Dogecoin started as a meme coin in 2013 but then experienced a drastic market value increase. This resulted from several forces, including a strong endorsement by the Reddit community and a favorable rating by billionaire Elon Musk.
Since Dogecoin burst into the scene, it has been a constant discussion topic in the crypto community. However, in recent times, its value has decreased, leading to concerns that it may be dead.
Start Investing in DOGE now With ByBit!The Dogecoin crash experienced in the last year can be attributed to several factors. Dogecoin shot to the moon since it started as a literal joke thanks to Elon Musk's public support, who has openly favored cryptocurrencies in the past. However, since the much-publicized SNL appearance Dogecoin has lost over 75% of its value as participants in the crypto market seemed to lose faith in the coin over Musk's sentiments on the show.
The drop in Dogecoin value is also attributed to the rapid decline in the popularity of meme coins. Meme coins exist and grow in value mostly because they are popular. However, meme coins like Dogecoin are limited by their lack of utility beyond transactional functions.
Over the last few months, investors have liquidated their Dogecoin holdings which signals a loss of investor confidence in Dogecoin as a long-term asset.
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After a good run in 2021 that saw most cryptocurrencies, including Dogecoin, grow exponentially in market value, 2023 has seen a slump in the total market cap of most cryptocurrencies. The crypto market experiences cycles like the stock market. The crypto winter is the equivalent of a bear market in the stock market, where prices of assets fall over an extended period.
Although many traders have profited from the Dogecoin bubble, the coin is considered a risky investment because it is slow in its development. Dogecoin is rarely updated, and its official GitHub repository is not regularly updated like other cryptocurrencies. This slow uptake of technology in its development makes the coin more susceptible to manipulation of its network.
The Dogecoin network has been hacked before compromising its main wallets leading to losses for many investors. Due to their decentralized nature, digital asset platforms are largely unprotected by the government, and many investors risk losing their portfolios to hackers. Unlike Bitcoin and Ethereum, Dogecoin is susceptible to such attacks because its ecosystem is not regularly reinforced.
Cryptocurrency is touted as a viable replacement for fiat currency as a means of payment and a store of value. However, what makes money valuable is that its supply should be limited; otherwise, it soon loses value. Bitcoin, for instance, has a cap of 21 million coins, and no other coins can be mined after that.
On the other hand, Dogecoin originally proposed a maximum of 100 billion coins, but for the last 8 years, the supply has been growing by about 5 billion coins annually. The coin is not defined as a store of value since its supply is not fixed, and more investors are pulling out to avoid losing their investments.
Can Dogecoin (DOGE) Reach $100 in 10 years?At the start of the crypto race, Bitcoin and Ethereum were the leading cryptocurrencies in the market. The economics were sound, and investors bought into them as they followed a clear path of value creation and offered a real alternative to official currency without the need for banks and other institutions.
Fast forward to 2023, and crypto exchanges offer hundreds of coins with a growing number of meme coins. Dogecoin faces stiff competition from Floki inu, Shiba inu, and Saitama inu as more investors shift to these currencies.
One of the biggest competitors of Dogecoin is Bitgert. Many investors liquidating ther Dogecoin positions are flocking to Bitgert due to its robust ecosystem. Bitgert uses the BRC20 blockchain, which effectively removes the high gas fees associated with the Ethereum blockchain.
Gone are the days when freshly minted coins were scooped up in minutes. The crypto market shares many similarities with other conventional assets like housing. Government policies such as high-interest rates tend to discourage investors from the reward of high-risk investments.
Currently, inflation is at an all-time high all over the globe, and the Fed has moved to increase interest rates. Even risk-averse investors have slowed down their appetite for risky investments, and meme coins like Dogecoin are usually the first to get the boot in such an economy. Combined with the crypto winter and the loss of celebrity status, Dogecoin has an uphill task in recovering its market position.
The price of Dogecoin has corrected significantly over the past few years. Of late, Dogecoin has experienced positive price movement, which shows its potential to be an excellent long-term investment.
For example, in January 2023, Tesla's CEO Elon Musk tweeted that he would continue to support DOGE. Aside from this, Musk also said he would continue to buy meme coins. Also, he mentioned that Tesla already accepts Dogecoin for merchandise, and SpaceX will do the same soon.
Since the launch of Dogecoin, its community has been one of its most prominent pillars. Millions of people are part of the community today, including big names like Elon Musk and American billionaire and owner of the Dallas Mavericks Mark Cuban. They are not only wealthy but also have a massive following on social media.
As a result, whenever they mention Dogecoin, they attract more investors, a factor that could make Dogecoin one of the best-performing cryptocurrencies over time.
As mentioned earlier, Musk has been one of the most vocal members of the Dogecoin community. He often tweets about DOGE, which has helped the crypto soar in value.
Musk's continuous support for Dogecoin is a big reason to believe in the crypto's long-term success.
Some of Musk's recent tweets about Dogecoin show that he is still confident in the crypto's future. He even called Dogecoin his "favorite cryptocurrency".
Dogecoin is a decentralized cryptocurrency, meaning no central authority controls it. The community and its developers run the crypto.
This gives Dogecoin some advantages over other cryptos. For instance, it is less likely to be affected by government regulations.
Dogecoin is listed on multiple exchanges, including Binance, Kraken, eToro, and Robinhood. This means that investors will have no problem buying and selling this crypto.
The fact that Dogecoin is listed on multiple exchanges makes it a more attractive investment for those looking for an alternative to traditional investments.
Scalability is one of the biggest challenges facing cryptocurrency adoption. Unless millions of people can use a cryptocurrency without facing network challenges, it's unlikely to compete with centralized systems.
The Dogecoin network has never experienced this problem. It is widely used, and there are never any issues with slow confirmation speeds or network breakdowns. As a result of its scaling capabilities, DOGE is at the forefront of cryptocurrencies that have the potential for widespread adoption.
Dogecoin's buying price is still very low as compared to other big coins like Bitcoin and Ethereum, and this is something that should not be ignored.
At the moment, the price of this coin is still below $0.1. Unlike Bitcoin, you can buy whole Dogecoins in a large volume without buying a fraction because the price is not so high.
How to Buy DOGE?According to experts, Dogecoin may recover from its decline as the ongoing crypto winter is generally considered "warmer" than others in the past. Although the winter is indefinite, many experts are optimistic that the crypto market will eventually rally upwards.
In addition, Dogecoin has released an update to its network to improve stability and security, which is one of the main concerns of investors buying into the coin. As blockchain technology develops, we might see a recovery of Dogecoin, although it is still unclear when the recovery will begin.
Dogecoin is likely to go back up despite losing more than half its market value since it peaked during the crypto bull run. Analysts have offered positive predictions for the next few years, so it might still be a worthy investment in the long run.
The TU analysts do not expect considerable growth, predicting that Dogecoin price can reach a range of $0.1222 – $0.14936 by the end of 2023.
| Month | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| August 2023 | $0.10056 | $0.11173 | $0.1229 |
| September 2023 | $0.10544 | $0.11716 | $0.12888 |
| October 2023 | $0.11103 | $0.12337 | $0.13571 |
| November 2023 | $0.11452 | $0.12725 | $0.13998 |
| December 2023 | $0.1222 | $0.13578 | $0.14936 |
| Month | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| January 2025 | $0.17458 | $0.19398 | $0.21338 |
| February 2025 | $0.18086 | $0.20096 | $0.22106 |
| March 2025 | $0.18645 | $0.20717 | $0.22789 |
| April 2025 | $0.19203 | $0.21337 | $0.23471 |
| May 2025 | $0.19902 | $0.22113 | $0.24324 |
| June 2025 | $0.20251 | $0.22501 | $0.24751 |
| July 2025 | $0.2081 | $0.23122 | $0.25434 |
| August 2025 | $0.20949 | $0.23277 | $0.25605 |
| September 2025 | $0.21298 | $0.23665 | $0.26032 |
| October 2025 | $0.21857 | $0.24286 | $0.26715 |
| November 2025 | $0.22415 | $0.24906 | $0.27397 |
| December 2025 | $0.23044 | $0.25605 | $0.28166 |
Dogecoin has come a long way since it began a decade ago. It has received much support from traders worldwide, culminating in its endorsement by crypto fans, including Elon Musk.
However, Dogecoin is essentially a meme coin, one "coined" without any real fundamentals and marred by high volatility and undefined supply. Meme coins rely heavily on endorsements and public sentiment, which are unpredictable and don't offer any assurance of long-term security as an investment.
Still, traders can profit from meme coins if they time their buy and sell positions according to the market's movement. Many analysts recommend holding some Dogecoin as part of a wider portfolio.
If you're looking to invest in crypto, we have rounded up our top picks below.
| Current Price | Market Cap | 1 m return | 1 y return | ||
|---|---|---|---|---|---|
1889.11$ |
228.4B |
3.95% |
79.88% |
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29993.89$ |
587.0B |
11.71% |
50.06% |
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17.23$ |
6.8B |
-11.78% |
-49.50% |
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0.29$ |
10.3B |
-22.21% |
-37.70% |
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0.00$ |
0.0B |
NaN% |
NaN% |
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12.90$ |
0.0B |
-12.13% |
-19.83% |
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0.50$ |
0.0B |
8.25% |
55.10% |
||
0.67$ |
6.3B |
-23.34% |
46.88% |
||
0.00$ |
0.0B |
NaN% |
NaN% |
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0.00$ |
0.0B |
NaN% |
NaN% |
The following tools and instruments were used for making the prediction:
Basic instruments of technical analysis. The forecast relies on basic technical indicators. The analysis was performed mostly on medium and long-term time frames for more accurate results.
Statistical tools that allow experts to evaluate the probability of an event that may influence the prices of cryptocurrencies.
Individual features of a cryptocurrency startup and its competitiveness: number of tokens in free circulation, restriction of emission, potential usefulness of the startup for the society, roadmap and development plans of the startup, potential vulnerability of the startup’s blockchain, examples of hacks, failures in the entire history of cryptocurrency existence, capitalization dynamics compared to key competitors, share of major coin holders and other subjective factors.
Note:
This price prediction is based on current information and historical data. Strong fundamental factors capable of radically changing the overall situation in the cryptocurrency markets, impacting the prices of certain cryptocurrencies and subsequently changing the price trend, may appear in the future. The price predictions are updated regularly based on the latest data.
This article is created for informational purposes only and does not constitute investment advice. Be aware of the high volatility of cryptocurrencies and consider these risks when making investment decisions.
Crypto winter is a prolonged period of falling prices of crypto assets in the crypto market.
Dogecoin is highly volatile, but you can still make money by selling during bull periods.
Dogecoin is considered risky because it is a meme coin and prices swing unpredictably, so the investor must be cautious.
Dogecoin has lost most of its market value, but market analysts have a positive outlook that it will recover from its current slump.
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.
An investor is an individual, who invests money in an asset with the expectation that its value would appreciate in the future. The asset can be anything, including a bond, debenture, mutual fund, equity, gold, silver, exchange-traded funds (ETFs), and real-estate property.
Bitcoin is a decentralized digital cryptocurrency that was created in 2009 by an anonymous individual or group using the pseudonym Satoshi Nakamoto. It operates on a technology called blockchain, which is a distributed ledger that records all transactions across a network of computers.
Ethereum is a decentralized blockchain platform and cryptocurrency that was proposed by Vitalik Buterin in late 2013 and development began in early 2014. It was designed as a versatile platform for creating decentralized applications (DApps) and smart contracts.
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
