Dogecoin’s story is one of the most exhilarating stories in the crypto market. The meme coin began as a parody and satire of Bitcoin and has made countless investors wealthy due to huge gains in value in recent years. Now in the bear market, the Doge price has dropped massively. This article is all about Dogecoin price prediction and what does the future of Dogecoin look like? Let’s take a look.
Future of Dogecoin Price
DOGE/USD Weekly chart – GoCharting
Dogecoin’s price declined after the lazy appearance of Elon Musk on the SNL show. Since then, prices failed to rebound and declined. This crash was also hurried up by the entire market crash that began back towards the end of November 2021. Dogecoin price split the significant price of 10 cents and got overtaken by other cryptocurrencies such as Solana and Binance USD.
The Dogecoin price encountered its all-time high in April 2021 with a price of over 0.73$. Unlike many other cryptocurrencies, Dogecoin did not touch this all-time high again in autumn 2021. The last price rise was $0.30 at the end of October. Since then, Dogecoin has dropped snappily. At the time of writing this, the DOGE price is sitting at $0.060389.
Since the bear market started in the fourth quarter of 2021, almost all cryptocurrencies dropped in price. In June 2021, the price dropped to $0.05. Dogecoin has lost almost 80% since the end of October 2021. This extreme volatility is common for meme coins.
Dogecoin Price Prediction: Elon Musk and DOGE
DOGE/USD Daily chart – GoCharting
Dogecoin, like other meme coins, has constantly undergone tremendous growth in popularity via mentions on social networks. Many stars have backed the Dogecoin in the past. The cryptocurrency has gone viral several times in the past.
Presumably, the most notable supporter of Dogecoin is a billionaire and Tesla founder Elon Musk. In recent years, this has also played an influential part as an influencer for Bitcoin and other cryptocurrencies. Yet, Dogecoin is regarded as one of the choices for the billionaire. Most recently, Musk again promoted via Twitter that he would continue to back the Dogecoin even in the bear market.
Now, whenever Tesla CEO posts something about DOGE, the price always increases. But now Elon Musk has been sued for $258 billion by a Dogecoin investor who blamed him for conducting a pyramid scheme to back the cryptocurrency.
In a complaint filed in federal court in Manhattan, complainant Keith Johnson charged Musk, with running for praising Dogecoin and pushing up its price, only to then allow the price to fall. Johnson is demanding $86 billion in harm, describing the drop in Dogecoin’s price since May 2021.
Dogecoin Price Prediction: Is DOGE a Good Buy?
Dogecoin is currently the most famous memecoin. In the last bull market, some memecoins blasted in price, such as Shiba Inu. Yet, no memecoin has stayed as long as Dogecoin. Because of this, we anticipate other memecoins, such as Shiba Inu, to gradually fade from the scene. Dogecoin, on the other hand, will invariably be a representation of the crypto world in our view, which is why this coin will presumably not go under for the time being. Yet, everything is conceivable in the crypto world. That’s why we stay on the guard to notice what happens to Doge.
Going ahead, it is possible that given the right events, Dogecoin could produce another huge price rally in the future. Like no other group of cryptocurrencies, meme coins are hanging on a good market condition and a particular “hype”. But once the Dogecoin gets moving, we can usually notice excessive price gains within a very short time.
At the moment, the price of Dogecoin is excessively low. In the future, yet, the Dogecoin could grow massively again. Hence, an investment could be beneficial from a long-term outlook at the moment.