The speculation around DOGE seems to be fading as Elon’s tweets barely mention crypto anymore. Investors began to doubt Dogecoin’s ability to be a promising crypto asset worthy of investment. Given the current outlook for the cryptocurrency market, how far will Dogecoin reach in 2030? In this Doge Price Prediction article, we try to assess the future prices of Dogecoin.
What are Meme Coins?
Before analyzing Dogecoin, we need to understand its nature, which is a Meme coin. Meme coins entered the crypto industry not too long ago. What started as a bitcoin joke has seen the rise and birth of other tokens from the same family. The very first meme piece, Dogecoin, entered the market in 2013. Since then, there has been a massive increase in these tokens in the industry. Apart from being highly volatile, these tokens are best known for their huge community of followers. Apart from that, they have enjoyed massive promotions from influential people all over the world.
What is Dogecoin (DOGE)?
Dogecoin is one of the best-known cryptocurrencies on the market, and Meme coin in particular. Not because of its technical peculiarities but the project was launched as a parody of cryptocurrency to counter the hype surrounding Bitcoin and various other new cryptocurrencies with something humorous. It is an open source cryptocurrency used by internet users around the world.
What factors influence the price of Dogecoin?
Dogecoin prices were heavily affected by Elon Musk’s tweets. DOGE saw its price spike towards around $0.75 before crashing when Elon talked about DOGE on national television. Thus, two important factors are currently affecting DOGE prices: Elon Musk and Twitter.
Earlier this year, Elon announced that he was ready to completely buy Twitter. However, the platform is known to have a lot of bots. Bots are basically fake accounts, which spread misinformation, hype, and fake opinions. It makes any subject famous. In the crypto community on Twitter, it is well known that bots play an important role in influencing people’s opinion on a certain crypto project. This is what has allowed rug-pulling and scam schemes to thrive on other people’s money. With Elon Musk trying to pull out of the Twitter deal, there is a lot of uncertainty surrounding cryptos, especially for DOGE, which is community-driven and heavily reliant on hype.
What’s up with Dogecoin?
According to the development team behind Dogecoin, the ecosystem will bridge with the Ethereum blockchain in Q4 2022. This will allow users to send their DOGE tokens to the Ethereum mainnet, allowing DOGE to be used in contracts intelligent, Challengeand NFT markets.
This is a huge step for Dogecoin, as it increases its use cases, thereby increasing the demand for DOGE, and in turn, increasing its price. This fundamental news should be able to boost DOGE prices once the bridge project is successfully completed.
Why is Dogecoin down today?
Looking at Figure 1 above, we can see that the main factor that allowed DOGE to soar was Elon’s hype on Twitter and on national television. After that, prices corrected in subsequent years back to their pre-pumping average price of around $0.06.
Other fundamental factors too radiation Dogecoin price today:
- DOGE is inflationary with unlimited supply – although the momentum of inflation decreases over time due to a specified velocity of distribution and is lower than the inflation rate of USD
- The entire DOGE supply is already high although the circulating supply is fully unlocked.
- Dogecoin’s one minute blocking time does not beat other money trading platforms like VISA.
To add to the above, the whole crypto market is not doing so well right now. Sentiment in the crypto market appears to be bearish as Bitcoin prices have fallen below their psychological price of $20,000.
How high will Dogecoin reach in 2030?
DOGE Price Prediction 2022
Given the current dynamics of the crypto market, the outlook for crypto prices through the end of 2022 looks somewhat sideways. The Twitter deal with Elon Musk may affect DOGE prices slightly, but the crypto market is looking to end 2022 on a low note.
This is why the Dogecoin price is expected to continue consolidating around $0.055 and $0.075 until the end of 2022.
DOGE Price Prediction in 2025
In the following years, the bull of the crypto market should have occurred. By 2025, most cryptocurrencies are expected to have reached their all-time high. For Dogecoin, if Elon continues to support DOGE by selling his products and services for DOGE, it will definitely create more demand, hence higher prices.
With the above speculations in mind, DOGE could reach prices between $0.5 and $0.8 in 2025.
DOGE Price Prediction in 2030
By 2030, cryptocurrencies should have reached mass adoption. With the internet almost everywhere on earth, people all over the world can easily access their favorite token. Dogecoin is a meme token, designed to be a fun representation on the internet. Today, most people like to spend their time having fun online. Dogecoin can be a tool for tipping content creators everywhere.
Should this reality occur, Dogecoin is poised for a massive price increase starting today, reaching prices between $2 and $4 and a market cap of between $266 billion and $533 billion by 2030.
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