Will Dogecoin Reach $10, $5?Dogecoin Price Prediction 2023-30

Will Dogecoin reach $10? Read On

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

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Latest Dogecoin Price

Dogecoin Latest Price

• Last 7 days: +2.0%
• Last 1 month: -7.6%
• Last 6 months: -29.3%
• Last 1 year: -33.3%

Dogecoin Technical Summary- Weekly

• RSI: Neutral
• STOCH RSI: Sell
• MACD: Sell
• Moving Averages: Strong Sell
• Overall: Strong Sell

Dogecoin Price Prediction 2023: 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 Technical Analysis

Dogecoin has experienced a significant amount of volatility and the price has failed to break above $0.10 despite multiple attempts by buyers to push the price higher. In the past, the Dogecoin price was widely influenced by social media, particularly by the tweets of Elon Musk. However, in the last few months due to the absence of such a catalyst, Dogecoin has been within the lower price ranges.

For the last few days, Doge has been trading within a descending channel, with the price bouncing to form lower highs and retreating further.

The chart below indicates Dogecoin once again trying to break from the descending channel. However, with the absence of big bull activities, Doge remains within the bearish channel. If the price of Doge continues trading within this channel, potentially the price will fall further testing the lower support line around $0.04 before potentially bouncing higher.

On the 4-hour timeframe chart, the support for Dogecoin is around $0.0638 while the immediate resistance is $0.0665. If Doge breaks above this resistance, it will likely retest the 50-day MA which is around $0.072.

The Relative Strength Index of Dogecoin is within the oversold territory. Potentially a reversal is expected from this level but the RSI oversold is not always the guarantee of reversal. Coupled with the Moving Average Convergence Divergence (MACD) indicator which is currently showing bearish momentum, with the MACD line below the signal line, the Dogecoin price remains bearish. The MACD is indicating a potential for further downside in the near term.

The momentum indicator for Dogecoin remains within the bearish axis. However, the market sentiment has improved marginally with the Fear and Greed index moving above the Fear zone and entering the Greed zone.

Dogecoin Prediction: 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.

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

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.

Dogecoin Reddit Discussions

In a recent discussion, a user posted that Dogecoin will steadily move up. Let us analyze the discussion.

One user wrote that it is time to believe again in Dogecoin. While another user commented that people always believed in DOGE and knew what it actually stands for.

In another discussion, a user posted regarding Twitter payments saying that payments are moving forward and hence, it might be good for Dogecoin as well. In this discussion, one user commented that it is great news for Twitter and Crypto.

Whereas another user wrote that it won’t be Dogecoin, but there will be Twitter coin used for such payments. One user also commented the same and said that Elon Musk has already cleared that he is not going to implement DOGE as a currency.

Read about Bitcoin Price Prediction and Render Token Price Prediction

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.