Dogecoin is an open source blockchain that was launched as a simple joke with Shiba Inu’s face on the logo. The creators of the coin said that the coin is meant to be fun and nothing else. The coin was almost useless until Elon Musk started tweeting about it and declaring it was his favorite coin.
With the tweet the coin
had a new life and rose by more than 81,000%, but fame was momentary and the coin is now running at 5,900% more than its launch value.
However, it is very clear that the price of the coin is regulated largely by the informational influence of many wealthy investors like Elon Musk who can make the price rise and fall as they please.
Table of Contents:
Dogecoin performance in 2022
- Last 1 month: (+47.2%)
- YTD: (-49.9%)
Elon Musk’s acquisition of Twitter helped double the price of Dogecoin. This is in anticipation of the fact that DOGE will be used for payments on Twitter, given how big a Musk fan of Twitter is. However, the price of Dogecoin has collapsed once again due to the latest collapse of the cryptocurrency market.
Here are some facts about Dogecoin:
- Dogecoin was started as a joke coin when investing in Bitcoin was impossible for the main section of Crypto enthusiasts.
- Dogecoin was launched as a simple joke with Shiba Inu’s face on the logo. The creators of the coin said that the coin is meant to be fun and nothing else.
- soon attracted attention after big names like Elon Musk, Snoop Dogg, Lil Yachty, Kevin Jonas and Gene Simmons started voicing for Dogecoin.
- Foundation is responsible for supporting the development of the meme coin, Dogecoin.
- The foundation has announced the dogecoin “trail map” that features eight projects, including the launch of LibDogecoin and GigaWallet.
Dogecoin
Dogecoin
Elon Musk and Dogecoin updates
Tesla CEO Elon Musk recently acquired Twitter and shortly after the price of Dogecoin skyrocketed, but with the FTX fiasco, Dogecoin and the rest of the cryptocurrencies crashed. However, Elon Musk is very optimistic about the future of Dogecoin and Bitcoin.
Recently on his Twitter account Elon Musk when asked about the future of Bitcoin, he tweeted that Bitcoin will make it, but it will be a long winter.
For Dogecoin, Musk recently tweeted: “Doge on the moon.”
At one of his latest events on Twitter Space, Musk was asked about the future of cryptocurrencies. In his response, Musk said: “I think there is probably a future for Bitcoin, Ethereum and Doge. I can’t really talk to others. But if you have one of these three in a cold wallet and out of an exchange, I think my guess is that it works well. ”
Other updates on Dogecoin
Ethereum co-founder Vitalik Buterin donated 20 million Dogecoin (DOGE) to the Dogecoin community
Is Dogecoin a good investment? The formula of the 3-year cycle
This is how Dogecoin has behaved for the past 9 years
- 2013: $0.00042
- 2014: $0.00018
- 2015: $0.00015
- 2016: $0.00023
- 2017: $0.00780
- 2018: $0.00237
- 2019: $0.00206
- 2020: $0.00464
- 2021: $0.1713
- 2022: $0.1292
In the last 9 years, 4 years have been positive and 5 years have been negative. Overall, DOGE has increased 308-fold in the last 9 years.
- Between 2013 and 2017, Doge rose 19 times
- Between 2017 and 2022, Doge rose 17x
- Between 2013 and 2015, Doge lost 64% of its value
- Between 2017 and 2019, Doge lost 74% of its value
Performance 2022
Among cryptocurrencies with 1 billion or more market capitalization (excluding stablecoins), in 2022, Doge ranks 6th in terms of performance on 49 tokens.
In short, Dogecoin has a great performance track record but tends to deliver in 3-year cycles.
Which is better? Shiba Inu or Dogecoin?
Can Dogecoin reach $10?
To reach $
10, Dogecoin needs to reach a market capitalization of $1.32 trillion.
There are several ways Dogecoin could reach this level.
Looking at historical performance
- Assume a multiple of 15x in the next 5 years until 2027 (Past Track Record, Multiplet decreasing)
- Suppose a multiple of 10x between 2027 and 2032
Using this method, Doge could reach $10 by 2031.
However, liquidity conditions are unlikely to favour Doge again over the next 10 years. Therefore, assuming conservative growth of 25%, Dogecoin is likely to reach $10 by 2042.
Dogecoin will reach $10: things that need to be done to reach that level
- A massive increase in Dogecoin accepted as payment
- Significant increase in DApps on Dogecoin, both DeFi and NFT.
Will Dogecoin reach $1?
Assuming the same scenarios as above,
- Dogecoin could reach $1 between 2025 and 2027 (optimistic forecast)
- Dogecoin could reach $1 by 2032 (pessimistic forecast)
When will Dogecoin reach $5 and how?
Assuming the same scenarios as above,
- Dogecoin could reach $1 between 2027 and 2029 (optimistic forecast)
- Dogecoin could reach $1 by 2039 (pessimistic forecast)
Dogecoin Price Prediction 2023, 2025 and 2030
The Dogecoin 2023 forecast is $0.26.
Dogecoin forecast price 2025 is $0.34.
Dogecoin Price Prediction 2030 is $0.1.30
Dogecoin Price Prediction: Is Dogecoin Just a Meme Coin?
Dogecoin was started as a joke coin when investing in Bitcoin was impossible for the main section of Crypto enthusiasts. Dogecoin soon attracted attention after big names like Elon Musk, Snoop Dogg, Lil Yachty, Kevin Jonas and Gene Simmons started voicing for Dogecoin.
Gradually Dogecoin, which was started as a joke coin, became a mainstream currency with multiple projects developed on it.
Dogecoin
Foundation, which aims to support the development of meme coin, recently announced the dogecoin “trail map” that features eight projects, including the launch of LibDogecoin and GigaWallet. LibDogecoin is a clean C library of Dogecoin building blocks while GigaWallet is a company-ready Dogecoin service.
In addition to these projects, the Tesla CEO announced that buyers can use Dogecoin to purchase certain products. Apart from Bitcoin, Dogecoin has become the only cryptocurrency to be accepted by Tesla.
Dogecoin
will reach $ 5: how to buy Dogecoin?
Dogecoin can be brought from multiple sites, including online brokers and online exchange websites. However, before making the first exchange with Dogecoin you will have to follow some steps common to almost all cryptocurrency purchases. Here are the steps for “How to Buy Dogecoin”:
- Decide on a cryptocurrency exchange
- Create your account with Exchange
- Verify your identification
- Select a payment option and fund your wallet
- Make your purchase
- Keep your purchased Dogecoin
Dogecoin is available on Coinbase, eToro, Robinhood, Gemini, SoFi, Binance.US and Webull. Each platform has its own fee charged to make each transaction.
