The future of Dogecoin’s value feels a bit like a tug-of-war between negative trends and the potential for a boost from Elon Musk’s ‘X’ app developments. Imagine Dogecoin as caught in the middle of this struggle, which is influencing its position in the market. Yet, the DOGE price has increased by 107% in the last 30 days. Now, is the DOGE ready to explode 1000% before Bitcoin halving. Let’s take a look at this DOGE price prediction article in more detail.
Today, Dogecoin is valued at $0.1688, with a trading volume of $10.16 billion over the past 24 hours. Its market capitalization stands at $23.86 billion, with a market dominance of 0.97%. Over the last day, the price of DOGE has surged by 19.57%.
Looking back, Dogecoin hit its peak on May 8, 2021, reaching an all-time high of $0.738595. Its lowest point was recorded on May 7, 2015, when it traded at an all-time low of $0.00008547. Since its peak, the lowest price reached was $0.049701 (cycle low), while the highest was $0.170260 (cycle high). Currently, the sentiment around Dogecoin’s price prediction is bullish, with the Fear & Greed Index showing 82 (Extreme Greed).
As for its circulating supply, there are currently 143.33 billion DOGE in circulation. The yearly supply inflation rate stands at 8.03%, resulting in the creation of 10.66 billion DOGE over the last year.
DOGE Price Prediction: Why Could the DOGE Price Explode Further?
During a bear market, meme coins typically suffer significant losses due to reduced interest from speculators and new investors in the crypto space. However, in the last few days, Bitcoin has experienced a remarkable surge in price, nearly approaching its all-time high once more.
This sudden rise has reignited enthusiasm across the entire crypto market. During bullish phases like this, highly speculative cryptocurrencies, often dubbed meme coins, tend to experience extraordinary growth. It’s important to highlight that both Dogecoin and Shiba Inu have faced considerable declines compared to other altcoins over the past couple of years. Nevertheless, in a surprising turn of events, both coins have recently witnessed remarkable price surges, defying previous trends.
DOGE Price Prediction: Doge Price To Explode 1000% Before Bitcoin Halving?
The idea of Dogecoin (DOGE) skyrocketing by 1000% before the Bitcoin halving is pretty exciting, especially given how it’s been doing lately. In the past year, DOGE has been on fire, its price shooting up by a whopping 121%. It’s also been doing better than more than half of the other top 100 cryptocurrencies out there, which shows just how strong it’s become. Plus, the fact that it’s been consistently trading above the 200-day simple moving average suggests that it’s in a pretty good place right now. And let’s not forget, out of the last 30 days, 17 of them have been green for DOGE, meaning the price has been going up quite a bit recently.
With DOGE trading near its cycle high and having a solid market cap, it’s got a lot of potential. So, with the current price sitting at $0.1688, the idea of it exploding in value isn’t out of the realm of possibility.
When you see “% Pooled DOGE” displayed on DEXtool, it’s essentially showing you the percentage of Dogecoin (DOGE) that’s currently pooled or combined together on decentralized exchanges (DEXs). Now, what does this mean in simpler terms? Well, decentralized exchanges allow users to pool their DOGE along with other cryptocurrencies to provide liquidity. Think of it like a communal pot of money that helps facilitate trading on these platforms.
Also, the “% Pooled DOGE” is at 44.08%. This means that about 44.08% of the total DOGE supply is currently sitting in these liquidity pools on decentralized exchanges. Now, why does this matter? This high percentage of DOGE being pooled suggests that there’s a significant amount of liquidity available for trading DOGE pairs.
Now, what could be the impact of this on the DOGE price? Well, having a large amount of DOGE pooled could potentially stabilize the price of DOGE. When there’s more liquidity available, it can make it easier for traders to buy and sell DOGE without causing significant price swings. Additionally, it can also attract more traders and investors to the DOGE market, as they see it as a more accessible and liquid asset.
Overall, a high percentage of DOGE being pooled indicates a healthy and active market for DOGE trading. It can contribute to price stability and potentially attract more participants to the DOGE ecosystem, which could have a positive impact on the DOGE price in the long run.
Where to Buy DOGE?
For individuals eager to enter the cryptocurrency market, Bitget emerges as a reliable platform. Offering low fees, a user-friendly interface, and a straightforward onboarding process, Bitget provides a convenient experience for both novice and seasoned traders. Whether you are an experienced investor or a newcomer, Bitget offers a streamlined avenue to buy and trade cryptocurrencies in the dynamic and rapidly evolving market.