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In this article, we will focus on the long-term Dogecoin price prediction. As one of the best meme coins in the cryptocurrency market, Dogecoin has undergone volatile developments with incredible highs followed by dramatic lows. In the end, the makers of Dogecoin never expected the coin to generate the mass appeal it had, and most market analysts did not expect the currency to maintain that attractiveness.
History of Dogecoin
Dogecoin was created by two software engineers, Billy Markus and Jackson Palmer, as a joke in 2013. The creators’ goal was to parody the initial cryptocurrency hype, and so they created Dogecoin as a “payment system” with a Shiba Inu dog face. Once the coin was released, Markus and Jackson did not expect it to gain strength, but the opposite happened.
The DOGE price skyrocketed over 300% shortly after its launch in 2013, which came as a surprise to developers. This bullish trend continued in the following years, reaching a peak of $ 0.0170 in early 2018, meaning that for the first time, the coin reached a market capitalization of over $ 2 billion. However, although this price increase was impressive, it was still a drop in the ocean compared to the movements seen by those who decided to invest in BTC and other large cryptocurrencies.
The most remarkable movement in the price of Dogecoin came at the beginning of 2021, when the price rose by more than 8,600% between January and May. Much of this was due to the massive attention of social networks combined with mentions from well-known names such as Elon Musk, Snoop Dogg and Mark Cuban. On May 8, 2021, DOGE reached a historic high of $ 0.7376, which provided the coin with a market capitalization of over $ 70 billion.
However, this maximum was short-lived and the price of dogecoin gradually decreased. Overall, the price of Dogecoin in 2022 has not yet seen any significant movements.
Dogecoin price prediction 2022
Is dogecoin a good investment if we move on to 2022? This is a question that many meme coin enthusiasts are constantly asking.
As with buying BTC, it is wise to get an idea of Dogecoin’s prospects in the short and long term before making your investment. As mentioned earlier, the price of DOGE today is around $ 0.124, which is almost 30% less since the beginning of 2022. But what performance can we expect from Dogecoin for the rest of the year?
It is important to note that Dogecoin has strong support from both retail and high net worth investors. In the article from CNBC was said that billionaire Mark Cuban said Dogecoin would be strongest when it comes to using cryptocurrencies as a medium of exchange. Cuban emphasized this statement by adopting DOGE as a payment method for Dallas Mavericks goods, which helped dramatically increase sales.
This aspect of Dogecoin’s usefulness was also strengthened by Elon Musk, as The Guardian stated in January 2022 that Tesla would begin to accept DOGE as a way of paying for car manufacturers’ goods. Musk had previously described Dogecoin as a “cryptocurrency for people.”
These use cases are crucial for the long-term success of Dogecoin, as high price levels cannot be maintained by speculation and retail purchases alone. The adoption of DOGE by the Dallas Mavericks and Tesla could pave the way for more companies to allow customers to purchase items using this cryptocurrency, increasing demand for DOGE.
Given our Dogecoin price prediction for 2022, we estimate that the coin could reach the end of the year $ 0.3500.
Dogecoin price prediction 2023
In the longer-term prediction of Dogecoin price, it is necessary to understand that Dogecoin is based on blockchain technology, although it differs slightly from other large cryptocurrencies. Blockchain Dogecoin is similar to Litecoin and is based on Scrypt technology. Ultimately, this means that mining is more complex than traditional Proof-of-Work chains, although Dogecoin can still process more than 40 transactions per second.
According to Blockchair.com, at the time of writing, Dogecoin has had more than 83 million transactions, of which more than 24,000 have taken place in the last 24 hours. The average transaction fee on the network is only $ 0.15, which is much less than the bold fees paid on the ETH network during periods of high congestion. Overall, these statistics show that although the Dogecoin network is not the most scalable, it has a solid basis to support a greater influx of transactions in the future.
Due to this factor, DOGE has become widely used as a tip for online content creators. At the official Dogecoin subreddit, it was announced last year that a betting bot had been created that allows Twitter users to give a tip to other Twitter users. This has attracted a lot of attention, especially since the fees for transferring DOGE to another person are very low.
This route seems to be the most suitable for Dogecoin in the coming years, as it is unlikely that large corporations will start using DOGE due to its meme coin status. As younger generations are still being featured on the crypto market, Dogecoin could be used more, paving the way for further advances in the above-mentioned service.
Overall, if this happens, we would expect more demand for DOGE from retail investors and Internet users. Our Dogecoin price prediction for 2023 therefore estimates that the coin could reach $ 0.6000.
Dogecoin price prediction 2025
Undoubtedly, the best DeFi coins are the ones from which Dogecoin could be inspired in the long run. Because these coins have a high utility value, they tend to experience high demand from investors, pushing the price up over time. In addition, the DeFi sector is expected to continue to grow rapidly, providing room for entry for established coins such as DOGE.
It seems that Dogecoin has already begun to take steps in this direction since the web Yahoo Finance recently announced that DOGE can now be purchased on a decentralized exchange for the first time. Coin is currently listed on THORchain, a decentralized liquidity protocol that has facilitated connections to the Dogecoin blockchain network. Through this partnership, THORchain users can now exchange DOGE for BTC and other tokens.
While this may seem like a trifle, it is actually huge in terms of Dogecoin’s long-term prospects. The partnership with THORchain offers DOGE holders the potential to generate a yield on their investment through “yield farming” – all without the need for any KYC.
This adds another major reason why investors will buy and hold DOGE, which is great news for Dogecoin’s pricing potential. Overall, if Dogecoin can take advantage of this dynamic and work with more decentralized entities, it will increase the attractiveness of the coin for investors who want to generate a passive income.
Assuming this happens, our Dogecoin price prediction for 2025 estimates that the coin could return to historical highs. $ 0.7300 and potentially even further.