Dogecoin is one of the most fascinating meme coins with its major competitor being Shiba Inu and even Ripple’s XRP. Memeoins have been on a frenzy in this bull-run with Pepe, Shiba, BONK, and now BONE witnessing a heavy surge in price. Dogecoin is mostly looked at because of Elon Musk and his indirect endorsement with his X posts. Recently, Musk has tweeted about Doge again which caused Dogee to surge. Let’s look at the price prediction for Dogecoin for 2025.
Dogecoin Current Market Conditions [March 2024]
| Cryptocurrency | Dogecoin |
| Token | DOGE |
| Price | $0.16421573 |
| Price Change | -7.41% |
| Market Cap | $23,562,315,830.03 |
| Trading Volume | $3,532,046,144.40 |
| Circulating Supply | 143,483,916,383.71 |
| All-time High | $0.7376 (May 08, 2021) |
| All-time Low | $0.00008547 (May 07, 2015) |
| 24 High | $0.1810 |
| 24 Low | $0.1510 |
Dogecoin Historical Price Movement
Dogecoin was initially created as a joke over the ‘Doge’ meme back in 2013 and the currency had been dormant for some time as it could not increase much in value. CoinMarketCap states that Dogecoin initially had a price of $0.0002993. However, During May 2017, dogecoin reached $0.001 for the first time in its history.
However, Dogecoin tumbled after that and the price massively crashed starting January 2018. After that, doge kept accumulating and trading below its previous all time high of $0.01 till January of 2021.
However, the 2021 bull market was a game-changer for doge. When the 2021 bull market commenced, one of the richest men in the world, Elon Musk, tweeted in support of Dogecoin stating, “The future currency of earth”. This massively exploded doge’s price reaching as high as $0.7373.
This also led to massive sell-offs as the market cap of Doge reached $80 million and it made early millionaires in the process as well. After that, Dogecoin got stuck in a falling wedge pattern which it broke out of in October of 2023. With the Bitcoin ETF news, Doge tried to test the resistance at $0.01 but couldn’t flip it and is currently traded around $0.078 for January 2024.
Dogecoin’s Potential for Future
Dogecoin both is and isn’t a worthy investment as of yet. There are many reasons for this.Even Though the price reached an all time high before and there are chances of reaching an all time high again, the possibility of the currency being top-notch in the near or far future is less.
This is because as the coin is centered around a meme, there isn’t much utility for the coin and most of the holders of Dogecoin are whales that are trying to cash the coin, mostly the individuals who missed out on the last and they’re holding it because of FOMO.
There is also another massive issue which is the supply of dogecoin itself. Dogecoin has an unlimited supply which makes investing in the coin a bit challenging due to the the inginit supply making it difficult for its price to go up.
However, one CEO holds all the power and is termed as the “Dogefather” of the currency, Elon Musk. Musk’s tweets no doubt are shady and skeptical at times, it seems as if he is indirectly endorsing the project with his tweets and he tends to integrate dogecoin payments via X.
Dogecoin Price Prediction for 2025
Due to the infinite supply and whales holding onto the currency for short-term, only for cashing out. Dogecoin might not see a massive surge in price for the year 2025 and even beyond.
Speculations on the utility and investors show that Doge may hit a price target of $1 after 2023. The TA as of yet reveals that Dogecoin has finally escaped the falling wedge pattern and it will continuously test the upper resistance to flip it.
Furthermore, the halving is scheduled for April around 17 to 19 April which could influence a surge in price as well. The dogecoin price could reach a potential high of $0.57 in 2025 with an average price of $0.33 and a low of $0.13 by the end of 2025.
Dogecoin Price Prediction for Future
Cryptocurrencies are very volatile and predicting them can be more than difficult. With so many predictions out there with some skyrocketing the prices while others dumping the entire blockchain, it’s challenging to understand what to believe in.
Technical Analysis of Higher Time Frames with Moving Averages and several other indicators like Relative Strength Index (RSI) and Fibonacci can give us an idea (just an idea) of what the price action might look like in a few months or possibly years.
This is because no matter how thoughtful the prediction, the price can eventually skyrocket or dump by a single news bulletin or movement by a whale. Furthermore, improvements in a blockchain’s ecosystem and flaws that may come in the future cannot be taken into account at the time of prediction and their impact is then neglected.
Therefore, the predictions are only of the historical data and can tell you where the price action SHOULD move regardless of WHEN it moves there.
