The price of Dogecoin is still too low, and most people are now wondering if it will ever hit $1. To put things into perspective, let’s look at Dogecoin’s current price and the performance so far in 2021
Dogecoin’s recent surge has left many investors and enthusiasts wondering whether the rally to $1 this year is feasible. The meme-based asset recently achieved a new all-time high of over $0.65 after recording a 95% over the past week, according to Forbes.
The recent bull run has taken Dogecoin’s market cap to over $75 billion, which makes it more valuable than big companies like Nintendo and Mitsubishi. Now, the altcoin is ranked the fourth most valuable cryptocurrency by market cap. This places it behind Bitcoin, Ethereum, and Binance Coin in that order.
Fast Company estimates that since the beginning of 2021, Dogecoin has risen 6,000% from a humbling low of $0.005 on Jan. 1, 2021
Obviously, the recent growth has spurred hopes of the Dogecoin token rising to $1, probably by the end of the year 2021 or in early 2022.
Dogecoin Current Price
According to Coindesk, Dogecoin is currently trading at $0.613872 with an all-time high of $0.696495 and a $79.29B market capitalization.
At the current price, Dogecoin is only short of about $0.380128 to reach $1. The digital asset attained its current price after a huge surge in the last two days.
Although Dogecoin took part in the early -2021 market-wide bull run, its price was still relatively low, and few people ever imagined it would reach as high as it is now. According to Coindesk, Dogecoin was traded at $0.004741 on 1st January, and most predictions back then revolved around the coin reaching $0.1 by the end of the year.
However, the recent parabolic growth has proved that the coin could be belting down some major milestones this year.
But will it reach $1?
So, Will Dogecoin Reach $1
Dogecoin has proven to be popular among home traders as it continues to rack in community members. The coin is very popular among social media users, especially on Reddit.
This is despite the fact that Dogecoin has experienced greater levels of volatility compared to other mainstream cryptocurrencies. The volatility mostly stems from its online popularity and the frequent mentions from celebrities like Elon Musk.
The joke cryptocurrency was recently on an uptrend and now boasts of an all-time high of $0.696, according to data from CoinDesk. This brings it even closer to the $1 mark, something that was unimaginable a few months back.
To understand whether or not Dogecoin might reach $1 in 2021, we would usually have to look at several traditional factors that cut across the board when it comes to evaluating the strength of cryptocurrencies. These include the current price action, use case, blockchain protocols, development team, and the circulating supply.
All these factors apply to Dogecoin and can help us determine whether the coin’s price will keep rising this year. However, Dogecoin has other unique factors that have significantly helped in its growth.
These include the active online community and support from celebrities. If these two parties are consistent with their support for the rest of the year, Dogecoin might hit $1 sooner than we expect.
Just recently, brokerage firm eToro announced that it would be adding Dogecoin to its listings due to growing demand from users. With over 20 million users around the world, eToro’s support for Dogecoin might inadvertently help it reach $1 soon enough.
Additionally, there are several experts who have predicted the coin might go above $1 by the end of this year. For instance, Carol Alexander, a professor of finance at the University of Sussex, expects that Dogecoin will keep rising largely due to the active online community and support from public figures.
Investor Place also predicts that Dogecoin might not only reach but also stay at $1. According to the price analysis platform, the huge amount of Dogecoin in supply means more people are likely to invest and help drive its price up. The website also believes that the renewed interest in DOGE will help it reach $1 sooner.
On the other hand, there are also those who believe that Dogecoin will more likely fall than rise after the recent surge. In an interview with CoinTelegraph, Kadan Stadelmann, a CTO at blockchain solutions provider, Komodo said that Dogecoin would unlikely reach $1 any time soon.
According to Stadelmann, the recent public support and adoption by celebrities like Mark Cuban and Elon Musk should have been able to shoot the price to above $1. Stadelmann believes that Dogecoin only feeds on its fame as a meme, and most people will not seriously consider it the future of money.
In the same vein, Joel Edgerton, who is a COO at cryptocurrency exchange company biFlyer, said that Dogecoin’s practicality as a money-making solution is foggy.
Will Dogecoin Eventually Reach $5?
If Dogecoin reaches $1 this year, the possibility of it going to $5 in the next two years is very real. According to bookmakers, Dogecoin has a 17% likelihood of reaching $5 in 2021.
With most of its energy coming from social media support and celebrity endorsements, Dogecoin will likely see a lot of volatility before finally going up to $5.
Don't Miss: Dogecoin Price Predictions
What Will Dogecoin Be Worth in 2025?
Predicting the price of Dogecoin by 2025 is a bit tricky given its high volatility. However, judging from its current momentum, it is obvious that Dogecoin will be much more valuable in 2025 than it is now.
Already, most price analysts have given their predictions for as far as 2025. For instance, Coinpedia predicts that Dogecoin will likely reach $5 in the next five years. According to the site, the coin might even go as far as $25, assuming that it does not encounter any resistance.
Coinpedia believes that the price of Dogecoin in 2025 will be much higher if it embraces more developments and gets more expert endorsements.
On the other hand, Long Forecast is a bit less bullish and predicts that Dogecoin might be slightly above $5 by 2025. This means that by the end of 2035, we could expect the altcoin to trade as high as $10.
Digital Coin Price does not provide much in terms of investor confidence. According to the site, the Dogecoin DOGE asset might be trading at around $1.88 by 2025. This is way lower than the majority of the sites which believe that Dogecoin will be at least $10 by 2025.
Wallet Investor is even less optimistic than Digital Coin Price. The site predicts that Dogecoin will be trading for as low as $ 0.625 by 2025. The coin has already surpassed this point and might be trading way above it by 2025.
Overall, according to predictions from most analysts, Dogecoin might go above $10 by 2025. However, given the high volatility, it is possible that the coin might be higher or lower than this level by 2025.
Most price analysis experts believe that Dogecoin might soon reach $1. And Judging by the recent surge, the altcoin might have a few surprises in store. However, being a highly volatile asset, we can’t say for sure that it will touch $1 this year or even early next year.
Already Dogecoin has shown potential for quick growth, and if it doesn’t encounter any resistance along the way, the price will definitely be much higher by the end of the year. So, if you are looking to invest, you might want to buy now while the price is still low.
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