Dogecoin (DOGE) once surpassed the market capitalization of Ripple (XRP) when Donald Trump was elected president. The coin price rose by double digits in just a few days.
If there is a businessman who is benefiting the most from this US presidential election, it is Tesla CEO Elon Musk. As a result, Tesla’s stock price exceeded $300 for the first time since September 2022. In addition, a coin that is receiving attention is Dogecoin. During his presidential campaign, Elon Musk publicly posted on X that he wanted to work for the Department of Government Efficiency (DOGE).
So, will the price of Dogecoin, the king of memecoins, rise in this cycle as well? Or will it give up its throne to artificial intelligence (AI) coins or real asset tokens (RWA)? In this article, BeInCrypto predicts the short- and long-term price of Dogecoin. Please keep this in mind when investing, and be sure to conduct additional research when investing directly.
Dogecoin (DOGE) Price Prediction / 2024-2035
The following is the Dogecoin price predicted by BeInCrypto for May 2024. As of November 8, 2024, Dogecoin is trading at $0.204. The price has already greatly exceeded the price expected in the middle of this year. Dogecoin is already moving toward its highest expected price next year. Please compare it with your predictions.
These numbers are not random. Through technical analysis, we analyzed the potential price level of Dogecoin until 2035.
Dogecoin Technical Analysis: Historical Points Since 2014
Before predicting the future of Dogecoin price, it is best to go back to 2014 when the coin was new. On August 10, 2014, Dogecoin (DOGE) to $0.00007 I hit my lowest point. A sharp rise followed over the next few days.
A long, steady decline continued until mid-2015. Prices continued to rise gradually until January 30, 2017, when the upward trend accelerated.
After experiencing a decline in mid-2017, Dogecoin began a rapid price rise again. On January 7, 2018, Dogecoin/USD hit an all-time high.
Since then, prices have trended downward despite several spikes.
Dogecoin price trend / Source: Trading View
The spike occurred in early April 2019. There were several significant upward trends between 2014 and 2019. This was followed by a significant downward trend in each case. These upward trends can vary in the degree of volatility and the duration of their occurrence.
Calculations from 2014 to 2019
Below is BeInCrypto’s analysis:.
Price forms a swing low. After a short period of time, the price rises sharply. This is followed by a slow decline. The decline ends when the price reaches its original low point. After that, a long upward trend begins.
The cycle exhibiting these characteristics was as follows:
However, our 2019 analysis focused on two things:.
- We have defined a pattern that we believe is currently developing.
- Patterns were applied to test future price levels.
However, Elon Musk’s intervention in 2020-21 shifted the focus of the pricing model to a more optimistic outlook. We will discuss this again later.
From 2014 to 2019, DOGE’s community strength was unrivaled, which led to massive price surges.
Right? For meme coins, community is key.
Dogecoin (DOGE) Short-Term Analysis for 2024
This year, the entire cryptocurrency market could be in a bull market due to the impact of the Bitcoin halving. Because of this, the price of Dogecoin, one of the leading meme coins, may also surge.
First, according to data from IntotheBlock, as of November 1, Dogecoin whale activity has increased by 15% over the past 30 days. This is often interpreted as a sign of rising coin prices and means that confidence in the asset is rising. In the table below, the blue line is the net inflow of funds into Dogecoin.
In addition to Dogecoin whale activity, short-term holders are also fueling Dogecoin’s rally. According to IntotheBlock, Dogecoin short-term holders who have held the coin for less than 30 days have increased their average holding period by 39% in the past month. This means that investors have decided to hold Dogecoin for a longer period of time.
Dogecoin was traded at about $0.17 on November 1. The resistance level at that time was $0.18. However, as the likelihood of President Trump and Kamala Harris winning increased, adjustments to Trump trading occurred. At this time, it fell to $0.15.
However, during the U.S. presidential election counting process, as Donald Trump’s victory was revealed, it surpassed $0.2 on November 7. At this time, it touched $0.22, the high point formed at the end of March, and is now being adjusted again.
With the Bitcoin price already breaking through its previous highs every day, Dogecoin’s next resistance level appears to be $0.22. If it can withstand this price and receive additional liquidity, it appears that it will be possible to challenge $0.3 or higher by the end of this year or early next year.
However, when the price of Dogecoin surges, it shows a very steep rise in almost a month, so it is not easy to capture the momentum.
Dogecoin (DOGE) Price Prediction 2025
view: very bullish
If Dogecoin peaks at $0.22 by the end of the year, we can expect some correction through 2025. average expected decline -68.81% According to the decline, $0.056 It will be close to the level. This is consistent with the current support level where DOGE is expected to remain stable.
If a bear market is removed from this level, the average 690.93% of You can expect prices to rise. Additionally, additional use cases for DOGE may arise during this time following Elon Musk’s moves. There is also a possibility that Tesla will actively utilize Dogecoin. So the 2025 high point is $0.445 It can be expected that this will happen.
Projected ROI at current levels: 466%
Dogecoin (DOGE) Price Prediction 2026
view: very bullish
According to price projections until 2025, Dogecoin can be expected to hit a low of $0.138 in 2026, down 68.81%. And the 2026 high may not be as aggressive as 2025 given market saturation and an extended sell-off. Therefore, a more conservative increase estimate for 2026 is 227.09%, which roughly translates to $0.454 at the end of 2026.
Expected ROI at current levels: 200%
Dogecoin (DOGE) Price Prediction 2027
view rising
Assuming 2026 levels are maintained, 2027 could be the start of a bearish cycle, and meme coins like DOGE may not register a 100% rally.
If you look at the 2030 price forecast chart, you can see that the Doji price could move above or below the midpoint of the estimate. Assuming 30% is the standard surge for meme coins, the highest price prediction for DOGE in 2027 is $0.578 It can be.
Projected ROI at current levels: 285%
Dogecoin (DOGE) Price Prediction 2028
view: very bullish
Our analysis shows that through mid-2028, forecast metrics are expected to depend on DOGE adoption and network growth. Additionally, memecoins tend to be silent for a year and then explode. With this in mind, DOGE could rise by as much as 75% in 2028 compared to 2027, the lowest surge level in Table 1.
Therefore, the price prediction for Dogecoin in 2028 is $0.979.
Projected ROI at current levels: 552%
Dogecoin (DOGE) Price Prediction for 2029
view: very optimistic
Dogecoin’s first challenge in 2029 is Whether it reaches 1 dollar It will be. If this important psychological level is breached in 2029, Dogecoin price could hit a new all-time high. According to the analysis 70% to 75% of A further surge can also be expected. You should also observe how Dogecoin is used in real life afterwards. This happens when a coin or project matures.
Based on this hypothesis, if the network health is maintained, DOGE may exceed $1.50 in 2029. The highest price we predict is It’s $1.66.
Expected ROI at current levels: 1000%
Dogecoin (DOGE) 2030 price prediction
view stress
Considering the expected 2029 low and 2026 high as the swing low and swing high, DOGE will reach $2.81 You can expect it to be level. Even without using estimates, considering the projected high of $1.66 in 2029, 2030 The value of DOGE is $2.50 This will be more than .
Expected ROI at current levels: 3470%
Dogecoin’s Historical Performance: Key Milestones
Dogecoin has had a roller coaster journey since its launch in 2013. Understanding Dogecoin’s past performance allows you to make some informed price predictions.
Early and Early Popularity (2013-2017)
Dogecoin was created for fun by software engineers Billy Marcus and Jackson Palmer, inspired by the popular Doge meme at the time. Nonetheless, Dogecoin has grown rapidly within the cryptocurrency industry thanks to its passionate community. One of the early milestones was the 2014 Winter Olympics. At this time, the Dogecoin community raised more than $25,000 to send the Jamaican bobsled team to the Olympics.
During this period, the value of Dogecoin remained relatively low, usually trading for a few cents. However, thanks to high supply and active community support, Dogecoin maintained its value.
Popularity trends and key price milestones (2018-2020)
Dogecoin received a lot of attention during the cryptocurrency market boom in 2018. Despite the subsequent market downturn, Dogecoin maintained a strong following. In 2019, Dogecoin’s awareness and trust rose significantly when Tesla and SpaceX CEO Elon Musk tweeted that Dogecoin was his favorite cryptocurrency.
In July 2020, there was a viral TikTok challenge encouraging users to buy Dogecoin in order to raise its price to $1. This campaign caused the price to skyrocket in a short period of time, demonstrating how powerful social media influence can be on the future price of Dogecoin.
Elon Musk Effect and Market Explosion (2021-2022)
The most notable period in Dogecoin history was early 2021. Elon Musk’s tweets and support, including calling Dogecoin the ‘public cryptocurrency’ and appearing on Saturday Night Live, played a pivotal role in taking Dogecoin to a new level. In May 2021, Dogecoin hit an all-time high of around $0.74, driven by Musk’s influence and interest from retail investors.
However, this peak was followed by considerable volatility. Despite dramatic rises and falls, Dogecoin continued to maintain significant market presence.
Dogecoin fundamental analysis
There are two main ways to value assets.
- The use value is It is based on what the asset can be used for.
- exchange value is Essentially, it is the price at which an asset can be bought or sold at a specific point in time.
In 2024, Dogecoin has been around for over a decade and remains a popular cryptocurrency despite its relatively low price per coin. These assets can remain relevant because they can demonstrate competitive advantages in each of the following valuation categories:
Proven Usability
Most cryptocurrencies have the same use value as currency. That is, it is designed to be used for exchange in peer-to-peer transactions.
There are several types of P2P transactions, one of which is tipping. Originally, Dogecoin was used as a form of digital currency specialized for online tipping due to its fast confirmation times and low transaction fees.
Another similar use is fundraising events, where communities of individuals come together to donate money for a common cause.
The ‘Dogesled’ fundraising event to send the Jamaican bobsled team to the 2014 Sochi Olympics in Russia has concluded successfully. Over $50,000 worth of Dogecoin was raised and successfully converted to fiat currency. Other fundraising events followed.
This first fundraiser was very important. It showed that the so-called ‘prank internet currency’ can be used in real life. Because. Additionally, Dogesled allowed Dogecoin to demonstrate utility in the early days of the cryptocurrency.
In particular, in the 2024 US presidential election, President Donald Trump’s campaign received donations from Dogecoin, Bitcoin, Ethereum, Solana, and Ripple.
Low price, high exchange value
In 2024, Dogecoin is trading around $0.20. This low value may mean it has low exchange value. However, the exchange value of a cryptocurrency is not determined solely by the conversion rate to fiat currency such as the dollar.
The exchange value of a currency is determined by a variety of factors, including:
- Ease of exchanging for that currency
- Versatility of currency
- resistance to inflation
- Integration into the microeconomy
Considering these metrics, Dogecoin has consistently shown a high exchange value since its creation. As previously mentioned, Dogecoin has been used for fundraising and tipping on various social media platforms and in a variety of industries including retail, e-commerce, pornography, and gambling.
Here are some fundamental aspects that influence Doji price movements:
regulatory changes
Regulatory changes are one of the most important factors affecting Dogecoin price. Governments and financial authorities around the world are increasingly focusing on cryptocurrency markets, enforcing regulations to ensure investor protection and market stability. For example, recent regulatory frameworks in the US and Europe aim to standardize cryptocurrency transactions and enforce anti-money laundering (AML) laws. Depending on their nature and implementation, these regulations may enhance investor confidence or create uncertainty.
market sentiment
Market sentiment plays a pivotal role in Dogecoin market analysis. Public perception, social media trends, and influential endorsements can cause rapid price movements. For example, tweets from public figures like Elon Musk have historically caused significant price spikes. In May 2024, interest in Dogecoin increased after Musk announced that he would be integrating Dogecoin payments into his services, influencing our 2024 Dogecoin price prediction.
Broad cryptocurrency market trends
General trends in the broader cryptocurrency market also influence Dogecoin prices. When Bitcoin and Ethereum set the market tone, Dogecoin often follows suit. In 2024, the market showed strength due to increased institutional investment and widespread adoption of blockchain technology. This positive market environment has contributed to the rise in Dogecoin forecasts for 2025.
Dogecoin Inflation
In most cases, the tokenomics of all cryptocurrencies are closely correlated with price movements. The same goes for Dogecoin.
Because there is an infinite supply of coins to mine, Dogecoin resistance to inflation It shows. Also, looking at annual inflation, Dogecoin to 3.47% It is at a similar level to other meme coins.
Conversely, Bitcoin has a limited supply of coins.. Once all Bitcoins are mined, demand for the cryptocurrency may exceed supply.
While this may be beneficial for investors, it hinders the use of Bitcoin as a real currency by those who do not have the money to purchase it. If Bitcoin demand reaches a certain threshold, even satoshis may become an impractical medium of exchange.
This means that Bitcoin, worth tens or hundreds of thousands of dollars, may become too expensive to use for anything other than investing. However, the supply of Dogecoin may continue to grow to the point where it exceeds demand. This can keep prices low even as market capitalization increases.
In the long term, the limited supply of this very expensive asset may hinder Bitcoin’s adoption. However, Dogecoin may be better positioned for long-term adoption with its infinite supply and relatively low price.
Bitcoin can be used as an investment tool within the micro-economy of investors, while Dogecoin can be integrated into a variety of continuously expanding micro-economy networks.
in short, Dogecoin has a number of fundamental advantages over its competitors. This does not mean that higher prices are guaranteed, but it does suggest that Dogecoin is likely to be adopted by various sectors of society in the long term.
Lastly, the association between Tesla CEO Elon Musk and Dogecoin clearly served as a factor in raising the price.
Latest development status as of November 2024
There are several notable changes in the Dogecoin ecosystem in 2024.
- Integration with major platforms: Dogecoin has been integrated into mainstream financial platforms, including PayPal and Robinhood, making it easier for users to access and transact. This integration is expected to drive greater adoption and influence the Dogecoin price outlook for 2030.
- Elon Musk’s Lasting Influence: Elon Musk continues to have a significant influence on Dogecoin’s market dynamics. His recent announcement that Dogecoin could be adopted for SpaceX products and potentially Tesla’s products set a bullish tone and influenced DOGE forecasts.
- Increasing adoption in e-commerce: More online retailers and e-commerce platforms are starting to accept Dogecoin as a payment method. This trend will improve Dogecoin’s utility and drive adoption, which will have a positive impact on Dogecoin’s price in the future.
- technology upgrades: The Dogecoin development team is upgrading technology to improve transaction speeds and lower fees. These improvements aim to make Dogecoin more competitive with other cryptocurrencies and influence Dogecoin market analysis.
In addition, Spirit Blockchain Capital, a digital asset manager, announced that it will acquire Dogecoin Holdings, a developer of the Dogecoin ecosystem, in October 2024. Previously, The Sandbox (SAND) officially announced that it had purchased Dogecoin on June 18. However, the quantity was not disclosed.
Above all, in May 2024, Kabosu, the Shiba Inu that was the actual protagonist of Dogecoin, passed away. He died at exactly 7:50 on May 24, 2024. Ethereum founder Vitalik Buterin also mourned Kavos.
Is the Dogecoin price prediction model accurate?
BeInCrypto made its price prediction considering Dogecoin’s fundamentals and growth indicators. However, this article is not trading advice. Unexpected situations and macro variables may arise. especially, Cryptocurrency markets are particularly volatile, so always consult an experienced financial professional before investing.
Frequently Asked Questions/Answers
Who created Dogecoin?
Dogecoin began as a playful and lightweight cryptocurrency created in December 2013 by software engineers Billy Marcus and Jackson Palmer. Inspired by the Doji meme featuring a Shiba Inu with captions written in broken English and comic sans font. Dogecoin started out as a joke, but has developed into a digital currency with real utility, with a strong and passionate community.
What is the maximum supply of Dogecoin?
Unlike other cryptocurrencies that have strict supply limits, Dogecoin operates on an inflationary model. Although originally designed to have an unlimited supply, the coin’s creators later decided to limit annual production to 5.256 billion DOGE per year. This is in contrast to deflationary models like Bitcoin, where the total supply is predetermined and decreases over time.
What is Dogecoin used for?
Dogecoin has become popular as a tipping currency for content creators on social media platforms and forums. It has also garnered attention for being used for charitable causes such as clean water projects and disaster relief efforts. Despite Dogecoin’s fun and meme-based origins, its approachable and friendly image and active community have led to its adoption for a variety of micropayment use cases and as an entry point for those new to cryptocurrency.
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