DOGE Price Prediction & Recommendation

Doge coin started the trend of meme currencies, gained a huge investor base and became one of the top performers of 2021, a rally that peaked in November of 2021. keeping in mind the history of the token, backing by celebrities like Elon Musk and other factors influencing the success, how good of an investment it can prove to be, let’s find out.

One of the highlights of doge coin is the creators never thought of the astounding success and popularity of the project, it started as a joke that took a rather serious turn and with a growing community it became one of the most successful projects in crypto history. Dogecoin launched in 2013, and since then, it has followed a pretty similar price action to the rest of the market. It has been going up and down with the broader market bull and bear cycles. However, in 2021, Dogecoin made the most significant price move, which brought it to the fore as top cryptocurrency investment.

After the Bitcoin halved in 2020, the cryptocurrency market started to rally, and Dogecoin started gaining upside momentum. As the bull started gaining momentum, Elon Musk, who happens to be one of the most influential figures in cryptocurrency, started tweeting about Dogecoin, adding to its momentum relative to the broader market.

By January 2021, Dogecoin was in a full-blown bull market and peaked at a high of $0.73 in May 2021. However, after the broader market correction that started in May 2021 and lasted until July, Dogecoin never recovered to its all-time highs of $0.73.

It works on the same proof of work algorithm as bitcoin and anyone can mine doge coin without the need of sophisticated equipment, there are 130 billion doge coins in circulation today and 10 thousand enter circulation every minute. With the increased popularity it has become a bit difficult to mine dogecoin profitably however it can be done and still much easier than other currencies like lite coin and bitcoin.

Many investors are very optimistic about the price of doge coin but before i take you to the price predictions, i want to share the current price threshold for the token. At the time of writing for this video, one token is worth $0.05789 which is up by 3.92 percent in the last 24 hours with a market capital of $878.48 million.

With it’s mass following, and regular burning of tokens, many investors believe that it will perform well, for example wall investor is strongly bullish on the price of dogecoin, and expecting the price to land at 0.199 by the end of 2022 and in the next 5 years it can climb up to around 60 cents which is quite bullish considering the current price of $0.057.

Similarly, Trading Beasts are moderately bullish on Dogecoin short term but strongly bullish in the long run. Per their Dogecoin price prediction, Trading Beasts expects Dogecoin to end 2022 higher by 34.98%, with a potential high of $0.1445.

Long term, Trading Beasts Dogecoin’s price prediction is $0.237, or an increase of 121.34%.

One of the most important factors likely to impact the price of Dogecoin going forward is Bitcoin. Bitcoin is the number one cryptocurrency and tends to pull the market in its overall direction. For context, other factors played a role in Dogecoin’s rally in 2020/21. For instance, Bitcoin’s rally from $20k to $64k had the most significant role. Proof of this is that Dogecoin had a correction after the Bitcoin bear run started in May 2021.

The other factor likely to play a role in Dogecoin’s price action going forward is Elon Musk. Musk has been one of the essential pillars of Dogecoin’s price action over the last two years. Besides his tweets creating excitement in the community, ELON has pushed hard for Dogecoin’s adoption. Then there is the issue of cryptocurrency prices. Bitcoin and Ethereum are considered cryptocurrency blue chips. However, these two are now out of reach for many small investors. For instance, while someone can buy $100 worth of Bitcoin, the amount of BTC they get is negligible when you factor in fees.

For this reason, small investors have been looking into cheaper cryptocurrencies to buy now for maximum profits. Dogecoin is one of the cheapest.