While the cryptocurrency market has been teetering and falling for over a year, Dogecoin still remains in the top 10 most capitalized cryptocurrencies on the market. If its price is very far from its historical high, the same coin seems to have a second life in the next few years. Here is the evolution of Dogecoin future and the elements that could influence its performance in the future.
What is Dogecoin?
Originally a joke, Dogecoin was created in 2013 by software engineers Billy Marcus and Jackson Palmer. Their idea is to merge two fashionable trends of the time and design a new crypto-asset.
The two men aim to design and offer the general public a free and open source blockchain. And as with Bitcoin, anyone can view the source code for it.
But Dogecoin likes to take its time. After a difficult start, this “same corner” has slowly evolved into one of the most popular cryptocurrencies. The broad support of Elon Musk, one of his most loyal supporters, caused its price to explode at the start of 2021.
In December of that year, the boss of Tesla went even further by announcing that his company would accept Dogecoin as payment for various derived products (cyberquad, whistle, T-shirt, etc.).
These events have largely marked the existence of Dogecoin, making it go from a status of “joke coin” to a of the most capitalized crypto-currencies on the market (currently top 9).
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The evolution of Dogecoin since its creation
The history and evolution of a cryptocurrency are always interesting to follow, especially when it has been around for more than 10 years. It is a good idea to take a step back and study the past of Dogecoin to better understand and anticipate its future.
here are some key dates retracing the evolution of the Doge since its launch:
- 2013 : official release of Dogecoin. High volatility and 300% performance in the months following its launch.
- 2014 : after only 1 year of existence, the capitalization of the Doge stands at more than 20 million dollars. Beyond its image of “meme coin”, it is used to finance humanitarian actions and becomes useful for real projects.
- 2015 : the Moolah exchange, funded by the Doge community, turns out to be a scam. The news plunged the Dogecoin which experienced a big drop until 2017.
- 2017 : Dogecoin takes advantage of the 2017 crypto bullrun and finds an interesting bullish momentum.
- 2020 : after having disappeared from the radar following the bearmarket of 2018, the Dogecoin regains color and starts to rise again. Powered by billionaire Elon Musk and other influencers, DOGE moves into the top 10 of the most capitalized cryptos on the market (nearly 100 billion capitalizations during its market top).
- 2022 : With a long-lasting bear market, the future of Dogecoin is uncertain. It is of no particular use at the moment and no longer benefits from the “meme coin” hype of the years 2020-2021. The price of the token has largely fallen and has been divided by 10 compared to its historical high (currently around $0.08 against $0.73 during its ATH).
Predictions for Dogecoin
Given the current market state, it is not easy to predict the future of Dogecoin and assess its price in advance. Here is what the experts expect for the price horizons: 2023, 2025 and 2030.
The future of DOGE for the end of 2023
Currently at the 9th place in the ranking CoinMarketCap, Dogecoin is relatively well capitalized (around $10 billion). It keeps its place as a “meme coin” in the ecosystem and probably hasn’t said its last words for years to come.
It could revisit the $0.10 during the year 2023. It will probably end the year 2023 around the $0.15or even $0.20 if the uptrend returns to the markets.
Do not forget that the volatility on this kind of token is very present. The DOGE is often subject to strong price fluctuations following different types of news.
The future of DOGE for 2025
Horizon 2025, it is not easy to make predictions about the future of DOGE. But if we follow the cyclicality of Bitcoin, the next bull run should start in 2024-2025.
As with every cycle, cryptocurrencies are coming back to the forefront and deliver extraordinary performance. The Dogecoin, supported by its community and by certain institutions, will most likely be bought and held in 2025.
It could be appreciated between $0.30 and $0.50. If the market explodes and Dogecoin experiences new hype, its price could revisit the old ATH of $0.70. It could also break through the psychological $1 mark.
The future of DOGE for the end of 2030
If the Dogecoin is still in the forefront, that it is widely supported by institutions, and truly establishes itself as “the currency of the people” (as Elon Musk had proclaimed in this tweet) then he has a future at the end of 2030.
Its price could explode significantly if it has already reached the $1 mark in the previous cycle. He could settle well above the dollar in the 2030 cycle (cycle every 4-5 years or so) and reach 2.3 or 4 dollars.
Since it is not obvious to predict the very long-term prices of a crypto, it may be wise to follow this crypto-currency during the next cycles and to judge whether it has a place in the ecosystem over time.
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What can impact the future of Dogecoin?
As with many cryptocurrencies, the price of Dogecoin is influenced by different types of factors. Here is some elements impacting the course and the future of the DOGE :
Elon Musk tweets
For those who don’t know yet, Elon Musk is a strong supporter of DOGE. In a series of tweets, Elon Musk said he supported DOGE and that Tesla would accept the token for the purchase of secondary products.
After these revelations, the price of the token had exploded to reach its ATH of $0.73 on May 8, 2021. On June 19, it announced that it would continue to support and buy Dogecoin, good news for the future of the token.
On October 27, 2022, the DOGE performs a new rally of 165% increase following the acquisition of the social network by Musk. It will experience a big drop a few days later, seeing its price settle around $0.08.
The value of the DOGE is directly impacted up or down by the movements of the billionaire. It is therefore wise to follow the news of the latter on the networks.
The community behind Dogecoin
The community also adds its grain of salt. It tracks and correlates all of Elon Musk’s movements with the price of Dogecoin. You will have understood it, it is not the leader of Tesla who is alone at the origin of the movements of the DOGE.
The community, obsessed with Twitter takeover stories, speculates that the “meme coin” will be integrated into the social network and serve as a universal currency.
Mentioned in the previous point, the rally of October 27 is also due to an ultra-speculation of the community on this asset. Some people, well positioned, bought the rumor (“buy the rumor”) before the takeover and sold the news (“sell the news”).
Supply and demand
In all financial markets, the notion of supply and demand comes into play. To put it simply, if the number of people wishing to invest in DOGE increases (the demand), the token will appreciate upwards. Conversely, if fewer people are interested in the token, it will appreciate downwards.
The offer corresponds the number of tokens in circulation. If there are fewer in circulation, the token gains in value, because its rarity increases (it is more difficult to find therefore more expensive to obtain).
A limited supply means that the scarcity of the token will be present in the future, will influence the supply and therefore probably the price. The supply of Dogecoin is opposite to that of Bitcoin: it is unlimited. This can be negative in the price appreciation of Dogecoin in the future.
Country regulations
The regulation of cryptocurrencies is a very present topic in the ecosystem which influence the performance of these. With the various hacks in DeFi during the years 2021-2022 and lately the fall of the centralized exchange FTX, the regulators risk cracking down.
Platforms that have not obtained their authorization from the financial markets of their respective countries will be forced to close. Authorizations will most likely be much more complicated to obtain given the possible deviations in the environment. And who says fewer platforms, says fewer customers and therefore less money brought to the market.
The general economic context
The current economic context is also not to the advantage of cryptos. The war in Ukraine is affecting the global economy and all financial markets have been down since the beginning of the conflict.
We must not forget that crypto-currencies are preferred risk assets by professionals when the market is favorable to risk.
When it is the opposite, the latter keep the cash and the shares as a priority. traditional markets (much less volatile than cryptocurrencies).
However, it is during periods of doubt and decline that opportunities ariseregardless of the type of market.
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Conclusion
Despite a decline in the crypto market and more broadly in financial markets, Dogecoin is n°9 in the ranking of crypto-currencies the most capitalized on the market.
Flagship project in during the previous bull run, he was able to play an important role in the trivialization of cryptos and their access to the general public. But the future of meme coins is uncertain in an ecosystem already weakened by the current economic context.
Here are our tips:
- Remember it is highly volatile and subject to speculation by Elon Musk and the community
- Number 1 of the same coins who may not have said his last word at the next bull run
FAQ on the future of Dogecoin?
What future for Dogecoin?
Dogecoin presents an uncertain future at the moment. It will be interesting to follow its evolution during the next bullrun in 2024-2025. It could greatly appreciate upwards and regain its former ATH.
What will be the future of Dogecoin in 2025?
In 2025, the cycle of cryptocurrencies will normally be present and will favor the appreciation of the DOGE on the upside. It could reach its all-time high of $0.73 and surpass it.
What value can the DOGE reach?
For this end of the year, the DOGE should not fluctuate too much and remain around $0.08. For 2023, it is estimated to be around $0.15. Looking ahead to 2025, DOGE is expected to be in a bull market and will likely break above the psychological $1 mark.