This Article does not provide financial advice. No one can predict future with absolute certainty.
The Dogecoin, which started as a joke in 2013, remains the biggest joke of the century, gaining more than 14000% when it rose to an all-time high of $0.695 on May 5, 2021. Will it get to the moon before the end of 2021?
Dogecoin started as a meme cryptocurrency when Jackson Palmer, a programmer at Adobe, and Billy Markus, programmer at IBM, decided to take their joke to the next level by creating a coin with Shiba Inu (a Japanese hunting dog commonly praised for its intelligence and wits) as its brand logo. The joke coin metamorphosed into something real when it experienced its first price surge to
$0.00095, gaining almost 300% on December 19, 2013.
Dogecoin received enormous popularity and an astronomical price surge in January when Elon Musk tweeted about Dogecoin as ‘the peoples’ coin, causing it to gain over 800% with a new all-time high at $0.08 in February 2021. On April 14, 2021 Dogecoin price hit a new all-time high at $0.10 after it announced its listing on Coinbase. On April 16, Dogecoin broke its recent all-time high at $0.45.
Presently, the Dogecoin value is fluctuating between $0.48 and $0.65. Here is a coin with a Japanese dog head as logo, no whitepaper, no staff on its payroll, no fundamentals, yet it has managed to hit a market cap of $90 billion and appreciated by 14000% from inception to date, making millionaires of the least expected crop of people. Isn’t Dogecoin the biggest joke of the century?
The first quarter of 2021 saw Dogecoin rising to popularity and recording an all-time high of $0.65 in April, all thanks to a strong Dogecoin community on Reddit, which includes the likes of Elon Musk, Gene Simmons, Mark Cuban, and Snoop ‘Dogg.’
The second-quarter of 2021, saw Dogecoin retracing to $0.45 primarily due to market movement. According to Sam Onigbanjo, Capital Markets Academy Founding Partner, Dogecoin is expected to bounce back, rising to $1 by the end of July.
Based on our analysis, Dogecoin will continue to experience upsurge and minor retracements as it continues to receive massive support and hype from
Elon Musk and the rest of the Dogecoin community.
Relying on the data obtained from our Q2 & Q3 Dogecoin price analysis, Dogecoin will continue its strong uptrend into Q4, hitting a new ATH of $1.2, but it may likely suffer steep regression according to Mike Novogratz. He cited the lack of use cases and infrastructure as the reasons for Dogecoin’s weak appeal.
Dogecoin Price Prediction For 2022, 2023, & 2024
Based on Dogecoin’s performance in 2021, we may likely see Dogecoin
entering 2022 with a strong bullish trend, selling at $1.050 in 2022 before
experiencing a freefall as it enters into crypto winter which can likely be
triggered by overbuys and massive dumping by investors and whalers, unfavorable government policies, etc.
Based on future forecasts by TradingBeasts, Dogecoin in 2023 will likely fall to $0.6 – $0.7, but at the start of 2024, the cryptocurrency market will likely begin to experience a new frenzy as retailers and investors start to ‘buy the dip,’ which marks the end of the Crypto winter.
Hopefully, Dogecoin will likely experience a renewed drive towards its $1 mark if Elon Musk continues his massive support for the leading cryptocurrency meme.
Charting Dogecoin’s growth as it produces candlestick patterns, we see the patterns forming an inverted triangle. A price breakout at the resistant level will see Dogecoin skyrocketing to a new resistant Level at $1.0. A break at the support level could see Dogecoin spiraling down to a new support level at $0.25, which is not likely to happen in 2021.
Although Dogecoin’s Technical analysis shows a strong bullish trend, some fundamental factors will continue to give Dogecoin a Bullish drive. Such key fundamentals include:
● Continuous Dogecoin hype and tweet from Elon Musk. Elon Musk’s recent tweet on May 12 says Tesla will no longer accept Bitcoin as a means of payment due to Bitcoin contributing massively to greenhouse gas emissions as it relies on powerful mining hardware for transaction confirmations. This statement might be targeted at promoting Dogecoin as an alternative payment method over Bitcoin.
● Recently, Snoop ‘Doge’ tweeted a picture of his newly released album cover with the picture of Doge replacing his image on the album. Also, Gene Simmons tweeted about hodling Dogecoin, thereby sending his followers to Dogecoin frenzy.
● Dogecoin gets free adverts from YouTubers who publicly endorsed Dogecoin as the coin of the future. Hence Dogecoin might be the most popular cryptocurrency after Bitcoin.
● Strong community support for the Dogecoin project. Dogecoin has one of the largest cryptocurrency communities on Reddit, giving the joke coin massive promotions and support. With continued support, Dogecoin might finally land on the moon.
● Continuous availability of amusing memes from Dogecoin. I couldn’t stop laughing at the endless availability of Dogecoin memes, even from the Reddit community. This meme continues to create awareness for Dogecoin as the potential coin of the future.
● Changes in government policies: Government support for cryptocurrency projects will likely create more awareness as people frantically scramble for less valuable coins like Dogecoin with the potentials of making them future millionaires.
Dogecoin is expected to continue experiencing a growth surge for the rest of 2021, making it a good investment. However, there are no certainties in the cryptomarket as it continues to experience unforeseen changes. Hence, you should invest wisely in cryptocurrencies only with an amount you can afford to lose.