Dogecoin is an open-source peer-to-peer cryptocurrency. Initially created as a joke in 2013 and based on a meme picture of Shiba Inu dog, it was planned to be used for tipping on social platforms, like Reddit. The developer team did not propose any new type of technology. Dogecoin is still just a transaction platform. However, this crypto is being used for some interesting and important purposes, such as charity.The Dogecoin team separates DOGE from other cryptocurrencies, mostly because of the friendly community and playful character of the project.
Dogecoin is an interesting phenomenon of the Crypto World. It was created as a joke, did not introduce any new solutions, but nonetheless shows some good statistics.
According to coinmarketcap.com:
Crypto experts and celebrities about DOGE
At the beginning of 2021 we all had an amazing opportunity to witness how one person can influence the crypto community. Elon Musk drew everybody’s attention to DOGE. After his tweet, the price of Dogecoin increased dramatically.
With the help of the entrepreneur DOGE was able to break into top ten cryptos and received a lot of attention.
In a Clubhouse chat Elon Musk said: “Occasionally I make jokes about dogecoin, but they are really meant to be jokes. Dogecoin was made as a joke to make fun of crypto, but fate loves irony … The most entertaining outcome would be that dogecoin becomes the currency of earth in the future.”
Gene Simmons, a well-known musician, entrepreneur, and active crypto user, followed Elon Musk and bought DOGE.
The next one to endorse DOGE was Jake Paul who wrote:
Dogecoin price prediction 2021
- According to Trading Beasts prediction, DOGE is expected to grow during the year:
- WalletInvestor gives a little less optimistic forecast
- Another forecast we can see on Digitalcoinprice:
DOGE price prediction 2025
WalletInvestor predicts that DOGE will maintain the level of the price it has today. On the other hand, Digitalcoinprice.com sees an increase in price by more than 150% till the end of 2025. According to this resource, the expected average price for 2025 is $0.17.
Historical price analysis
- All Time High: $0.08495 (Feb 2021)
- All Time Low: $0.000087 (May 2015)
For the last few years DOGE was trading between support level and resistance level. However, it had its ups and downs.
In 2014 Dogecoin showed an increase in price level by almost 300%. It jumped from $0.00026 to $0.00095. This occurs against the background of the Chinese investigation about Bitcoin. Back then Chinese banks were forbidden to trade crypto and it influenced the general price picture. Soon after that DOGE price crashed by 80%.
The next major increase has happened in January 2021. The price of the coin raised by 800%. This occurred due to the desire of some Reddit users to send it high for a short-term purpose. Later Elon Musk caught up with this trend, making tweets about buying DOGE to his son and posting his thoughts about the coin’s future. Following him, some well-known crypto investors also bought DOGE. These actions have sent DOGE to its all-time high price, $0.08495.
The creator of Dogecoin, Billy Markus, sold all his coins 5 years ago, saying that the high interest towards his project was unexpected and unbelievable. Now he has nothing to do with DOGE or any other cryptocurrency. Commenting on the current situation for Bloomberg, he said that he found mania around it very bizarre.
Dogecoin is a good example of the fact that the crypto market is volatile and interesting. In this case even the creator of the project could not predict its development path. We can also see that there are lots of factors besides technology and usability that are able to influence crucially on the life of the cryptocurrency. So far DOGE is going through an amazing raise. However, it is very hard to predict its future. From the information above we can conclude that DOGE has a potential of maintaining the existing price and the community has the power to make it grow.
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