Dogecoin has recently received renewed attention due to the support of Elon Musk. His Twitter purchase could see Dogecoin take on an even more prominent role on social media. But in the last few weeks, DOGE has hardly been able to benefit from the course. In the long term, this could look different. What is Dogecoin forecast for 2025? Can DOGE 10x in the next bullrun?
In this article, we want to deal with Dogecoin forecast for the year 2025 and see how high DOGE can rise in the next bull market.
What is Dogecoin (DOGE)?
Dogecoin is the first meme coin ever. Originally, Dogecoin was only developed as a pure parody of Bitcoin and was purely a fun currency. Over time, however, more and more investors became interested in cryptocurrencies, so the price suddenly rose sharply and Dogecoin became famous. The meme of the confused Shiba Inu dog, which is the symbol of Dogecoin, also contributed to this.
Dogecoin uses the Proof-of-Work consensus mechanism. Ethereum formally switched to a PoS network, ending ETH mining. The second-largest PoW blockchain after Bitcoin is now Dogecoin (DOGE), as Ethereum no longer employs a PoW consensus. It can also be used as a decentralized means of payment, as an alternative to Bitcoin. Due to the spread via social media and well-known personalities such as Elon Musk, Dogecoin can see massive gains in value within a short time, especially in bullish market phases.
How has Dogecoin price been moving lately?
In recent months, the bear market has caused Dogecoin (DOGE) price to plummet. Accordingly, Dogecoin has had a negative forecast in recent months. Since Dogecoin reached a value of 0.30 dollars at the end of October 2021, the price has been falling continuously.
In mid-June, Dogecoin was only worth $0.053 and reached its low for 2022 during this time. The price was then able to stabilize again. Then, in August, on the back of Elon Musk-related mentions, we saw stronger gains and Dogecoin was able to rally to $0.086. However, the rally ended quickly and after that, DOGE settled around a price of $0.06. https://b03359b9b570db042e844c0758fea9f4.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
Why has Dogecoin lost so much in recent months?
In a bear market, it’s common for most cryptocurrencies to see sharp losses. This is particularly true for the group of meme coins. These cryptocurrencies can see extremely large gains in a short period of time in a bullish market environment. In a bear market, however, the losses in these coins are particularly high.
Dogecoin fell from a price of $0.30 to $0.053 in just a few months. Those were losses of more than 80%. However, if we use the all-time high of $0.74, which was reached in May 2021, the losses between bull market and bear market were almost 95%.
What is the short-term Dogecoin forecast?
With the exception of the brief spike in August, Dogecoin has hardly been able to rise in recent weeks and has not seen any heavy losses. But that is the nature of the current phase of the bear market. Since June we have achieved stabilization in the market. The Bitcoin price has only fluctuated between 19,000 and 20,000 dollars for weeks, which means that the altcoins are also hardly moving.
In the short term, Dogecoin forecast should therefore also be neutral. If there were any major price action, prices would be more likely to fall. By the turn of the year, Dogecoin rate could be between $0.040 and $0.065.
Dogecoin Price Prediction for 2025
Since we can expect little movement in Dogecoin price in the next few weeks, we should look at Dogecoin forecast for 2025. Because in the next 3 years we could see massive increases in Dogecoin again. So how high could Dogecoin go by 2025?
How will the market develop in the next 3 years?
We have been in a bear market for almost a year now. In the first half of 2022, we saw heavy losses in cryptocurrencies. The market stabilized at a low level in the second half of the year. From 2023 we could then see the first price increases again.
Because the market runs in 4-year cycles, which are based on the Bitcoin Halving. These events take place approximately every 4 years. After a halving, a bull market begins, ending with all-time highs. After these highs, prices fall sharply and the bear market begins. The bear market lasts about 2 to 2.5 years.
Right now we are in the midst of a bear market when prices are close to the lows for the current cycle. At the latest after Bitcoin Halving in 2024, there should be a new bull market and Dogecoin price should rise. The peak of the bull market should fall in 2025. Therefore, Dogecoin forecast for 2025 is very positive.
What is Dogecoin price prediction for 2025?
If we want to make a Dogecoin forecast for 2025, we can derive it from the increases in the last bull market. Dogecoin price rose from a low of $0.002 in 2019 to an all-time high of $0.74. This means that Dogecoin has increased by a factor of 3700.
In the new bull market, we could see extremely strong increases in Dogecoin price again. However, the overall increase should slow down as Dogecoin is now coming from a much higher starting position. In this case, we rather conservatively assume a slope factor of 100.
To calculate a possible new all-time high, let’s start from a low in the current bear market. If we assume that Dogecoin falls as low as $0.030 and we use a slope factor of 100, then Dogecoin’s all-time high in the new bull market could be $3. This all-time high would then also fall in 2025. That’s why we assume a Dogecoin forecast in 2025 of $0.50 to $3.
Is Dogecoin a Good Investment?
If we look at Dogecoin forecast for 2025, there seems to be no question that an investment in Dogecoin should be massively worthwhile. However, you should note that Dogecoin can be extremely volatile and unsafe as an investment. Increases are by no means guaranteed with the meme coin.
If you want to take some risk, you should invest in Dogecoin. Especially at the moment, the avoidably low prices are worthwhile. However, you should only bet money that you are willing to lose. Furthermore, Dogecoin should be part of a diversified portfolio.
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