Dogecoin price prediction 2025: Will DOGE reach the Moon?
Dogecoin had quite the year in 2021, but what will happen to the Dogecoin price in future?
- Cryptocurrency parody
- Dogecoin is limitless
- Dogecoin price history
- Dogecoin price prediction 2025
- Little consensus
Last year, Dogecoin evolved from being little more than a well-known meme to announcing it was ready for serious business. But what will happen to it in the future? What is the Dogecoin price prediction for 2025? Let’s take a look at DOGE and see if we can find out.
Dogecoin is pretty much the original meme coin. It was set up in 2013 largely as a joke, but after garnering attention following mentions from the likes of Elon Musk, the coin re-established itself as the Dogecoin Foundation. The foundation aims to both promote and support the crypto, as well as define a roadmap for its future development.
DOGE uses a proof-of-work (PoW) consensus mechanism, meaning that every time a new block is added to the Dogecoin blockchain, more DOGE enters the market.
Something that makes DOGE a little different from, for instance, bitcoin is that there is no limit on how many Dogecoin there can be. When the 21 millionth BTC is mined, that is it: there will be no more new bitcoin entering the market. On the other hand – and this is something that can have a very real impact on the Dogecoin price – there is no theoretical limit when it comes to DOGE.
Even when it was launched, basically as a parody of the new and somewhat bewildering world of cryptocurrency, DOGE had its fans who were determined to take a hand in helping boost Dogecoin price forecasts. Investors in the early days took part in a significant debate that helped shape what the coin was and would become – should Dogecoin set a limit on how many coins were mined, or should it continue to create new DOGE indefinitely?
The crux of the issue was this. If a cryptocurrency has a fixed maximum supply, then it is seen as being deflationary. This means that, at least in theory, a coin can keep its value or even see its value go up, because a limited amount of tokens available means that there is an amount of scarcity, again theoretically, which, in turn, means that prices should be able to go up in line with a hypothetical rise in demand.
On the other hand, this can mean that a cryptocurrency ends up not being used as much as it potentially could be, because people might well decide that they want to keep a hold of it in case prices rise following a growth in demand, meaning that they could cash in their crypto for a profit that may never arrive.
Dogecoin is limitless
Although, early on in the coin’s history, there was never a firm, hard limit set, there was a certain belief in some quarters that, eventually, Dogecoin would have one set at 100 billion DOGE.
Sadly for supporters of that concept, those hopes were extinguished in 2014, when Dogecoin’s founder, Jackson Palmer, ruled out a hard cap on supply, saying: “We’ve decided to leave the Dogecoin code base as it was originally released, and not implement a change. The goal for the currency is to keep approximately 100 billion coins in circulation – thus after 100 billion Dogecoins are created, rewards will continue at 10,000 each block.
“This will help maintain mining and stabilise the number of coins in circulation (considering lost wallets and various other ways coins may be destroyed) at 100 billion.”
The upshot of this was that when the 100 billionth DOGE was minted, which happened in some point in 2018, the coin did not stop growing.
What is worth pointing out is that Dogecoin bucked the usual theory that a hard limit on supply will boost the growth of a crypto, by making most of its significant advances not only after the news that there would not be a limit to the amount of the coin made available, but also after the point when it reached the circulation many people thought would serve as the maximum supply.
Every time a new block is mined on the Dogecoin blockchain, 10,000 new DOGE are added into circulation. A new block gets mined about once every minute, which means that there are around 14.4 million new Dogecoin coming along every day, and something like 5.256 billion DOGE hitting the market – and ending up in people’s crypto wallets – every year. As of 28 July 2022, there were 132.67 billion DOGE in circulation, and that number is set to go up all the time.
Something else that is worth noticing when it comes to Dogecoin, and that could have an impact on a Dogecoin price forecast, is its links to Litecoin. The two cryptocurrencies take part in something called merge mining. This means that someone who mines Dogecoin is also able to mine Litecoin without having to get any extra software.
This, at least in theory, means that DOGE mining is available to Litecoin miners and, indeed, vice versa. This means that the supply of both cryptos keeps ticking along, because there are going to be people who are able to mine both. It could also lead to some pretty interesting activity as, potentially, it could give litecoin enthusiasts a way into DOGE and Dogecoin enthusiasts an interest in LTC.
Dogecoin, like most other blockchains, relies on nodes to keep the system going and transactions flowing. A node is a computer on the network which helps to manage the blockchain. On 8 July 2022, the Blockchair website reported 1,062 nodes on the Dogecoin blockchain. This was actually down from the 1,503 nodes that were operating on the system on 27 January, which was up from 1,090 on 2 September 2021.
What is worth pointing out here is that the number of nodes does not seem to have had much positive impact on the coin’s price. DOGE closed 2 September 2021 at $0.296, while it finished 27 January 2022 at $0.1412, before recovering to $0.15 on 8 April and sinking back down to around $0.13 on 3 May.
Market turmoil caused by the depegging of UST and the collapse of LUNA then saw it fall to around $0.087 on 16 May 2022. The downturn didn’t end there, though, and on 27 May 2022 it reached an intraday low of $0.07607, before turning around slowly to stand at around $0.086 on 31 May.
Things got worse in June, with the cancellation of withdrawals on the Celsius crypto-lending platform confirming crypto was a bear market, and by 17 June it was worth about $0.0566, with it continuing to sink to a low of $0.04972 the following day. After that, though, there was something of a recovery, with the coin hitting $0.07657 on 20 July, before falling back down to trade at around $0.0667 on 28 July 2022.
In terms of how big the blockchain is, as of 28 July it was 61.36Gb, and, in the space of 24 hours from the morning of 27 July to the same time on 28 July, there were 67,207 transactions on the chain.
One of the most notable things to have happened in the wake of DOGE’s recent successes is the rise of other meme coins. If Dogecoin can be seen as a parody of ‘traditional’ cryptos – many of which have not been going as long as DOGE – then the likes of shiba inu (SHIB), Floki, Dogelon Mars and SpookyShiba, so-called dog coins, and even the likes of catcoin can be seen as parodies of parodies.
Indeed, some of the tokens that have hit the market in the wake of SHIB could be seen as parodies of parodies of parodies. However you look at it, though, they all have Dogecoin to thank as the big daddy dog of meme cryptocurrencies.
Dogecoin price history
In terms of the Dogecoin price history, it is fair to say that 2021 was the year when the coin really made its mark on the crypto sphere, and saw people who would previously have not been interested pay attention both to the Dogecoin price and the Dogecoin price prediction.
The token got caught up in the crypto boom of the first few months of 2021, before it went on a bull run in April and May, reaching an all-time high of $0.7376 on 8 May. DOGE’s upward momentum was stymied when the Tesla founder and Dogecoin enthusiast Elon Musk appeared on Saturday Night Live, implying that the crypto was “a hustle”.
What began as a gentle fallback turned into a downward spiral after the great crypto day crash of 19 May 2021 inflicted a heavy blow on the cryptocurrency market, one that DOGE took months to recover from.
While DOGE ended up trading mostly in the $0.20s through the last few months of 2021, occasionally breaking the $0.30 barrier, a market slump caused by uncertainty around the Omicron variant of Covid-19 damaged the price of Dogecoin. It closed the year at $0.1713, which although up by more than 3,000% from 2020’s close of $0.004682, was nevertheless down from where it had been trading even a couple of months before.
In 2022, DOGE continued to drift downwards, closing January at $0.1418. There was something of a recovery in early February, with the Dogecoin price reaching $0.1716 on 7 February 2022. But the upward thrust was not strong enough and Dogecoin went back down, with things made worse when Russia invaded Ukraine on 24 February, causing the crypto to drop to $0.1096.
There has been a little recovery since then, but things have been made harder by problems with the iOS MyDoge wallet. On 17 March, the Dogecoin price was around $0.1175. After that, the coin rallied, boosted at least in part by the news that Elon Musk had put in a bid to buy 9.2% of Twitter and joined the microblogging platform’s board. As of 8 April, DOGE was worth about $0.15.
Since then, the price has gone down overall. It stood at around $0.13 on 3 May, before nearly halving to $0.087 on 16 May, suffering a drop to below $0.08 and then making a relative recovery to $0.086 on 31 May 2022. By 17 June, though, it was back down to around $0.0566, but by 8 July it was worth $0.069. There was a high of $0.07657 on 20 June before a decline to around $0.0667 on 28 July.
At that time, it had a market cap of around $8.85bn, making it the 10th largest crypto by that metric.
Dogecoin price prediction 2025
With that all said and done, it’s time to look at the Dogecoin price prediction for 2025. It is important to remember that long-term crypto predictions are very often wrong. Also, many crypto price forecasts are made using an algorithm, which can change at any moment. Never rely solely on price predictions – always do your own research, and never invest more than you can afford to lose.
LongForecast suggests DOGE will start 2025 at around $0.071 before it drops to $0.049 in July, before going on a slow rise which culminates in a DOGE price prediction of $0.092 in December.
If this forecast is correct, there will be some way to go before DOGE matches or even beats the heights it reached in the spring of 2021.
CryptoBullsClub is a lot more optimistic about what DOGE can do over the next three years. It makes a Dogecoin price prediction that says Dogecoin will start 2025 somewhere between $3.48 and $4.09. The coin will then continue to rise month by month, and the site says that by the time the year finishes, the price could be anywhere between $7.02 and $8.03.
This forecast is incredibly optimistic and, for it to come to pass, DOGE would need to rise by almost 12,000% over the course of the next three and a half years or so.
Sitting between the two predictions is PricePrediction.net, which is more optimistic in its Dogecoin price prediction than LongForecast, but less bullish than CryptoBullsClub. The site’s Dogecoin prediction for 2025 suggests the coin will start the year at around $0.23, before moving up slowly to hit $0.27 in July and closing the year at $0.31.
Finally, DigitalCoinPrice’s Dogecoin projections suggest that the coin’s value will rise slightly throughout the year, although it will be higher than it is at present. The site says DOGE should reach $0.14 by the start of the year before falling to $0.12 by May and then growing slowly, to close the year at $0.15.
As we have seen, there is not really much consensus across the forecasts, with some being optimistic and some suggesting the Dogecoin price will drop across 2025.
Nevertheless, they all suggest that DOGE will go up between now and the start of 2025. This could mean one of two things: that Dogecoin will be a standout performer across the next few years, or that the cryptocurrency market will continue to grow and DOGE will be carried along by that.
One threat to Dogecoin is that the last half of 2021 saw the rise of dogcoins: cryptocurrencies looking to ride on the coat-tails of Dogecoin’s success. With the likes of SHIB and FLOKI garnering attention and investment, it’s possible that DOGE could be seen as old news by the time 2025 rolls around. If that does happen, even the most negative forecast will seem wildly optimistic.
On the other hand, Dogecoin has acted in incredibly unpredictable ways before. We cannot say with any certainty whether, come 2025, DOGE’s devotees will be lining up to buy their Lamborghinis, or whether they will have to sell all their possessions.
It may. Overall, it had a good year in 2021, but at present Dogecoin is some way down from the heights it hit in April and May last year. While the overall forecasts are positive, it is worth pointing out that these can often be wrong – particularly when looking several years ahead.
You will need to do your own research, remember that prices can go down as well as up, and never invest more money than you can afford to lose, regardless of any Dogecoin future price prediction.
There is nothing to say that DOGE will not break the $10,000 barrier one day, but you should exercise extreme caution. There are not many predictions that say it will even break $1 in the short-to-medium term. Be careful.
This is entirely a matter for you to decide. Before you do so, you must do your own research, remember that cryptocurrencies are highly volatile, and never invest more money than you can afford to lose.