Dogecoin has experienced high price volatility like any other cryptocurrency. "Hey guys I just became a Dogecoin millionaire," the user said, showing a balance of $1,081,441.29 in their account. Some argue that Dogecoin does not stack up when compared to tried and tested digital currencies like Bitcoin. Its Doge Time: Dogecoin Surges As Reddit Traders Push To Make It The Crypto GameStop (Forbes), Dogecoin Is SoaringNear 10 Cents For First Time (Forbes), I Am Become Meme, Destroyer Of Shorts: Dogecoin Soars Again As Elon Musk Returns From Self-Imposed Twitter Exile (Forbes), Dogecoin Skyrockets To All-Time Highs Reaching $52.2 Billion Market Cap As Robinhood App Reports Outage Issues Due To Heavy Cryptocurrency Trading (Forbes), This is a BETA experience. Dogecoin price predictions are heating up this week ahead of a huge weekend for the coin as well as a potentially huge weekend upcoming. Dogechain beginning the voting process for its coin burn fueled a bullish sentiment among DOGE holders. What do Dogecoin predictions indicate about the direction of the price from here? The floodgates truly opened for Doge when Elon Musk jumped aboard the hype train and riled his fans up into a frenzy after tweeting that "dogecoin might be my fav cryptocurrency." Use the training services of our company to understand the risks before you start operations. All Rights Reserved. How I became an overnight dogecoin millionaire, NFT trader destroyed a $129k CryptoPunk by mistakehow to avoid similar errors, Barbara Corcoran: Don't diversify your investments, How 'cash stuffing' can help you pay down debt and get spending on track, This 26-year-old is transforming a dinosaur industry one luxury watch at a time, Early retiree says reading these 8 books helped him save $1 million: I wasnt born into money, previously surpassed a value of $1 million, warn investors to be especially cautious when investing in dogecoin, lacks the scarcity and technological development. Investors can likely sit tight knowing that while there will be more, and others will come and go, DOGE will forever be the original.". You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved. The altcoin hit a record 69 cents Wednesday morning, flying past its previous high of 43 cents back in April. However, a major one is a seemingly ever-increasing positive cryptocurrency industry sentiment and, in turn, increasing prices of the coins themselves. As the world ambassador to Dogecoin (CCC:DOGE-USD), crypto investors are at the edge of their seats, anticipating a DOGE name-drop. According to DigitalCoinPrice's Dogecoin price estimate for 2030, the coin might hit $0.90 that year. Additionally, trading platforms eToro and Gemini listed the memecoin, drastically expanding its reach. At the time of writing, dogecoin was trading at around $0.53 a coina record high. ", But, Kimberley added, "when everyone is doing this, the bubble eventually has to burst and you're going to be left shortchanged if you don't get out in time. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Currently, it ranks 10th globally. All rights reserved. These public endorsements brought huge amounts of publicity to Dogecoin and gave it some much-needed validity, bringing in billions worth of new investments. Technologist and futurist from Thomson Reuters Joseph Raczynski concurs and expects Dogecoin to benefit from its first-mover advantage and hit 50 cents by the end of this year and reach $1 before the end of 2025. Visa has also published similar plans. Ford Motor (F) Gets a Buy from Morgan Stanley, Registration on or use of this site constitutes acceptance of our. The campaign managed to drive dogecoin's price up by 50 percent in 24 hours and 95 percent in one week. Mastercard and Visa are trying to streamline crypto payments on their networks. 84% of retail investor accounts lose money when trading CFDs with this provider. A Journey to new highs. While we cant predict dogecoins price with utmost certainty, it is prudent the most likely direction. Other adopters include Latvian airline airBaltic, electronics retailer Newegg, and luxury resort group the Kessler Collection. The cryptocurrency is based on the "Doge" meme, which rose to popularity in late 2013. The Dogecoin protocol is based on the now-defunct Luckycoin, which was a fork, or spinoff, from Litecoin (LTC). It started out as a joke. During the month, the price will hit a high of $0.0773880 and a low of $0.0526239. It has since found a growing community online. They can then use the stablecoin as collateral for decentralised finance (DeFi) products like loans. DOGE now has a market cap of $6.39bn, according to digitalcoinprice.com, ahead of altcoins like Uniswap, Aave, EOS and Monero. Dogecoin's skyrocketing price has led to worries of a potential bubble in the cryptocurrency market. Dogecoin is a cryptocurrency based on the "Doge" meme, which rose to popularity in late 2013. Plus500. But Dogecoin's tendency toward inflation ranks it among the best cryptocurrencies over the long term, Lian says. As the supply of Dogecoin is not capped, there are more than 128 billion coins in circulation and the low price has made the currency popular in social media communities for small transactions. Do Not Sell or Share My Personal Information. Capital Com SV Investments Limited, company Registration Number: 354252, registered address: 28 Octovriou 237, Lophitis Business Center II, 6th floor, 3035, Limassol, Cyprus. DOGE reached the one-cent mark briefly at the beginning of 2021 and then shot to five cents in February. As of around 2:50 p.m. EST on Tuesday, his dogecoin holdings were worth $700,217.09. In other words, its not just Dogecoin, its the entire crypto market. Dogecoin gained 50 per cent in the space of a few hours on February 4 to reach a price of $0.05. About two months later, on April 15, he said, hebecame a dogecoin millionaireon paper. Should it? If you rely on the information on this page then you do so entirely on your own risk. The year 2020 was good for cryptocurrencies. During a tumultuous year, the polarizing cryptocurrency has captured public attention right across the globe after posting incredible gains, acquiring various celebrity endorsements, and dominating crypto Twitter and several other internet sub-communities. ", Sign up now: Get smarter about your money and career with our weekly newsletter, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Even if DogeCoin was only briefly over 60 cents, it's still a new milestone in DogeCoin's miraculous 2021. However, its Dogecoin price prediction then puts the cryptocurrency at $0.0343 by the end of March, trending up to $0.0390 by the end of December 2021. For instance, Nigeria, the second-biggest bitcoin market in the world, has banned the use of cryptocurrencies. At the start of the year, ethereum was trading at just under $740. Delivered Wednesdays. Fast forward to August 2021, and you will have to fork out a hefty $0.35 for the very same coin . Doge Twitter is ablaze with hype ahead of the episode. It has since made its way down to around 55 cents. The co-founders are no longer directly involved in the DOGE cryptocurrency. However, financial experts are highlyskeptical of dogecoin, as well as other cryptocurrencies. The post Dogecoin Price Predictions: Can DOGE Hit 50 Cents After SNL Debut? In the span of a few months, Dogecoin went from being a joke to a 90 billion dollar digital asset at the height of its price and popularity. 86% of retail CFD accounts lose money, use up all its steam and fail out on #DogeDay, coins market capitalization surpassed $50 billion, cant seem to keep Dogecoin out of his mouth. Please refer to our Risk Disclosure Statement. Elon Musks series of tweets is one of the highest drivers of the dogecoin price increase. Dogecoin has attracted a following among users of Robinhood. Recent endorsement from high-profile individuals has swayed the joke cryptocurrency. If you're considering buying Dogecoin, read on to see what you can expect from your favorite meme coin for the latter part of 2021. Many aim or claim to have utility, or improve facets of the Ethereum blockchain, upon which most altcoins are built. Dogecoin is even more bizarre in that respect., Novogratz and other proponents of Bitcoin so-called Bitcoin Maximalists who believe that the Bitcoin network will provide everything that investors want in a digital currency in the future also point to its inherent scarcity as a characteristic supporting its value. Sign up for a daily update delivered to your inbox. ", "This is doubly the case in the crypto markets where a small group of players often hold a huge chunk of the total number of 'coins' in circulation. There are many others, and they're preposterous. So it arguably isnt in the same league as Bitcoin, and is, in turn (according to some) not a wise long-term investment. Musk cant seem to keep Dogecoin out of his mouth, and the altcoins investors love it. In the shorter term as long as Elon is still the Dogecoin, we will still see more rallies before the year ends as he lays out plans for Twitter, Lian adds. Top 5 Best Cloud-native Disaster Recovery Solutions in 2023, AI to Take Center Stage in 2024 Election; Experts Warn of the Tech's Effect on Voters, China's Algorithm-Based Tech Could Evade US Hypersonic Defenses! Anndy Lian, book Author of "NFT: From Zero to Hero" tells Benzinga that Dogecoins price action has a history and is closely linked to Musk. While the price is currently in a downtrend, it is prudent to wait and see how the price will behave around this point. Gene Simmons also recently revealed that he owns DOGE while snoop posted an altered album, Snoop Doge. The one-time joke cryptocurrency, which was inspired by a viral image of a Shiba Inu dog, has proven to be immensely popular among at-home traders, many using Reddit forums to inform their trading. Blockchain.com Needs Cash As Valuation Plunges 70%: Will VCs Back The Struggling Startup? But remember, the cryptocurrency industry is still young and volatile, and due to Dogecoin having a weak use case and no supply cap, while the numbers may be looking good now, it could easily go the other way. Do you think #Dogecoin will reach 50 cents before May 10th ? The billionaire has called dogecoin his "fav" cryptocurrency and "the people's crypto." Investors who bought in will have ended up nursing some nasty losses. Between his savings and borrowed funds, Contessoto said, he invested over $250,000 in dogecoin on Feb. 5 when it was priced at . Joseph Raczynski of Thomson Reuters expects Dogecoin to benefit from its first-mover advantage and hit 50 cents by the end of this year and reach $1 before the end of 2025. In the first two months, the price of Dogecoin and other cryptocurrencies like bitcoin has proliferated. pCloud Pass: the New Top-Notch Security Password Manager for All Logins [Review]. All jokes aside, Doge's crypto community acts as a central pillar to its success, and if it is to make it to $1 before the year is out, it will need all of its unsung community heroes to do their part online. It is now being accepted by some online stores for payment and Dogecoin investment is forming part of diversified cryptocurrency portfolios. Moreover, I think Dogecoin's inflationary is an advantage. At the time, the cryptocurrency was at $0.0023. To be precise, it has leaped about 774 percent year to date against the US dollar. Dogecoin will reach $0.0613386 at the end of the month. The current circulating supply is 139,146,956,383.705 DOGE. Has all the attention got you wondering Should I invest in Dogecoin for outsized portfolio returns? The most popular U.S. virtual currency exchange went public on Wednesday, briefly hitting a $100 billion market cap in a landmark moment for cryptocurrencies. The bullish movement of the dogecoin will continue through April. And now, defying all odds, dogecoin has a total market value of more than $40 billion, according to crypto market data site CoinGecko, adding over $20 billion in the last 24 hours. Joseph Raczynski of Thomson Reuters expects Dogecoin to benefit from its first-mover advantage and hit 50 cents by the end of this year and reach $1 before the end of 2025. In fact, it has hit an all-time high within the first two months of 2021. Nonetheless, Contessoto's plan remains the same: "Once I hit $10 million, then I'll take out 10%. What do you need to know about the altcoin before you decide whether to add it to your portfolio? Do Not Sell My Personal Data/Privacy Policy. I would have been okay with losing the $50.00 (I half expected to), which meant I was pleasantly surprised when I made a small profit. All rights reserved. In just the past hour, the price grew by 0.32%. This Section / Page contains links to the 3rd party websites of our top partners from whom we may receive compensation. However, we cant be ruled out a full reversal. Dogecoin Price Predictions: Can DOGE Hit 50 Cents After SNL Debut? Dogecoin trading is also available on the Binance, Bitfinex and OKEx crypto exchanges. Eventually, penetrate the current all-time in February 2022 to sell at a high of $0.0826640. These are like the penny stocks of the cryptocurrency world. Fast forward to August 2021, and you will have to fork out a hefty $0.35 for the very same coin, where it is now ranked as the 7th most popular cryptocurrency in the world (by market cap). It's been fairly off the radar since then. The meme coinDogecoinDOGE/USD is expected to appreciate considerably this year and even more further into the future according to research conducted by United Kingdom financial analysis service Finder. To answer the question at hand, one could look at the coin using the more traditional factors usually considered when evaluating the strength of a digital currency offering, factors like blockchain protocols, use case, price action, circulating supply, and strength of the development team. Then there was April 20 (aka, 4/20, National Marijuana/Weed Day) which this year an army of Dogecoin advocates on social media declared as Doge Day. The idea was that by using hashtags like #DogeArmy, #DogeDay420, and #Doge420, they could help propel the value of the coin upward towards the lofty goal of $1 per coin. Bitcoin Whitepaper Disappears on macOS, Coinbase Sues SEC, Siri is Getting Boring? In February, after Musk tweeted Doge and Dogecoin is the peoples crypto, we saw a 50 percent surge in price. Since then the crypto markets experienced a heavy crash on May 19, most coins went down by about 50 per cent, including . If you look into Reddit, Facebook, Twitter, and other social networks, you will see that Doge has the second-largest followings after Bitcoin. In early February, enticed by a friend who is an avid Redditor, I put $50.00 into the coin on Robinhood when it was at about $0.03 and was able to double my money by selling a week later at $0.07. On that note, Dogecoin will likely continue to mimic Bitcoin's performance for the foreseeable future (as does almost every other altcoin). Dogecoin has been climbing again in the past week, hitting 10 cents a coin for the first time on Wednesday. Cryptocurrency markets are prone to rapid, sharp price changes, so if you decide to open a position in Dogecoin, you should be prepared for the high volatility in the price along the way even if the long-term outlook is bullish. If the celebrities continue this infatuation of dogecoin, then its price will continue to increase. The value of Dogecoin has soared by 774 per cent against the US dollar in the year to date. Dogecoin hit its maximum price a few days ago, reaching a high price of 73 cents. Dogecoin started out as a joke. Dogecoin price is expected to be bullish all through up to 2025. For one, there's the Coinbase listing. Glauber Contessoto, 33, invested over $250,000 in dogecoin in February. Dogecoin spent the last 24 hours in a booming state. One phenomenon seen over the years is the correlation between how much a coin is talked about, whether that be measured by mentions on social media or trends on Google, and its price. Despite this, enthusiasm is high amongst some in the crypto community who continue to hodl (a deliberate misspelling of hold that refers to buy-and-hold strategies in the context of cryptocurrencies) the joke coin and perhaps theres good reason. 2023 Tech Times LLC. Daniel Van Boom is an award-winning Senior Writer based in Sydney, Australia. The minimum is forecast to be $0.0521378. At least a third say each of these were major reasons why they left. Sign up for our free newsletter for the Latest coverage! If you're familiar with cryptocurrency, you know Bitcoin and maybe Ethereum. The meme portrays a Shiba Inu dog alongside nonsensical phrases in multicolored, Comic Sans-font text. Dogecoin will reach $0.1096323 on the higher side and $0.0745500 on the lower side at the close of the year. Popular memecoin Dogecoin DOGE/USD has rallied by a staggering 56% over the past 24 hours and has more than doubled its price in the last week, amid Tesla chief Elon Musks acquisition of social networking giant Twitter. Fords (NYSE:F) EV Ambitions: Time to Invest or Wait? But to answer the question more aptly, we need to dive into a few specifics to see whether or not it's a viable target or just another crypto pipedream that will never come to fruition. Now, with dogecoin trading around 17 cents, he continues to buy the dip. Dogecoin sub-Reddit has more than 2.2 million subscribers. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Though he isn't a financial expert, he's optimistic that dogecoin has already hit bottom. dogecoin guru (@doge_coin_guru) May 2, 2021 This user , for example, is one of many bullish Dogecoin fans who believe the asset will reach the 50-cent mark before the next weekend is out. We want to hear from you. While Im not offering financial advice here, all things considered, the short answer is probably, yes. Positive, growing sentiment surrounding the cryptocurrency industry as a whole (in just the past few weeks, DOGE, BTC, and ETH all hit all-time highs), a community of passionate Dogecoin supporters, and plugs from tastemakers like Elon Musk all could drive the price up higher. It gained over 43% and has found its footing once again near the 40-cent mark. Very few people actually "use" the currency for much of anything, which means that the coin's valuation is solely dependent on the market and public sentiment. Its popularity on social media makes Dogecoin prone to wild price swings, with various attempts by users on TikTok and Reddit to collectively drive up the price causing the market to spike. A break to the downside could slump to a $0.045 zone. 5,000 percent since the start of the year, skeptical of the cryptocurrencys massive rally. Since the coin is typically associated with speculation and hype, whether or not it makes it to $1 depends on a number of factors, such as: One of the key strengths of Dogecoin is its die-hard (almost cult-like) community. Here's What Simulation Reveals, New Balloon Flying Over Hawaii Under Investigation from the US Military, Unknown if it is from China, Tentative Exynos 2500 Specs Spotted Online: Leaks Show 10-Core CPU Performance, CryptoWatch: is Cryptocurrency Dead in the US? The bullish movement is expected to continue throughout the year. Here's How to Change the AI Asssistant's Voice in Your Apple Devices. Analysts at Arcane Research said in a recent note: Bitcoins sideways price action is giving room for altcoins to thrive. In January 2021, the volume on decentralised exchanges surpassed its previous all-time high reached in September 2020. The massive support from Teslas Elon Musk and other celebrities could boost investors confidence. Contessoto himself also tells his followers not to invest more than they could afford to lose. Some bitcoin investors, for instance, have sounded the alarm about Musk's dogecoin tweets. On April 20, Mike Novogratz, founder, and CEO of crypto-focused investment firm Galaxy Digital went on CNBCs Squawk Box, explained how Bitcoin is a well-thought-out, well-distributed store of value thats lasted for 12 years and is growing in adoption. Another factor that Novogratz believes will positively impact Bitcoin's price and usage is that tens of billions of dollars'' of capital expenditures and operating expenses are put into the Bitcoin ecosystem every year. 2023 BDG Media, Inc. All rights reserved. The cryptocurrency is likely to reach a minimum price of $0.0640377 and $0.0941731 on the upper side. It's risen by a whopping 400% in the last seven days. Dogecoins market cap of $69 billion places it as the fourth most valuable cryptocurrency, behind bitcoin, ethereum and Binance Coin. In eliminating three zeroes, one of the most-popular digital currencies on the planet gained more than 37,000%. Even in May, when the value of his holdings surpassed $2 million, he still didn't budge. Also, Dogecoin has strong community support. At the time Wallace joined the show, Dogecoin was trading around 50 cents. This article will explain why it will get to $0.50/per coin within 2022. Those are the two biggest cryptocurrencies, but underneath them is an entire market of smaller ones called "altcoins" -- or, sometimes, "shitcoins." Roughly half say child care issues were a reason they quit a job (48% . Nic Carter, co-founder of Castle Island Ventures, warned retail investors "are going to lose money on dogecoin," calling it a "vehicle for speculation.". rally? The size of the potential loss is limited to the funds held by us for and on your behalf, in relation to your trading account. The dogecoin price has climbed almost 400% this week alone and is now hovering around 30 cents per . Towards the end of the year, the minimum price will increase to 0.846257. Even though $1 is as arbitrary a number as any other, investors tend to look at these round numbers as key milestones/psychological price points that hold a certain level of significance. https://t.co/adhugIHVGR. Elon Musks tweets and enthusiastic posts by Reddit users are not the only drivers for the Dogecoin rally. But there are some: one advocate and enthusiast is entrepreneur and investor Mark Cuban, who announced in March that his team, the Dallas Mavericks, would begin to accept the coin as a form of payment. "It has no intrinsic value and it could just as easily come crashing down in price as continue to go up. Apparently, the coin started a joke, or rather to satirize the proliferating dubious crypto coins. Since then, Dogecoin has dropped and been turbulent. Dogecoin spiked 400% in a week, fueling fears of a cryptocurrency bubble, Why investors may want to take dogecoin seriously, began rising in tandem with other popular digital currencies, posted a picture of their dogecoin holdings, buying $1.5 billion worth of the cryptocurrency, already view bitcoin as a speculative bubble. Dogecoin soared up by more than 60 percent in less than 24 hours and experienced a 1,421 percent increase in trading volume according to crypto data firm CoinMarketCap on January 28, 2021. For instance, Elon Musks tweets have significantly affected the price of dogecoin. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. Whats more, Payments giants MasterCard is set to unveil a platform that will allow merchants to receive cryptocurrency payments. Just one look at Doge's graph will remind you of your favorite rollercoaster when you were a child, except this ride is certainly not for the faint of heart. The popular coin briefly dropped below 30 cents on May 23, before . These factors are making investors awfully excited about the future of Dogecoin. Dogecoin, worth around 7 cents today, would still have to more than double in value relative to . On January 13, three exchanges added support for DOGE: Huobi Futures for margin swaps, FTX for spot and futures trading and WazirX for spot trading. He has made several tweets about dogecoin, which in turn has helped push up its price. Benzinga does not provide investment advice. Their extreme volatility is one reason experts say that crypto is a risky, speculative investment. Dogecoin's price tends to be gripped by dizzying highs and crashing lows. Since then, Contessoto hasrefused to sell, despite dogecoin'sups and downs. That means it only takes one person to dump all their holdings for the entire market to tank.". Before we get started, we need to discuss the elephant in the room, Dogecoin's volatility. The price could retest this high, which would then become our support. Bitcoins supply is limited to 21 million coins, there being around 18.69 million currently in circulation. Dogecoin's skyrocketing price has led to worries of a potential bubble in the cryptocurrency market. 2023 CNBC LLC. Dogecoin started 2021 on a bullish note, doubling on January 2 from $0.005405 to $0.011427, and was trading at $0.007432 on January 27, before the most recent rally took it to an all-time high of $0.07818. A day after the first spike in January 2021, DOGE crashed as low as $0.0228 - wiping more than two-thirds off its value. In fact, the "shiba inu" inspired coin hit all-time highs in May 2021, reaching an astonishing $0.7376 during an incredible bull run, which was somewhat catalyzed by none other than Elon Musk himself. The coin hit 16 cents Tuesday morning before inching up to 17 cents. After starting the year at $0.0056, the coin quickly rose to $0.07 in February, $0.40 in April, and $0.73 in May, only for it to crash and lose 75% of its value in the space of a few weeks. At this rate, explains Reddit user EthereumDream, miners add more than 5 billion coins per year. It has since made its way down to around 55 cents. As the cryptocurrency industry continues to gain more exposure, many top currencies such as Bitcoin and Etherum are becoming normalized in our society, with more people turning to them for money transfers, building dapps, and storing value. But earlier this year, dogecoinskyrocketedon the back of enthusiasm from a Reddit group called SatoshiStreetBets. But Dogecoin is unique, and being in a category all on its own, a more all-encompassing assessment requires one to look at other less-traditional influencing factors. Time to get your crystal ball out! It's complicated. You Might Have To Take A Test To Trade In This Country, Do Not Sell My Personal Data/Privacy Policy.
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