This is a question that many investors are asking as cryptocurrency continues to gain popularity.
While there is no simple answer, there are a few factors to consider that could help you make a prediction.
What is Dogecoin?
Dogecoin (DOGE-USD) is a cryptocurrency that was created in 2013 as a way to satirize the Bitcoin craze. It is often called the “joke currency” because it was originally started as a prank.
However, Dogecoin has since gained a large following and has become a legitimate cryptocurrency with a market capitalization of over $600 million.
The “DOGEARMY” is a group of Dogecoin enthusiasts who are very active on social media and often promote the currency.
Thanks to their efforts, Dogecoin has become one of the most popular cryptocurrencies.
Where Can you Buy Dogecoin?
Dogecoin can be bought on a variety of cryptocurrency exchanges such as Binance, Kraken, and Robinhood. It can also be bought with fiat currency on several exchanges including Changelly and Shapeshift.
Price History of DogeCoin
Dogecoin has seen a lot of volatility in its price history. When it first launched in 2013, one Dogecoin was worth $0.00026.
In January of 2018, the price of Dogecoin surged to $0.017 after reaching a market capitalization of $2 billion.
Dogecoin’s all time high price was $0.018 in January of 2018 with it’s most recent low being $0.0027 in March of 2020.
Here’s a look at the price of Dogecoin dating back to 2014 to present day:
Elon Musk and Dogegoin
Dogecoin has gained a lot of attention due to tweets from Tesla CEO Elon Musk. Musk, given the ultimate title of “Dogefather”, has been a vocal supporter of Dogecoin, even calling it his “favorite cryptocurrency” at one time.
On his first Saturday Night Live appearance, Musk joked that Dogecoin might be the future currency of Earth. This sent the price of Dogecoin soaring 10% in a matter of minutes.
Musk has also allowed Tesla customers to pay for their cars with Dogecoin (according to their website you would need to set up a proper dogecoin crypto wallet). You can also purchase Tesla merchandise and they began rolling out accepting dogecoin as payment at a select few of their Super Charging stations.
During the recent crypto winter Musk hadn’t been as vocal in supporting Doge, but he did recently share this tweet:
While Elon Musk’s tweets have helped to increase the price of Dogecoin in the past, it is important to remember that he is not affiliated with the company and his tweets should not be taken as financial advice.
Will Dogecoin hit $0.10?
Dogecoin has already hit that elusive price of $0.10 so the bigger question is:
“Will dogecoin hit $0.10 again?”
This is a difficult question to answer. Dogecoin has a lot of potential due to its large and active community, as well as the endorsement from Elon Musk.
Here are the key factors whether Dogecoin will hit $0.10 again:
- Increased mainstream adoption of cryptocurrency
- More businesses accepting Dogecoin as payment
- Continued support from Elon Musk (and other
- Improved infrastructure for buying and selling Dogecoin
If these factors continue to develop positively, there is a good chance that Dogecoin will reach $0.10
However, it is important to remember that the price of cryptocurrencies is very volatile and anything could happen in the future. Only time will tell if Dogecoin will hit $0.10 or not.
Dogecoin Price Predictions
I knew there were other Doge enthusiasts that had their opinion on its future price and I wanted to hear their take.
Matt Wallace, a crypto content creator with over 245k subs in his Youtube channel has been a huge Dogecoin supporter through the years.
I hit him up on Twitter to see if he thought Dogecoin to hit 10 cents again.
This was his optimistic view provided that Space X delivered on its promise.
Glauber Contessoto, known as the “SlumDOGE Millionaire” went all in on the meme coin investing $250,000 which eventually exploded into over $1 million (at least on paper) is still highly bullish on Doge, Tweeting this:
Dogecoin Future Price – Bottom Line
The bottom line is that predicting the future price of Dogecoin is a difficult task. However, there are a number of factors that suggest that the price could reach $0.10 again in the future.
Only time will tell what the future holds for Dogecoin.
What are your thoughts? Will Dogecoin hit $0.10 again? Let us know in the comments!
The post Dogecoin Price Prediction: Will DOGE Hit 10 Cents? appeared first on Good Financial Cents®.