Dogecoin price prediction – can it really hit $1?

Dogecoin predictions can be difficult. What should we make of the recent rises and dips?

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In this forecast

• Divided opinion
• Pump-and-dump accusations
• Is dogecoin a good investment?
• Can dogecoin reach $1?
• FAQs

Dogecoin (DOGE) seems to have a mind of its own, surging and crashing without apparent reason. In fact, dogecoin predictions should include a financial health warning. 

DOGE was set up as a joke. Its volatility means the sage advice that you should never invest more than you can afford to lose has never been more true. 

Calculating a dogecoin price prediction for 2021 is not for the faint-hearted. Dogecoin’s triple-digit surge in April, which saw it rise by an incredible 514% from Monday 12 April to Friday 16 April, looked like the start of big things. But that was not the whole story.

After starting that week at $0.07 and ending it at $0.43, DOGE kept growing. While its price then dipped to around $0.25 on 19 April, it soon rallied, as you can see on a dogecoin price analysis.

Making a dogecoin forecast is tricky when market sentiment can change overnight. While dogecoin price predictions looked optimistic when it broke the $0.40 barrier early on Monday 3 May and reached its highest-ever value at $0.72 on 7 May, things quickly came back down to earth with a thud. 

Elon Musk, CEO of Tesla and SpaceX, and arguably the most prominent celebrity DOGE enthusiast, appeared on the US TV chat show Saturday Night Live on 8 May. During the show, he was asked what dogecoin was, to which he replied:

“It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.”

The show’s resident comedian, Michael Che, replied:

“So, it’s a hustle?”

Musk responded jokingly:

“Yeah, it’s a hustle.”

This offhand comment, coupled with a joke earlier in the show in which Musk’s mother, Maye, said she hoped her son’s Mother’s Day gift wasn’t dogecoin, saw the value of the altcoin tumble substantially, hitting a low of just under $0.48 on the morning of Sunday 9 May.

And then DOGE started to rise, reaching $0.58 later that evening.

Then it fell again, hitting $0.45 in the early hours of 11 May, before reaching an intraday high of just under $0.59 on 14 May. 

Storm clouds then gathered around DOGE and the cryptocurrency market. Things got really bad on 19 May when the market crashed, brought about, at least in part, by the Chinese government’s crackdown on crypto transactions.

DOGE dropped to an intraday low of less than $0.23. It looked as though the coin was on its road to recovery when it hit intraday highs of $0.44 on 2 and 3 June, prompted by a listing on the Coinbase exchange, but things never quite got past that and it spent the rest of the month in the doldrums, notably falling to intraday lows of $0.16 on 21 and 22 June.

There was a small recovery, but in early July, DOGE was mostly trading between $0.20 and $0.25. There was more bad dogecoin news when Ric Edelman, of Edelman Financial Engines, said in an interview on 7 July that he would “completely ignore dogecoin. That is nothing more than a joke. It’s a scam and it’s going to be something that ends very badly.” The market reacted sharply, with the price falling back and briefly touching $0.16 again on 20 July. On 4 October, the DOGE price stood at $0.22. 

Divided opinion

As you might expect, opinion is divided on what dogecoin’s future value might be. At the time of writing (4 October), DOGE has a market cap of roughly $30.1bn, making it the tenth-largest cryptocurrency. 

This is down substantially from the $83.08bn it reached on 5 May, but it is still worth taking a moment to reflect on the numbers. At this valuation, the cryptocurrency that started life as a joke is worth more than Best Buy, LG Electronics, Delta Air Lines and Tesco.

Upbeat dogecoin predictions are nothing new. Last summer, a TikTok challenge that encouraged the video-sharing app’s mostly teenage users to gain exposure to DOGE went viral. One video told them that if they bought just $25 worth of this altcoin, their investment would be worth $10,000 once DOGE managed to hit a dollar. 

Pump-and-dump accusations

There were widespread accusations that this was a pump-and-dump scheme, and endless warnings that inexperienced investors would end up getting hurt. At the time the TikTok clip was made, a single DOGE was worth a mere $0.0023, and although the altcoin did start rising because of the increase in retail demand, it only managed to double in value to $0.0046. Some buyers were left disappointed after prices slumped dramatically afterwards.

Roughly 10 months on, those who had held on to their DOGE looked as though they were sitting on a gold mine. The race from $0.0023 to $0.52 represents jaw-dropping gains of just under 22,608.7%. Someone who bought $25 worth of the altcoin last summer, and held on to it, would have seen the value of their investment increase to more than $5,650 before the 19 May crash. Even the current value of around $0.22 represents an increase of more than 9,465%, meaning that $25 would now be worth more than $5,500.

On the flip side, we can see that DOGE has more than halved in a couple of months, illustrating this coin’s extreme volatility. 

The danger with dogecoin predictions now is that people may be discouraged from investing in a coin that has suffered some serious losses in the past few months. Looking ahead, it would be difficult for analysts to accurately call a dogecoin price prediction for 2025 or, more long-term, a dogecoin price prediction for 2030. 

Its general trading pattern has not helped, either. When an asset is relying on tweets from Elon Musk and endorsements from Gene Simmons to be propelled forwards, alarm bells should start ringing.

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That said, deep within Crypto Twitter there is a band of passionate individuals who firmly believe that DOGE has what it takes to hit $1. This may seem outlandish, but at the start of the year, naysayers would have dismissed the notion that the altcoin had any chance of reaching what it’s worth now, let alone its value during the golden period of late April and early May. 

Is dogecoin a good investment?

When looking for the latest dogecoin price prediction, what else should you consider? Among those who passionately believe that the dogecoin future price will be measured in dollars rather than cents is Mark Cuban, the billionaire owner of the Dallas Mavericks. His basketball team now accepts DOGE as a payment method for merchandise. He is convinced that strong gains are a possibility. Despite acknowledging that this altcoin has no intrinsic value, the investor has tweeted: 

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Can dogecoin reach $1?

So, what is the latest dogecoin price prediction for 2021? DOGE is a lot closer to $1 today than it was at the start of the year. At the time of writing, the altcoin stands at $0.22 and would need to rise 354.5% to reach the dollar milestone. While that seems unlikely, it is still less of an increase than the rise between the end of December 2020 and now.

The DOGE price hitting $1 would give the cryptocurrency a total market cap of $131bn, comfortably making it the third-largest coin, eclipsing the likes of binance coin, ripple and tether. But again, take any dogecoin price prediction with a grain of salt – always do your own research first and factor in the latest news developments. 

Trade DogeCoin to US Dollar – DOGE/USD chart

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