Dogecoin (DOGE) is an open-source cryptocurrency, and the most popular meme token. The coin can be used as a monetary unit inside a system, but for the time being it is mostly perceived as a meme, a gaming project. Some social networks added DOGE as a payment unit, and the coin is also used in the metaverses. Therefore, it is highly likely that the cryptocurrency will not only retain the leading position among meme coins, but will also be able to compete with BTC, LTC and other cryptocurrencies in the future thanks to low network fees.
DOGE communities have over 6 million active subscribers who support the coin. Dogecoin reacts to the words and actions of Elon Musk, and there are suggestions that following the acquisition of Twitter by Musk, the coin will be integrated into the social network. Will it act as a strong driver for the coin price? Why is the DOGE price rising? What other fundamental factors can drive the price up to the all-time high? What are DOGE price predictions based on technical analysis? You will find answers to these questions in this review.
| DOGE Price 1y Return | -15.17% |
| DOGE Price 1m Return | 0.32% |
Why is the Dogecoin price rising? Key factors impacting the DOGE price are as follows:
Support of the community and media personalities. The price of the coin is mainly driven by crypto enthusiasts who support the idea of meme coins. Statements by certain individuals cause the price to fluctuate from time to time. However, the price rolls back after each local peak.
Mining. The DOGE consensus mechanism involves the possibility of mining. Also, the coin’s emission is unlimited. Miners can mine any number of coins; an increase in their supply will facilitate an increase of inflation.
Overall market condition. Investors diversify their risks by investing money in coins ranked in the Top 50. Under the pressure of fundamental factors, investors tend to withdraw money from all coins or, conversely, invest it in several assets at once. Here are several examples of fundamental factors: macroeconomic statistics on foreign exchange and stock markets, decisions of regulatory authorities, etc.
Technological development of the Dogecoin platform and strategic partnerships. The use of the coin as a means of payment increases demand and pushes its price up.
The DOGE price also has a rather high correlation with the overall market capitalization.
Basic indicators of technical analysis on various time frames were used for the short-term price prediction. In This section, you will find the values of these indicators and evaluation of the probability of the price movement in a certain direction. The more matches on indicators, the higher the accuracy of the price prediction.
NOTE!
Signals may differ on different timeframes. If you want to buy BTC and hold it for longer than one week, it is best to use the signals on daily and weekly timeframes. Timeframes from 5 minutes to 1 hour are best suitable for short-term transactions
Theoretically, there is not upper limit for a cryptocurrency price. However, analysts do not seem to rush into making optimistic forecasts, while the larger part of the capital in the market is speculative. The price of $0.05-0.06 is a strong support level, and the decline below this level is unlikely. The coin hit the all-time high at $0.74. Price predictions indicate that the level of $0.25-0.30 could turn out to be the equilibrium price, while it is highly unlikely for the coin to reach a new all-time high. Will Dogecoin price rise? Yes, it will, but not as strongly as in the previous years.
| Month | Minimum Price | Maximum Price | Average Price |
|---|---|---|---|
| March 2024 | 0,078 | 0,095 | 0,087 |
| April 2024 | 0,078 | 0,096 | 0,087 |
| May 2024 | 0,079 | 0,096 | 0,087 |
| June 2024 | 0,079 | 0,097 | 0,088 |
| July 2024 | 0,08 | 0,097 | 0,088 |
| August 2024 | 0,08 | 0,098 | 0,089 |
| September 2024 | 0,08 | 0,098 | 0,089 |
| October 2024 | 0,081 | 0,099 | 0,09 |
| November 2024 | 0,081 | 0,099 | 0,09 |
| December 2024 | 0,082 | 0,1 | 0,091 |
| Month | Minimum Price | Maximum Price | Average Price |
|---|---|---|---|
| January 2025 | $0,082 | $0,1 | $0,091 |
| February 2025 | $0,082 | $0,101 | $0,091 |
| March 2025 | $0,083 | $0,101 | $0,092 |
| April 2025 | $0,083 | $0,102 | $0,092 |
| May 2025 | $0,084 | $0,102 | $0,093 |
| June 2025 | $0,084 | $0,103 | $0,093 |
| July 2025 | $0,084 | $0,103 | $0,094 |
| August 2025 | $0,085 | $0,104 | $0,094 |
| September 2025 | $0,085 | $0,104 | $0,095 |
| October 2025 | $0,086 | $0,105 | $0,095 |
| November 2025 | $0,086 | $0,105 | $0,096 |
| December 2025 | $0,087 | $0,106 | $0,096 |
In the long-term time frames, DOGE moves in cycles, mimicking the movements of the market capitalization. Therefore, an upward trend movement will be followed by the price decrease. In the short-term time frames, price fluctuations are possible, caused by the reaction of the community to tweets of crypto influencers. That, however, will be followed by the rollback to the previous level. According to analytical price predictions, DOGE price will be 0,136 in December 2023, and 0,096 in December 2025.
The Dogecoin platform has existed for over 10 years. This indicates that the coin is capable of enduring crisis periods in the cryptocurrency market and retaining its position in the Top 30 in terms of capitalization. DOGE is gradually integrated in gaming networks, where the coin is used as a means of payment, and it is often mentioned by the media. The cryptocurrency is actively supported by the crypto community, which causes Dogecoin price to rise. Analysts believe that DOGE is a good asset for short-term trading, and can also be used in long-term strategies for risk diversification.
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.
The price is supported by the interest of the communities onTwitter and Reddit, and their number is over 6 million.
The all-time high was recorded at $0.74 in the middle of 2021. Considering that the coin price then dropped 10 times, it is unlikely that the price of $1 will be reached in the next few years.
Despite that the coin has no practical value, it is actively supported by communities on Twitter and Reddit as a meme project. Therefore, there is a good change that Dogecoin will become the leader of meme coins.
Yes, but only for risk diversification. The coin has several advantages. It can bring a profit of over 5-10% in one day in a calm market thanks to tweets by Elon Musk and other influencers. During the overall market growth, DOGE price rises faster than most coins from the Top 30.
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Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
