Over the past week, Dogecoin's price has increased by 7%. As of May 26, 2024, DOGE is trading at $0.1692, having risen to $0.167 earlier today. Dogecoin ranks 8th in the cryptocurrency market with a capitalization of $24.45 billion. Its 24-hour trading volume is $1.63 billion, with a volume-to-market cap ratio of 6.69%.
What is Dogecoin ?
Dogecoin was created in 2013, inspired by the Shiba Inu dog meme. Programmer Billy Marcus aimed to simplify blockchain technology. Since then, Dogecoin has developed a vibrant community, using its DOGE token for various transactions. Its price surged to an all-time high of $0.7376 in May 2021, largely due to Elon Musk’s frequent mentions on social media. Musk’s influence has repeatedly impacted Dogecoin’s price, including a December 2021 tweet announcing Tesla's acceptance of Dogecoin for certain items.
Dogecoin Market Update
Ahead of Kabosu's passing, dogecoin is currently priced at $0.1692, experiencing a slight daily increase of 2.18%. The market cap stands at $24.45 billion, making it the 8th largest cryptocurrency by market value. The 24-hour trading volume is $1.63 billion, reflecting an 11.93% increase, with a volume-to-market cap ratio of 6.69%.
DOGE Price Prediction: Short-term Outlook
Crypto experts predict Dogecoin will hold steady at an average of $0.161 in May 2024. Changelly forecasts a low of $0.157 and a high of $0.164. Meanwhile, Coincodex expects a 13.22% decrease, with a potential drop to $0.135961 by June 23, 2024. The overall sentiment is positive, with the Fear & Greed Index at 74, indicating market greed. Dogecoin has seen gains on 10 out of the past 30 days, with a volatility of 6.18%.
Long-term Price Prediction
For 2024, Changelly predicts Dogecoin’s price could range between $0.110 and $0.137, with an average trading price of $0.164. By 2025, Dogecoin's price might vary between $0.134695 and $0.650373, suggesting a potential increase of 297.41% from its current price. Looking ahead to 2030, experts project Dogecoin’s price could range from $0.17959 to $0.418546, representing a potential gain of 155.76% if it hits the upper target.
