodl (a deliberate misspelling of hold that refers to buy-and-hold strategies in the context of cryptocurrencies) the joke coin and perhaps theres good reason. 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 (DOGE) is the latest cryptocurrency to catch a wave, becoming the 12th largest crypto by market capitalisation after Tesla founder Elon Musk posted a series of tweets in the past week. The co-founders are no longer directly involved in the DOGE cryptocurrency. Investors can likely sit tight knowing that while there will be more, and others will come and go, DOGE will forever be the original.". Dogecoin, the cryptocurrency that features the face of a Shiba Inu dog as its logo, has surpassed 10 cents for the first time. Dogecoin gained 50 per cent in the space of a few hours on February 4 to reach a price of $0.05. For some perspective: the market cap of the second-largest cryptocurrency, Ethereum (ETH), is currently $280 billion, and the market cap of the leading cryptocurrency, Bitcoin, is hovering around $1 trillion. DogeCoin started as ajoke cryptocurrencies, but this week's rise in price is nothing to laugh at. Just over a week ago, Musk tweeted, "Doge Barking at the moon, which boosted the coins price some more. At the time of writing, dogecoin was trading at around $0.53 a coina record high. In short - yes, it is absolutely possible. Jack Dorsey Slams Elon Musk's Handling of $44 Billion Acquisition Deal: What Happened? Why Dogecoin Can Hit 75 Cents Again, According To Matt Wallace DogeCoin almost hit 70 cents: What's behind the latest surge There are many others, and they're preposterous. 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. If you rely on the information on this page then you do so entirely on your own risk. Glauber Contessoto's dogecoin holdings on Robinhood as of July 20 at 2:50 p.m. EST. Putting aside this aforementioned focus on the cryptocurrency and its hype value, lets look at Dogecoin through a more traditional lens. https://t.co/adhugIHVGR. Even Morgan Stanley and Goldman Sachs will reportedly soon offer clients the opportunity to invest in Bitcoin and other cryptocurrencies. Besides his dogecoin memes, he has announced himself as the unofficial CEO of dogecoin. Should it? All Rights Reserved. You Might Have To Take A Test To Trade In This Country, Do Not Sell My Personal Data/Privacy Policy. Dogecoin price is expected to be bullish all through up to 2025. Should You Invest in Dogecoin? - US News & World Report Firstly, the coins market capitalization surpassed $50 billion today. Additionally, Dogecoins bullish movement started the year on a high note, doubling from $0.005405 to $0.011427 on January 2. 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. 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. The platform has around 20 million users around the world. It's not the first time dogecoin has seen a wild climb. 2023 Benzinga.com. All jokes aside, Doge's crypto community acts as a central pillar to its success, and if it is to make it to $1 before the year is out, it will need all of its unsung community heroes to do their part online. It has since made its way down to around 55 cents. Popular memecoin Dogecoin DOGE/USD 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 Elon Musks acquisition of social networking giant Twitter. The altcoin hit a record 69 cents Wednesday morning, flying past its previous high of 43 cents back in April. Over the longer term, the forecast puts the price at an average of $0.152755 in 2025 and $0.238451 in 2028. There is a crazy excitement [from] very young investors around meme coins and meme ideas. 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. 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.. New Reports Suggest Where Dogecoin Could Head In 2022, End - Benzinga Will Dogecoin reach 1 dollar in 2021? Here's what you need to know Cryptocurrency markets are prone to rapid, sharp price changes, so if you decide to open a position in Dogecoin, you should be prepared for the high volatility in the price along the way even if the long-term outlook is bullish. Join the 520.000+ traders worldwide that chose to trade with Capital.com, Also you can contact us: Fords (NYSE:F) EV Ambitions: Time to Invest or Wait? In September dogecoin price will increase to a high of $0.781554. Some reports have attributed the latest dogecoin rally to support for the meme-based token from Tesla CEO Elon Musk. Dogecoin Is Holding On To Its Blistering 3,000% Price Gains - Forbes Courtesy of Glauber Contessoto and Rodrigo Ramos. ", "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. The digital currency originally based on a meme - Dogecoin - has taken the world by storm over the past twelve months. 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. Dogecoin started 2021 on a bullish note, doubling on January 2 from $0.005405 to $0.011427, and was trading at $0.007432 on January 27, before the most recent rally took it to an all-time high of $0.07818. Additionally, trading platforms eToro and Gemini listed the memecoin, drastically expanding its reach. 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. To put this into context, if investors purchased $100 worth of Dogecoin on Dec. 22 . Dogecoin is a cryptocurrency based on the "Doge" meme, which rose to popularity in late 2013. Now, with dogecoin trading around 17 cents, he continues to buy the dip. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website. In 2024, dogecoin will be trading above the $0.11 mark on the higher side. The billionaire has flirted with the idea of using Dogecoin as a payment option for a membership or paid version of Twitter. The cryptocurrency is likely to reach a minimum price of $0.0640377 and $0.0941731 on the upper side. 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. On April 20, Mike Novogratz, founder, and CEO of crypto-focused investment firm Galaxy Digital went on CNBCs Squawk Box, explained how Bitcoin is a well-thought-out, well-distributed store of value thats lasted for 12 years and is growing in adoption. Another factor that Novogratz believes will positively impact Bitcoin's price and usage is that tens of billions of dollars'' of capital expenditures and operating expenses are put into the Bitcoin ecosystem every year. In response, Musk stated in June that while he himself supports cryptocurrency, he never advised anyone to invest in the space. Majorities of workers who quit a job in 2021 say low pay (63%), no opportunities for advancement (63%) and feeling disrespected at work (57%) were reasons why they quit, according to the Feb. 7-13 survey. Some bitcoin investors, for instance, have sounded the alarm about Musk's dogecoin tweets. Just one look at Doge's graph will remind you of your favorite rollercoaster when you were a child, except this ride is certainly not for the faint of heart. Please refer to our Risk Disclosure Statement. Time to get your crystal ball out! There are many others, and they're preposterous. While Im not offering financial advice here, all things considered, the short answer is probably, yes. Positive, growing sentiment surrounding the cryptocurrency industry as a whole (in just the past few weeks, DOGE, BTC, and ETH all hit all-time highs), a community of passionate Dogecoin supporters, and plugs from tastemakers like Elon Musk all could drive the price up higher. 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. When not writing, Daniel Van Boom practices Brazilian Jiu-Jitsu, reads as much as he can, and speaks about himself in the third person. Past performance is no guarantee of future results. Nic Carter, co-founder of Castle Island Ventures, warned retail investors "are going to lose money on dogecoin," calling it a "vehicle for speculation.". And in 2021, it hit 200 sats, before correcting to approximately 100 sats," Chrysochou says. Last week, he bought over $5,300 worth of dogecoin when it was around 17 cents, he said. For instance, Elon Musks tweets have significantly affected the price of dogecoin. In other words, its not just Dogecoin, its the entire crypto market. 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. On Monday, April 19, Dogecoin's market capitalization (equated by multiplying a coin's current price by its circulating supply) hit $50 billion for the first time, with the coin itself hitting . For Dogecoin to hit $1, it will need to hit a market cap of $130 billion, which is around 3x from its current price point. Between his savings and borrowed funds, Contessoto said, he invested over $250,000 in dogecoin on Feb. 5 when it was priced at . Coinbase. Its long-term forecast indicates the price could reach $0.0417 at the end of 2022, $0.0441 at the end of 2023 and $0.05096 in January 2026. On the other hand, Dogecoin is inflationary and has no supply limit. Dogecoin gained 50 per cent in the space of a few hours on February 4 to reach a price of $0.05. Tesla has started accepting Bitcoin payments for its cars and now holds some of the digital currency on its balance sheet. Taking a longer-term view, by 2025 Coinswitch expects Dogecoin to range between a low of $0.0281 and a high of $0.0450. This lack of a supply cap is one more reason why some people are skeptical of the cryptocurrencys massive rally and worry that people buying it will ultimately lose big. 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. The current circulating supply is 139,146,956,383.705 DOGE. Sign up for free newsletters and get more CNBC delivered to your inbox. He even namedSpaceX's 2022 moon missionDOGE-1. The popular coin briefly dropped below 30 cents on May 23, before . 2023 CNBC LLC. 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. The price was up 36% from the previous day and has risen 95% over the past week. The most popular U.S. virtual currency exchange went public on Wednesday, briefly hitting a $100 billion market cap in a landmark moment for cryptocurrencies. One of the most promising aspects of fundamental analysis is the growing popularity among A-list celebrities. 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). The trend has now retraced . As of January 26, Dogecoin cryptocurrency was available on the Ethereum network. On Thursday, the U.S. online brokerage said there was a "major outage" in its crypto trading feature after facing "unprecedented demand." Can DogeCoin Really Hit $1 In 2021 | Tech Times Use the training services of our company to understand the risks before you start operations. This then catalyzed a series of huge leaping upward gains; the coin moved from five. Got a confidential news tip? Ford Motor (F) Gets a Buy from Morgan Stanley, Registration on or use of this site constitutes acceptance of our. Dogecoin has witnessed wild swings in the past over Musks tweets and announcements. But that is not all. Plus500. On Wednesday, it made it to 69 cents. 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 . Though he isn't a financial expert, he's optimistic that dogecoin has already hit bottom. The year 2020 was good for cryptocurrencies. 2023 Capital Com SV Investments Limited. Become a home entertainment expert with our handpicked tips, reviews and deals. Last week, in a significant move for the industry, crypto trading platform and exchange Coinbase fetched an $85 billion valuation in its stock market debut. All rights reserved. With that said, the question on many doge fanatics' lips is, "can Doge hit $1 in 2021?". The Dogecoin protocol is based on the now-defunct Luckycoin, which was a fork, or spinoff, from Litecoin (LTC). The post Dogecoin Price Predictions: Can DOGE Hit 50 Cents After SNL Debut? 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. The coin which was started as a joke in 2013 was trading at about 5.5 cents as of 7:22 a.m., 7.6 percent higher than a day earlier but roughly 36 percent below the all-time peak of 8.7 . Those are the two biggest cryptocurrencies, but underneath them is an entire market of smaller ones called "altcoins" -- or, sometimes, "shitcoins." Rapper Lil Yachty has claimed he will invest a significant portion of his wealth on dogecoin. Want CNET to notify you of price drops and the latest stories? DigitalCoinPrice. 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. The trend has now retraced to what seems like a minor pullback. Doge Twitter is ablaze with hype ahead of the episode. And now, defying all odds, dogecoin has a total market value of more than $40 billion, according to crypto market data site CoinGecko, adding over $20 billion in the last 24 hours. On February 8th, 2021, the price of dogecoin hit the highest price of $0.082605. To say this cryptocurrency had a wild ride over the past year would be a gross understatement. Do Not Sell or Share My Personal Information. The one-time joke cryptocurrency, which was inspired by a viral image of a Shiba Inu dog, has proven to be immensely popular among at-home traders, many using Reddit forums to inform their trading. Where the last surge saw the coin use up all its steam and fail out on #DogeDay, investors have bullish indicators and incoming catalysts lined up. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Thus, whether or not Doge can make it to $1 comes down to how well the cryptocurrency industry performs from here on out. The bullish movement has pushed the market cap to $10.7 billion. Like other cryptocurrencies, Dogecoin is characterised by high price volatility. eToro alone has 20 million users, who can now easily buy DogeCoin through its platform. The reason for these huge rises and falls is due to the fact that Dogecoin is inherently an extremely volatile coin. According to research shared with Benzinga by Finder, Dogecoin is expected to reach $0.163 by the end of this year. The size of the potential loss is limited to the funds held by us for and on your behalf, in relation to your trading account. "You just gotta zoom out and chill," Contessoto, 33, told CNBC Make It. 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. The virtual currency, which originally started as an internet parody . With services and companies including PayPal, Venmo, WeWork and Tesla now supporting more traditional cryptocurrencies, its possible some may begin to support dogecoin. The cryptocurrency Dogecoin was created in 2013, but it wasnt until early 2021 around the time of the now-infamous Reddit-fueled GameStop and AMC short squeeze sagas that the coin started to attract more mainstream attention. Even in May, when the value of his holdings surpassed $2 million, he still didn't budge. 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. In other words, the vast majority of those who purchase the coin do so in an attempt to benefit from price fluctuations. At its current value, dogecoin is worth more than gaming company Nintendo, car maker Mitsubishi and bank Santander. His rants, however, have also gotten him in trouble. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. Dogecoin has experienced high price volatility like any other cryptocurrency. Even if DogeCoin was only briefly over 60 cents, it's still a new milestone in DogeCoin's miraculous 2021. Dogecoin is 88.99% below the all time high of $0.74. The top cryptocurrencies by market value, including bitcoin and ether, are plunging on Tuesday amid a sell-off. A Division of NBC Universal. Musk cant seem to keep Dogecoin out of his mouth, and the altcoins investors love it. appeared first on InvestorPlace. Next:Want To Trade Bitcoin, Ethereum And Dogecoin? Even though $1 is as arbitrary a number as any other, investors tend to look at these round numbers as key milestones/psychological price points that hold a certain level of significance. Musk has had a blow-hot blow-cold relationship with DOGE and has previously shared numerous DOGE-related memes and promoted it in tweets. All rights reserved. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Following its launch in 2013, one Dogecoin was worth $0.0002 (that's two ten-thousandths of a cent). What do Dogecoin predictions indicate about the direction of the price from here? Dogechain beginning the voting process for its coin burn fueled a bullish sentiment among DOGE holders. The fears of missing out and the generally bullish sentiment regarding cryptocurrencies will keep pushing the prices up. It started out as a joke. Data is a real-time snapshot *Data is delayed at least 15 minutes. The success of crypto depends on users and adoption. The massive support from Teslas Elon Musk and other celebrities could boost investors confidence. Bitcoin Whitepaper Disappears on macOS, Coinbase Sues SEC, Siri is Getting Boring? While the price is currently in a downtrend, it is prudent to wait and see how the price will behave around this point. Get this delivered to your inbox, and more info about our products and services. 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. Dogecoin price prediction June 2021: Will Dogecoin recover even as the At the start of the year, ethereum was trading at just under $740. All rights reserved. Please contact us if you have outstanding issues. The floodgates truly opened for Doge when Elon Musk jumped aboard the hype train and riled his fans up into a frenzy after tweeting that "dogecoin might be my fav cryptocurrency." Cryptocurrency aggregator Coinswitch predicts that DOGE could move up by more than $0.005 in the coming month or two, noting that it has been adopted as a means of payment by online stores such as eGifter, AllGamer.net and others. Other adopters include Latvian airline airBaltic, electronics retailer Newegg, and luxury resort group the Kessler Collection. Institutional (and, in turn, mainstream) adoption is cited as one major factor propelling the rise of cryptocurrencies. The current price is $0.0814 per DOGE. (More on that a bit later). Glauber Contessoto, 33, invested over $250,000 in dogecoin in February. 84% of retail investor accounts lose money when trading CFDs with this provider. This Section / Page contains links to the 3rd party websites of our top partners from whom we may receive compensation. Dogecoin is one of the cryptocurrencies that have grown significantly. During the month, the price will hit a high of $0.0773880 and a low of $0.0526239. . The coin hit 16 cents Tuesday morning before inching up to 17 cents. The meme coinDogecoinDOGE/USD is expected to appreciate considerably this year and even more further into the future according to research conducted by United Kingdom financial analysis service Finder. Aliasgar Merchant, lead developer of relations atAkash Network, a decentralized cloud platform, said the current trend reversal for Dogecoin seems sustainable, and the memecoin can easily hit the 50-centmark before the end of the year. Past profits do not guarantee future profits. Now it's a top 10 digital currency worth $40 billion. Secondly, DOGE holders have the Elon Musk SNL episode to look forward to. Recent endorsement from high-profile individuals has swayed the joke cryptocurrency. So what does this all mean for investors, and what are the prospects for this controversial coin? Dogecoin started out as a joke. 2023 Tech Times LLC. Do Not Sell My Personal Data/Privacy Policy. Ultimately, dogecoin is expected to grow in 2021 through 2024. If a big 2017-esque crash is waiting around the corner, then $0.01 would be a better price prediction. Musk posted a tweet last week that referenced The Dogefather and his upcoming hosting gig on Saturday Night Live May 8. A $1,000 dogecoin purchase on Jan. 1, 2021 at a price of less than a cent per coin would be worth $121,052 at Wednesday's high of 69 cents, a gain of more than 12,000% according to CNBC .
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