Will Dogecoin Reach $1?Dogecoin Price Prediction 2023, 2025, and 2030

Will Dogecoin Reach $1?Dogecoin Price Prediction 2023, 2025, and 2030

Dogecoin Price Prediction 2023: Dogecoin remains on our list as one of the best cryptocurrencies to Invest in 2023

Will Dogecoin reach $1? Yes DOGE can reach $1 under certain circumstances


Latest Dogecoin Price

Dogecoin Performance in the Last 5 Years

  • Last 1 Month: +26.3%, Underperformer*
  • Last 12 Months: -38.0%, Outperformer
  • Last 5 Years: +2408.0%, Outperformer

*versus Ethereum

Is Dogecoin a Good Investment?

Dogecoin is an open-source blockchain that was launched as a mere joke with Shiba Inu’s face on the logo. The makers of the coin have said that the coin is meant to be fun and nothing else. The coin was almost worthless until Elon Musk started tweeting about it and declaring that it was his favorite coin.

Dogecoin use cases

  • Dogecoin can be used for payments wherever merchants accept it. Elon Musk’s SpaceX and the Dallas Mavericks are accepting this cryptocurrency.
  • Wag, an on-demand dog-walking app, accepts payments with Dogecoin. It allows users to buy gifts from Amazon with Dogecoin.
  • This coin is used as a tip for sharing quality content on Twitter and Reddit. You can get a tip by participating in a community that uses digital currency.
  • Due to the low fees and speed of transactions, Dogecoin is used to exchange money and capital from one cryptocurrency change to another.

How is Dogecoin different from others?

  • Dogecoin is based on Litecoin and uses the same proof-of-work technology. DOGE Blockchain uses a different mining algorithm which makes it faster and cheaper.
  • Dogecoin performs around 33 transactions per second, faster than many other coins like bitcoin.
  • Dogecoin has an unlimited supply. 10,000 doges are mined per minute, which means 14.4 million per day and 5 billion per year. This number makes it unique from other coins.
  • 2000+ companies are now accepting Dogecoin. Major companies like Tesla and GameStop.
  • Dogecoin is backed by celebrities such as Elon Musk, which at times influenced its price.

Competitors of Dogecoin

  • Shiba Inu: – It was launched as Dogecoin Killer. Built on top of the Ethereum blockchain, it became more popular than many other coins in just 1 year. Shiba Inu and Dogecoin are both top competitors of each other in terms of acceptance.
  • Dogelon Mars: – Dogelon Mars is a Doge-themed coin, a mix of Dogecoin and Elon Musk’s name. Dogelon Mars cannot be used for payments like Dogecoin, but the coin is intended to serve as an “intergalactic currency” that future space colonists can use on Mars and beyond.
  • Baby DogeCoin: – Baby Doge is a cryptocurrency token. The Baby Doge smart contract makes the currency available via the Ethereum and Binance Smart Chain wallet. the eco-system of this coin hosts NFT, Decentralized Finance (DFI), Gamefi, and Pet Charity.
  • MonaCoin: – It is an open-source decentralized cryptocurrency. Similar to Dogecoin, a peer-to-peer payment network, it is built on an algorithm called Lyra2RE (v2). Not as widely accepted as Dogecoin, but some Japanese stores accept Monacoin as a form of payment.

Dogecoin’s Past performance:

Here is how Dogecoin has performed over the last 9 years

  • 2013: $0.00042
  • 2014: $0.00018
  • 2015: $0.00015
  • 2016: $0.00023
  • 2017: $0.00780
  • 2018: $0.00237
  • 2019: $0.00206
  • 2020: $0.00464
  • 2021: $0.1713
  • 2022: $0.0858

In the last 9 years, 4 years have been positive and 5 years have been negative. Overall, DOGE has risen 308 times in the last 9 years.

  • Between 2013 and 2017, Doge rose 19x
  • Between 2017 and 2022, Doge rose 17x
  • Between 2013 and 2015, Doge lost 64% of its value
  • Between 2017 and 2019, Doge lost 74% of its value

Shiba Inu vs Dogecoin: Which Is Better Investment?

  • Dogecoin has a long record of delivering returns
  • Doge has outperformed SHIB this year by a wide margin
  • Doge is supported by Elon Musk, a huge factor given Musk’s Twitter acquisition
  • Shib has more use cases than Doge and the development team continues to work on more
  • Shib has a stronger community than Doge

Considering all these factors, at a practical level, Doge is a superior investment. However, from a potential perspective, Shib holds a lot of promise. It makes practical sense to own both with a bias toward Dogecoin

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Will Doge Reach $1, $5, and $10?

There are multiple ways in which Dogecoin could reach this level.

  • A massive increase in Dogecoin being accepted as a payment
  • Significant rise in DApps on Dogecoin, both DeFi and NFT.

Will Dogecoin Reach $1?

Note that it took 88 months to reach its all-time high price of $0.58 in May 2021, meanwhile, it grew by 63.73 times. Therefore, it has shown 0.72 times growth in one month.

To reach $1, Dogecoin needs to grow by 12.82 times considering its current price of $0.078. It means that the coin can reach $1 in less than 18 months.

However, considering the current macroeconomic and liquidity factors, Dogecoin will not reach $1 this soon and it probably needs to increase its use cases to reach that value.

Two Scenarios

  • Dogecoin could reach $1 between 2025 and 2027 (Optimistic Forecast)
  • Dogecoin could reach $1 by 2032 (Pessimistic Forecast)

When Will Dogecoin Reach $5?

DOGE is 6.22 times down from its all-time high value of $0.56, considering its current price of $0.09. Now, keeping in mind its growth rate of 1866.6x in 89 months (as discussed above), its one-month growth rate is 20.97x. It means that in the next 12 months, DOGE’s market price can reach a theoretical value of $22.64.

But, as the price of DOGE was stagnant till November 2017 and started to increase by then only, it would be more logical to consider November 2017 to May 2021 to be the period of its 1866.6x growth. So, the price grew by 1866.6 times in 42 months. Hence, the one-month growth rate is 44.44x.

It would mean that DOGE’s price can reach a value of $47.99 in the next 1 year, keeping in mind its current market price of $0.09.

However, the current macroeconomic factors and liquidity are not similar to that of the previous times. In other words, DOGE’s price can reach that value in an ideal scenario, but the conditions are not yet ideal. Hence, Dogecoin will certainly not going to reach that value in the next 1 year.

So, Will Dogecoin reach $5? Well, certainly yes, but not soon.

Will Dogecoin Reach $5: Yes, Dogecoin could reach $5 by 2028 (Optimistic) or by 2039 (Pessimistic)

Will Dogecoin Reach $10?

To reach a level of $10, DOGE requires to grow at a rate of 135.13x keeping in mind its current price of $0.074.

It took 88 months to reach its all-time high price of $0.58 in May 2021, meanwhile, it grew by 63.73 times. Therefore, it has shown 0.72 times growth in one month.

Therefore, it should theoretically reach a value of $10 within 15.64 years. However, it is not the only factor to consider and it is not practical either.

Can Dogecoin Reach $10 This Year?

Dogecoin is currently priced at $0.09 and to reach $10, it needs to grow by 111.11 times.

Therefore, considering its 0.72 times growth in one month (which it took to achieve its all-time high price of $0.58 in May 2021), DOGE will require at least 154 months (or 12 years) to reach a price level of $10.

Moreover, as per the predictions, Dogecoin can only hit $0.16 by the end of this year. Hence, Dogecoin cannot be expected to reach $10 in 2023.

Looking at the historic performance

  • Assume a multiple of 15x over the next 5 years until 2027 (Past Track Record, diminishing Multiple)
  • Assume a multiple of 10x between 2027 and 2032

Using this method, Doge could reach $10 by 2031.

Will Dogecoin reach $100?

DOGE’s current market price (of $0.09) suggests that it needs to grow by 1111.1x to reach a value of $100. If DOGE continues to grow at 44.44x in one month, it will need just 25 months to reach $100, which is practically impossible (keeping in mind the current factors).

Dogecoin Price Prediction 2023, 2025 and 2030

  • Dogecoin Price Prediction 2023 is $0.160
  • Dogecoin Price Prediction 2025 is $0.285
  • Dogecoin Price Prediction 2030 is $1.3

How High Will Dogecoin Go?

Dogecoin is one of the Top 10 cryptocurrencies in terms of overall market cap. Since its launch, Dogecoin has delivered an ROI of over 15000%. Dogecoin is backed by well-known personalities including Tesla and SpaceX CEO Elon Musk who has been an active supporter of Dogecoin. In an interview when asked about the future of cryptocurrencies, Elon specifically mentioned that there is a good future for Bitcoin, Ethereum, and Dogecoin.

Despite all this, it is difficult to determine how high will Dogecoin go in the coming future. The overall crypto market has turned out to be very volatile with almost all the cryptos losing a major portion of their market domination.

Latest Dogecoin News

In a recent discussion on Reddit, users are discussing the highest price that DOGE can hit in 2023. Let us analyse the discussion.

One user wrote that Dogecoin should reach $.5 and that would be enough for this. While another user wrote that Doge will rise enough to buy some land. Some other random guesses by the people include $2, $3 or even $8.

However, there is no specific basis for providing random guesses for DOGE’s price and hence, we cannot be sure for DOGE’s price this year, as per the Reddit discussion.

Read about Bitcoin Price Prediction

Some Frequently Asked Questions

What are the Doge Predictions for Dogecoin in 10 Years?

Answering the query regarding Dogecoin in 10 years may not be easy considering the volatile nature of the crypto market. However, using some prediction tools, future Doge Predictions can be determined but it is subject to change depending on the market condition. Dogecoin in 10 years could reach $0.817 if the price increases 25% annually and $3.37 if the price increases 50% annually.

Will Dogecoin Go back Up?

Yes, Dogecoin will go back up but it will depend on multiple factors. However, it would be difficult to determine the time frame for the question, ‘Will Dogecoin Go back up. The advantage of Dogecoin above others are:

  • Dogecoin tokens can easily be used as a mode of payment on compatible platforms.
  • DOGE is accepted by more than 300 businesses and online stores, such as Tesla.
  • The token can be swapped, sold or bought on many crypto exchanges across the world.
Does Dogecoin have a Future?

Dogecoin is an open-source blockchain that was launched as a mere joke. The makers of the coin have said that the coin is meant to be fun and nothing else. It soon garnered attention after big names like Elon Musk, Snoop Dogg, Lil Yachty, Kevin Jonas and Gene Simmons started voicing for Dogecoin.

Here is how Dogecoin gained in the last few years:

  • Between 2013 and 2017, Doge rose 19x
  • Between 2017 and 2022, Doge rose 17x
  • Between 2013 and 2015, Doge lost 64% of its value
  • Between 2017 and 2019, Doge lost 74% of its value

The above developments answer positively to the question, “Does Dogecoin have a Future”

How much will Dogecoin be worth in 2025?

In 2025 Dogecoin could reach the value of $0.171 considering the price of Dogecoin rises 25% annually.

What will Dogecoin be worth in 2030?

As per the Dogecoin Price prediction 2030, DOGE’s price is expected to reach a maximum value of $1.30 by the end of 2030.

Where can I buy Dogecoin?

Dogecoin can be bought on numerous major centralised and decentralsied exchanges including Binance, Coinbase, KuCoin, Kraken, Gemini, OKX, Gate.io. Huobi, Bybit, Crypto.com, PancakeSwap etc.

How to Buy Dogecoin?

Dogecoin can be brought from multiple sites including online brokerages as well as online exchange websites. However, before making the first trade with Dogecoin you will need to follow a few steps common to almost all crypto purchases. Here are the steps for “How to Buy Dogecoin”:

  1. Decide on a Cryptocurrency Exchange
  2. Create your account with the Exchange
  3. Verify your Identification
  4. Select a Payment Option and Fund Your Wallet
  5. Make Purchase
  6. Store Your Purchased Dogecoin

Dogecoin is available on Coinbase, eToro, Robinhood, Gemini, SoFi, Binance.US, and Webull. Every platform has its own fee charged for making every transaction.

Note: Crowdwisdom360 collates Predictions and data from all over the net and has no in-house view on the likely trends in the Index or Individual Stocks. Please consult a registered investment advisor to guide you on your financial decisions. 

Will Dogecoin Reach $1 in 2023
Subhash

Subhash

Subhash, Founder of Crowdwisdom360 is an MBA and a Trained Financial Advisor with an extensive background in Forecasting in Financial Services and Politics. He has appeared many times on National TV and has written for a variety of magazines on Wealth Management and Election Strategy.

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