Dogecoin predictions are difficult. But as a whole, what can we conclude from the current market trend?
Doge market status is having a walk of life that seems to be uncertain. When compared, Doge was found relatively higher at risk. Presumably, its volatility means the sage advice that you should never invest more than you can afford to lose. Calculating the Doge price prediction for 2021 is not for the people who lose hope early.
Table of Content
- What is Doge?
- History of Doge
- Dogecoin Market Status
- Doge Price Analysis
- Doge Price Prediction for Next 5 Years
- How to Buy Doge in India?
What is Doge?
It is a cryptocurrency developed by software engineers Billy Markus and Jackson Palmer. It started as a joke, fun to be made of the wild speculation of cryptocurrency at the time. Despite its sardonic nature, cryptocurrency admirers are seeking it as a legitimate investment option.
Dogecoin got introduced to the world on December 6, 2013, featuring the face of Shiba Inu dog from the "Doge" meme for its namesake and logo.
Also Read: Cryptocurrency in India: Reasons to Adopt as a New Medium of Exchange
History of Doge
It was a formal joke whose widespread was uncertain. It is Billy Markus, a software engineer at IBM and Jackson Palmer, a software engineer at Adobe, who wants to create a peer-to-peer digital currency that could reach broader demographics than Bitcoin. In addition, they thought of keeping Doge away from the controversies that other coins were facing at the time. Surprisingly, after 30 days of its launch, Dogecoin.com seen a surge in visitors to almost 1 million.
At the time, Plamer was working with the Adobe Systems marketing department in Sydney. Later he purchased the domain Dogecoin.com and added a splash screen featuring the coin's logo and scattered Comic Sans text. Markus, after visiting the website reached out to Palmer with the same intent and started to place efforts to design a currency.
Markus designed its protocol based on Luckycoin and Litecoin that uses scrypt technology as a proof-of-work algorithm. With the use of scrypt, Doge developers restricted miners from using Bitcoin equipment SHA-256. Instead, they said to use dedicated FPGA and ASIC devices for mining. These devices are robust and also more complex to produce.
A day to remember soon came on December 19, 2013. Dogecoin has seen a surge of almost 300 percent in value in 72 hours. Its value rose from US$0.00026 to $0.00095 with a volume of millions of Dogecoins per day. This surge took place when China was reeling to stop Chinese banks from investing in the Bitcoin Economy. Just after 3 days, Doge had a bearish trend of almost 80 percent. This event led to the large mining pools exploiting the small amount of computing power required at the time to mine Dogecoin.
After 5 days of the dip, Dogecoin faced the major theft on the cryptocurrency wallet platform Dogewallet. Millions of coins were stolen by altering its send and receive page to a static address. This incident spiked tweets about Doge, making it the most mentioned altcoin on Twitter at the time. After such an uncertain breach losing millions of coins, Doge didn't give up. It raised a fundraiser to help Dogewallet users to regain their losses. The Dogecoin community started an initiative called "SaveDogemas" and started to donate to those who lost their coins. Approx one month later, enough money got raised to recover the loss.
It was January 2014, a moment to remembering that combining all other cryptocurrencies, including Bitcoin, the Dogecoin surpassed the trading volume. Moreover, its capitalization was still didn't able to cross the benchmark of Bitcoin. Still, that became the moment of joyousness.
Also, during the initial days of Dogecoin, there were randomised rewards on the mining of Dogecoin. But, in March 2014, these randomised were converted into static rewards.
And there comes the time no one thought of. Palmer released a statement to leave the cryptocurrency industry and has no plans of returning. With this news, the Doge admirers left all numb. Palmer stated a reason behind, a belief that cryptocurrency originally was a libertarian alternative to money. But it is now fundamentally exploitative and was brought to the center of the ground to enrich its top proponents. His co-founder, Billy Markus, second Palmer's statement as generally valid.
On January 7, 2018, Dogecoin reached a peak of 0.017 per coin value with a USD 2 billion total market capitalization. Later in July 2020, the price of Dogecoin sparked with a TikTok trend that aims to take the coin price to $1.
The Dogecoin surged with 800 percent in 24 hours reaching its value of 0.07 per coin. It was possible with the attention of Reddit users. Partially, it was supported by Elon Musk and the GameStop short squeeze.
In February 2021, the price hit the new high of $0.08 per coin following the encouragement on Twitter done by Elon Musk, Snoop Dogg, and Gene Simmons.
In the following month, Dallas Mavericks, owner of Mark Cuban announced his NBA team would allow purchasing tickets and products with Dogecoin. And, within the gap of two days, Cuban declared his franchise has become the top Dogecoin merchant, having carried out 20,000 transactions.
On April 14, 2021, Dogecoin and all other cryptocurrencies witnessed a surge in their value by the direct listing of one of the cryptocurrency exchanges Coinbase. Although, the exchange did not make the listing of Doge on their exchange.
For the first time, its price surged to $0.10 on April 14, 2021. Later in the following week, Dogecoin hit the all-time high of $0.45 on April 16, 2021, with an almost 400 percent value surge. The volume traded during the preceding 24 hours was worth $70 billion.
At the time, Dogecoin had witnessed a market capitalization of $50 billion. It became the fifth highly valued cryptocurrency. If we see its volume in year-to-date, it has been increased by 7,000 percent until now. The interest in demand of cryptocurrency had an outburst on Robinhood on April 15 and prompted concerns from experts of a nearing speculative bubble in the cryptocurrency market.
On May 4, 2021, Dogecoin value hit the new all-time high of $0.50 per coin. When calculated, the price surge leads to an increase of 20,000 percent in one year.
On May 8, 2021, the interest in the Dogecoin surge resulted in the appearance of Elon Musk on Saturday Night Live. Within 45 minutes Doge dropped by 34 percent from $0.711 to $0.470 per coin. By the following morning, Doge hits the lower circuit of $0.401 per coin. Doge faced a drop of 43.6 percent and lost value of $35 billion.
On May 9, 2021, SpaceX announced a rideshare mission to the Moon funded by Dogecoin, thus becoming the first mission to be fund by cryptocurrency. Musk confirmed the news via Twitter, stating "DOGE-1 will be a minor 40 kg rideshare payload on Intuitive Machines' IM-1 mission in Q1 2022."
On August 14, 2021, Dogecoin announced the reestablishment of the Dogecoin Foundation with the new vision to support the Doge ecosystem, Community and promoting the future of the Dogecoin Blockchain. Dogecoin foundation was reinvigorated with its new Board of Advisors having Vitalik Buterin (Etherium co-founder and inventor) and Jared Birchall (representing Elon Musk).
On October 6, 2021, AMC Theaters announced that its customers can now buy a digital gift card using Dogecoin. The confirmation is done via Twitter announcement by Adam Aron, CEO of AMC and explained a customer can buy up to $200 (£147) of digital gift cards per day with Dogecoin. To which Elon Musk reacted and said, it is now on priority for Doge to drop its fee, making things like buying movie tickets viable.
Also Read: 5 Reasons to Invest in Cryptocurrencies
Dogecoin Current Market Status
Dogecoin market status has a lot more to say. The high bearish and the short high trends are unpredictable. As we have seen in the past, the Dogecoin market status is significantly highly volatile. It is an influential cryptocurrency. Therefore, it increases the risk of thousands of investors, making a hustle for the commentators or cryptocurrency experts for Dogecoin price prediction.
If we see the current market status of Doge, it has a market capitalization of $32,455,116,247 with a daily trading volume of $3,478,527,179. The Doge's current circulating supply is at 131.60 billion Doge with a total supply of 131,596,974,616 Doge coins in the market.
Doge has seen on the market rank 10 with 52 weeks low as $0.002452 per coin to 52 weeks high as $0.7376 per coin. When talking about its market dominance is 1.42 percent, giving competition to Polkadot (having market dominance of 1.45 percent) and Solana (having market dominance of 2.04 percent).
The Doge return on investment if purchased during the launch is now today having an uptrend with a change of 44104.2 percent. When compared, Solana (having an ROI of 71635.44 percent) and Polkadot (having an ROI of 1126.71 percent), Polkadot seemed to be in the third position.
Doge has witnessed much community interest and mass adoption due to the support and entry in an unprecedented. Seeing a meme coin gaining such a vast interest lead to the surge of different tokens. It is now the most awaited moment for Doge admirers to see surging the all-time high to $1 per coin.
Also Read: 5 Reasons You Should Know Before Using Flitpay to Invest in Bitcoin
Doge Price Analysis
Dogecoins are inflationary coins with influenced market status. Doge price analysis seemed to be positive for now. After a long bearish trend, it is that the trend will reciprocate and will continue to be bearish. As the similar trend of September can be can right now, the Doge maintain its position above $0.20.
Considering the price fluctuation and trading volume, it is likely to see that Doge market status will see a price increase later this year. the Doge price prediction is to cross the $1 mark with an upper circuit of $1.07 per coin. The lower circuit may touch the ground again with $0.45 per coin.
Although, estimating the exact surge in price is complicated, as the Doge is an influence-based altcoin. But tracing the trends highly signifies that it will not surge above $0.85 per coin in 2021. The estimations of $1.07 are the best possible scenario (highly predictive) that we can have if it gets surge due to the influence again.
Doge Price Prediction for the Next 5 Years
At the time, the Doge market capitalization is $32,455,116,247. Predicting the value of Doge 5 years from now can be productively fascinating. A fantasy in which everyone believes, yet each dawn is wrapped with the cloud having a silver lining.
The Doge price prediction for the next five years may have an upper circuit of $1.75 per coin, and a lower circuit could touch the ground in 2026 with a value of $ 0.57 per coin.
How to Buy Doge in India?
There are countable exchanges that let you buy Doge in India, but when it comes to the most trusted cryptocurrency exchange in India, people search for Flitpay.
We are a cryptocurrency exchange having features the Indian traders need while trading. We offer a 99.9 percent server uptime and other features, including UPI transactions and Instant deposit and withdrawal.
If you are new at Flitpay, simply sign up with the user-friendly panel and follow the given steps, and you can start investing in Dogecoin.
FAQ
What is Doge?
Doge was developed by two software engineers working at IBM and Adobe, Billy Markus from Portland, Oregon and entrepreneur Jackson Palmer from Sydney, Australia. This cryptocurrency started as a joke for the popular meme Dogecoin. But now it is holding the 10th position on CoinMarketCap with a market dominance of 1.42 percent.
Can Doge Reach $1 Soon?
It is unpredictable. But as per Flitpay's interest in Dogecoin, we can assume it to be $1 between July to November 2022.
How to Buy Dogecoin at Flitpay?
Buying Doge at Flitpay is as easy as falling off the log. If you are new at Flitpay, you can sign up by following the steps mentioned in Step-by-Step Guide to Buy Cryptocurrency in India.
Is Doge a Good Investment in 2021?
Yes. If you are a long-term trader or a beginner who wants to try the market. Doge is still a better investment option in both cases.
What will be the Dogecoin price by 2021 end?
If there is no influence in the coming months, seeing the present trend, it hardly can reach up to $0.75 with an upper circuit.
