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Dogecoin price prediction: Is now the time to buy into the meme coin?


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Dogecoin token on mobile phone screen
What is the outlook for doge – the so-called ‘mother of meme coins’? – Photo: Shutterstock

The dogecoin (DOGE) price has dropped so far this month after a spike in mid-August that brought it to a two-month high. DOGE has fallen in value along with other cryptocurrencies in 2022, losing 64% since the start of 2022 and 91% since its all-time high reached in May 2021.

The so-called meme coin returned to the headlines this week as an amended lawsuit against Tesla (TSLA) CEO Elon Musk filed in a New York court added seven new investors as plaintiffs, as well as six new defendants, accusing them of racketeering. 

The $258bn lawsuit was filed in June by investors who have lost money on the token, arguing that the defendants "profited tens of billions of dollars" while knowing that the value of dogecoin "depended solely on marketing". The dogecoin price skyrocketed by 1,234% from April 2021 to peak the following month.

What is dogecoin and what is the outlook for the price now? 

In this article, we look at the coin’s recent performance and provide a dogecoin forecast round-up.

Dogecoin – the original dog meme coin

The first of the dog-themed meme coins, DOGE was originally launched in 2013 by software engineers Billy Markus and Jackson Palmer, who worked at IBM (IBM) and Adobe (ADBE), respectively, as a satire on the proliferation of alternative coins (known as altcoins) attempting to ride on the success of bitcoin (BTC). The cryptocurrency tapped into the popular Doge meme featuring a Shiba Inu dog, using the dog as its logo.

Markus and Palmer based the dogecoin blockchain protocol on the open-source coding of the now-defunct luckycoin cryptocurrency. Luckycoin was a hard fork, or spin off, from the litecoin (LTC) cryptocurrency, which in turn was a hard fork from bitcoin. 

Although DOGE started as a joke, it soon gained popularity among crypto users, as its low value (it launched at $0.000232) made it convenient for small online transactions, like tipping content creators on social media platforms.

The dogecoin price took off in 2021 as cryptocurrency markets rallied, gaining popularity on social media and prompting the launch of other Shiba Inu dog-themed coins.

As the project took on a life of its own, building up a large community, Markus and Palmer left the project and there was no development on the protocol. Musk tapped into the social media hype around the coin, tweeting that it is “the people’s crypto”.

The Dogecoin Foundation was launched in 2014 to provide a governance and support framework for the project’s community development. The foundation was later dissolved, but it relaunched in 2021 as the coin attracted new investors and the price soared. According to the foundation’s website, it aims to provide:

  • “Support for the Dogecoin cryptocurrency through development and advocacy

  • Dogecoin trademark defence to prevent abuse and fraud

  • A roadmap and governance for the future of Dogecoin”

The Foundation is led by members of the original development team as well as advisors, core developer Max Keller, Ethereum (ETH) co-founder Vitalik Buterin and Jared Birchall representing Elon Musk.

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Dogecoin price fails to reach previous heights

The DOGE price is highly volatile, even in the context of cryptocurrency markets, as social media communities often drive large spikes in its value and subsequent crashes that generate mainstream media coverage.

DOGE price chart

Dogecoin price analysis shows that the coin was relatively stable from 2013 until the cryptocurrency markets took off in 2021. The DOGE price soared from $0.004681 at the start of 2021 to its all-time high of $0.7376 on 8 May 2021, a gain of more than 15,650%. It then quickly dropped in a “sell the news” response to Musk appearing on the Saturday Night Live TV show in the US. Musk referred to dogecoin as a “hustle”, having talked it up in previous weeks. 

DOGE was trading down around $0.30 by the end of May 2021, defying the most bullish dogecoin prediction for the price to exceed $1. It fell further to $0.1607 on 20 July, when cryptocurrency markets found a bottom. 

SHIB/USD

0.00 Price
+1.550% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 0.00000042

BTC/USD

18,947.85 Price
+0.140% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 60.00

ETH/USD

1,318.02 Price
+0.920% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 5.00

DOGE/USD

0.06 Price
+0.080% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 0.00096

A summer rally brought the price up to $0.351 on 16 August but it fell again to $0.1945 on 26 September. DOGE climbed to $0.2819 on 24 October, but turned bearish into 2022 along with the broader markets, remaining in a downward trend with lower highs and lower lows. 

DOGE started the year at $0.1705 and moved up to $0.2032 on 14 January, but then sold off to $0.1272 on 24 January. The coin rebounded to $0.1716 on 7 February, but was unable to hold at that level. DOGE dropped to $0.1107 on 13 March before making another attempt at the $0.17 level on 5 April. 

The price plummeted to $0.07004 on 12 May as cryptocurrency markets reacted to the collapse of the Terra Luna cryptocurrency and the US dollar reaching 20-year highs.

With bearish sentiment taking hold of crypto markets, DOGE traded down to $0.04972 on 18 June, its lowest level since early 2021. The coin traded in a $0.06-$0.07 range until a brief rally in meme stocks and coins driven by retail investors on social media brought the price up to $0.08864 on 16 August. But DOGE quickly dropped back to trade around $0.06 again.

What is the future of dogecoin?

Read on for the latest DOGE crypto price prediction compilation.

Dogecoin price prediction: Where to next?

Technical analysis from cryptocurrency data service CoinCodex showed that sentiment was bearish at the time of writing, with 0 out of 28 indicators showing buy signals. But CoinCodex’s dogecoin price prediction indicated that the coin could trade up to $0.064970 by 13 September and $0.087950 by 9 October.

Algorithm-based forecaster Wallet Investor was bearish in its DOGE coin price prediction at the time of writing (8 September), estimating that it could decline to $0.0295 by the end of 2022 and then drop to $0.00281 by the end of 2023. DOGE could edge up to $0.00390 by the end of 2025, but slide back to $0.00390 by September 2027.

The dogecoin price prediction for 2022 from DigitalCoin had the coin averaging $0.0789, rising to an average of $0.13 in 2023 and $0.25 in 2025, based on historical data. DigitalCoin’s dogecoin price prediction for 2030 had the price moving up to an average of $0.85.

Like DigitalCoin, Price Prediction estimated that the DOGE price could average $0.078 in 2022 and $0.11 in 2023. PricePrediction’s dogecoin price prediction for 2025 similarly projected that the coin could move up to $0.24, but the price could then climb to $1.86 in 2030, based on its deep artificial intelligence-assisted technical analysis.

Coin Price Forecast was far less bullish in its DOGE price prediction, estimating that dogecoin could rise from $0.0783 at the end of 2022 to $0.0993 at the end of 2025 and $0.1920 at the end of 2030.

When looking at any dogecoin price prediction to inform your trading, it’s important to keep in mind that cryptocurrency markets are extremely volatile, making it difficult for forecasters to come up with accurate predictions.

If you are considering investing in DOGE, we recommend that you always do your own research. Look at the latest market trends, dogecoin news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.

FAQs

Is dogecoin a good investment?

In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether the token is a suitable investment for you will depend on your risk tolerance and how much you intend to invest.

Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.

Will dogecoin go up or down?

The direction of the DOGE price could depend on cryptocurrency market trends, the adoption of the coin and its popularity among investors, among other factors. You should do your own research to come up with an informed view of where the coin could trade in the future.

Can doge hit $1?

At the time of writing, online cryptocurrency forecasters, like Wallet Investor and Digitalcoin, were divided in their predictions, with some projecting that the value of the coin could drop to $0.002, while other indicated that the price could move up to $1 over the long term. 

Analysts and algorithm-based forecasters can and do get their predictions wrong. Keep in mind that past performance is no guarantee of future returns. Always do your own research. And never invest what you cannot afford to lose.

Should I invest in dogecoin?

Whether DOGE is a suitable investment for you is a personal decision you should make based on your risk tolerance, investing strategy and portfolio composition, after researching the market to understand the latest trends, news and analysis.

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