Dogecoin is a decentralized digital currency based on peer-to-peer technology that allows users to transfer money online. Interestingly, the Internet meme “Doge” led to the creation of Dogecoin
Dogecoin price today is around $0.19, with a 24-hour trading volume of $1,315,680,004.95. Dogecoin is down 3.04% in the last 24 hours. CoinMarketCap's current ranking is #8 with a market capitalization of $25,274,319,603.98. It has a circulating supply of 130,557,836,829 DOGE coins
Analytical portal
Exchanges for trading Dogecoin currently include Binance, Huobi Global, OKEx, ZG.com and Upbit. You can find others listed on our crypto exchange rankings page.
What is Dogecoin?
Dogecoin (DOGE) is based on the popular internet meme “Doge” and features a Shiba Inu dog in its logo. The open-source currency was created by Billy Marcus of Portland, Oregon and Jackson Palmer of Sydney, Australia, and was forked from Litecoin in December 2013.
The creators of Dogecoin saw it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the mainstream Bitcoin audience since it is based on the dog meme. Tesla CEO Elon Musk has posted several tweets on social media about Dogecoin being his favorite coin.
With just a few tweets, it went from meme coin to everyone's favorite. It was considered the people's coin, and Elon Musk was called the "Dogefader". It is the fifth most popular cryptocurrency among fans. Elon revealed in a recent statement that he personally owns Bitcoin, Dogecoin and Ether.
Although co-founder Billy is promoting Dogecoin NFTs, his partner Jackson Palmer remains critical of the industry, seeing it as corrupt and manipulated.
How to mine Dogecoin?
Dogecoin mining differs from Bitcoin's proof-of-work protocol for several reasons, one of which is the use of Scrypt technology. The altcoin also has a 1 minute lock-in time and the total supply is unlimited, meaning there is no limit to the amount of Dogecoin that can be mined. You can mine Dogecoin alone or by joining a mining pool.
The Doge miner can mine the coin on Windows, Mac or Linux and with the help of a GPU. Since 2014, you can also mine Litecoin in the same Dogecoin mining process as the processes have been merged.
What can you use Dogecoin for?
Dogecoin was used primarily as a tipping system on Reddit and Twitter to reward people for creating or sharing quality content. You can earn Dogecoin tips by participating in a community that uses it, or you can get your Dogecoin from a Dogecoin faucet.
Dogecoin Faucet is a website that will give you a small amount of Dogecoin for free as an introduction to the coin so you can start interacting with Dogecoin communities.
How to buy Dogecoin?
You can buy or sell Dogecoin on any exchange that offers the coin, store it on an exchange or in a Dogecoin wallet, and tip Dogecoin in any community that accepts Dogecoin. To see the latest list of exchanges and trading pairs for this cryptocurrency, go to our market pairs tab
Experts' opinions
It is noteworthy that the jump in the rate caused some concerns on the part of the developers themselves. Thus, Jackson Palmer said that he considers the price rise to be a sign of speculative actions enveloping the entire cryptocurrency world, and not just dogecoin. According to Palmer, the focus in the cryptocurrency community is on the investment potential of coins, rather than on the technology behind them and the purposes that those technologies were intended to solve, and he believes that within a decade, Dogecoin and Ethereum will cease to exist.
Patrick Lodder, part of the Dogecoin team, expressed surprise at the situation in the market. He partially echoed Palmer's sentiments, saying that the current currency boom is not caused by any objective reasons, innovations or unique ideas, being, in fact, speculative: over the past two years, there have been no fundamental changes in the protocol or software. Max Keller, another team member, echoed Lodder. The developers did not set out to create an expensive coin; they had completely different goals, and were surprised by the surge in popularity of the currency. However, the Dogecoin team welcomes the coin’s “second wind” and promises not to disappoint users.
Major market players have not made explicit statements about price forecasts, but most agree that the future of dogecoin and other cryptocurrencies will depend, among other things, on the moves of institutional investors and government agencies regarding digital money.
Technical analysis and price history of Dogecoin (2013 - 2021)
2013
Born in 2013, Dogecoin was slow in the beginning. The $3.5 million market cap was not worthy of the market's attention. However, after a few months, it began an upward trajectory and grew exponentially.
2014
Dogecoin's forecast for the second year turned out to be disappointing as Dogecoin hit new lows and felt the pain of a market-wide downturn. Additionally, it faces huge competition from new coins including Stellar, Neo and Monero.
2015
Jackson Palmer, the co-founder of Dogecoin, left Doge, which did not bode well for the coin. There has been a lot of negative press about Dogecoin this year and many analysts have predicted the death of Dogecoin.
2018
2018 was a bearish year for cryptocurrencies, and Doge was no exception. Altcoins have dropped significantly over the past few months.
The recovery brought Dogecoin trading closer to the $0.017 level, but Dogecoin's bullish outlook was short-lived as the price hit a low of $0.002 and remained there for an extended period.
2020
Dogecoin traded in a strict range of $0.002 to $0.005 for most of the year. It gained momentum in late 2020 as Bitcoin reached new highs.
2021
At the beginning of 2022, Dogecoin was headlining the news and reached an all-time high of $0.7376. On the current 1-day chart, we see that the coin is trading below the 50-day moving average as well as the 100-day moving average. There is a possibility that the price of the coin may break out of the upper boundary of the Bollinger Band. For now, until the two moving averages are broken, the bull run cannot be confirmed. It is currently 73 percent below its all-time high.
History of creation
Billy Marcus, who is passionate about cryptocurrencies, decided to create his own project. The Doge meme, popular on the Internet, was chosen for the title.
The technology of the future Doge network was based on the Luckycoin solution, based on Litecoin, and LTC was separated as a result of modification of the Bitcoin software.
Created as a joke, the project gained wild popularity within two months. The total market capitalization reached $50 million and the user base continued to grow. By mid-2015, there were 100 billion coins in circulation.
All miners received a random reward size for the mined block, which was the basis of the Luckycoin algorithm. Later, the mining fee was made fixed. Initially, there was a limit on the emission of coins of 100 billion, but the network developed quickly, so the limit had to be lifted.
Reference! To increase the attractiveness of the Doge cryptocurrency, it was decided to reduce the time between blocks to 60 seconds. This solves problems with the cost and speed of transaction processing.
Dogecoin Predictions for 2022
Investor wallet
Wallet Investor's technical price picture for Doge was nothing more than large green candlestick patterns about two months ago. The rise in prices was rapid and relentless, leaving no room for sellers.
The coin reached its all-time high in May 2022 and then a bearish trend set in that crippled the entire market and the scars still remain.
The market continues to decline with signs of a bullish reversal, but lacks volume. Dogecoin's annual forecast shows that the coin will reach $0.380 by mid-2022, and in the 5-year period, the coin is definitely expected to reach $1.17.
Crypto
CryptoGround analysis reflects a future bullish trend for Dogecoin as the forecast states that the coin will reach $0.1896 in August and $0.3 by the end of the year. In one year, the price will be $0.3410, and in 5 years, Dogecoin will reach $0.5759.
Trade
Another forecast comes from TradingBeasts, which sends mixed signals about Dogecoin's price going forward. They expect the price to increase to between $0.2200129 and $0.3235484 in 2021. In December 2024, Dogecoin could reach an average of $0.3444431 on the charts.
Earning Dogecoins on faucets
An alternative option for receiving coins is earning money yourself. Dogecoin faucets are constantly opening on the network, which allow you to receive cryptocurrency for simple actions. The main thing is to log in regularly and collect rewards.
Services are divided into 2 types.
- Cumulative . In such faucets, you can withdraw dogecoins only after reaching the minimum wage at a given time.
- Instant withdrawal . Money for work can be withdrawn at any time.
It is worth noting that in the first case you get a stable income, and in the second you are playing with fire. As a rule, Dogecoin faucets with instant payouts do not last long, and can close even after a couple of days. Storage services are much more stable and work for a long time. For this reason, we provide examples of cranes of the second category.
Main portals for earning money:
- Moondoge . Here we are talking about making money by entering captcha. Coins are added to your account automatically if you solve symbols every 3-4 hours. In order for the money to be withdrawn, you need to reach the minimum of 100 coins. Paid every Saturday.
- All Coins . Once every five minutes, users can follow simple instructions to receive 0.04 DOGE;
- Doge-Faucet . Allows you to collect 1 coin every 240 minutes without additional actions. You just need to check the site every hour. They pay upon reaching the minimum of 500 coins.
- FreeDoge . The project is interesting because a random amount of Dogecoins is received hourly, from 6 to 600,000. Income is paid on Sundays.
DOGE rate forecast - for the next 5 years
Dogecoin price forecast for 2022
2021 has been a good year for cryptocurrencies overall, with the exception of two months. Most coins have reached the highs of their lives, and the Dogecoin price is no different. On May 8, 2022, Dogecoin's extremely bullish outlook became even more positive after Dogecoin received support from Snoop Dogg, Kevin Jonas, Elon Musk, and Gene Simmons.
Coinbase Commerce now supports Dogecoin payments. With such a high level of adoption, it seems the sky is clear for Dogecoin and tZERO crypto to provide their currency support.
Huge celebrity support for Dogecoin has pushed its market capitalization to new highs, completely defying technical indicators that the cryptocurrency is overbought.
Its growing use in basic payments will increase its adoption among the masses in the long run. Dozens of online retailers and platforms, including AllGamer, eGifter and Coinbase Commerce, now accept payments in Dogecoin. Dogecoin 2021 has been in an overextended bull run driven by massive volumes from day traders, institutional investors, celebrities, and DOGE whales.
The bears then crashed the entire market and Dogecoin is now trading at $0.19. She will grow up eventually though.
There is no doubt that Dogecoin's unprecedented celebrity support will likely continue to push DOGE/USD beyond all resistance levels in the future. Dogecoin price forecast to reach $0.1 level by the end of 2022 may happen earlier than expected as a result of current events for Dogecoin price forecasting.
As people realize its practical value and the importance of DOGE, Dogecoin could gain traction later this year.
Doge Forecast for 2022
The Dogecoin price outlook is improving as it has many changes in 2022 as there is significant bullish momentum that is offsetting the current bearish move. There may be corrections in the near future, but the overall weekly and monthly charts are set for more high market prices in the future.
Technical analysis and fundamental picture show positive sentiment. Wider support for the cryptocurrency market could further support this bullish Doge price forecast for 2022. Based on current cryptocurrency market activity, the coin is likely to gain traction in the coming months and approach the $1 mark by the end of 2022.
Multiple technical studies, including extended Fibonacci retracements, indicate that Dogecoin price could reach $0.6 by December 2022. 2022 is expected to bring much more positive news for Doge. Most importantly, such a jump in the price of the Doge cryptocurrency will attract institutional investors, which could further strengthen the prospects of touching $1.
2022 will also see a rise in Dogecoin whales as major cryptocurrency investors jump on the bandwagon. Like the BTC whales, these newfound doge whales will help establish the long-term support and resistance pivots evident in the path of every mature asset.
Dogecoin Forecast 2023
This year could well prove to be a turning point for Dogecoin as it consolidates its rise beyond $1.5. Technically, the 161.8 percent Fibonacci extension puts Dogecoin at $1.45 by the end of 2023. However, the long-term outlook is often clouded by fundamental news. Therefore, it is safe to assume that Dogecoin will be between $1.35 and $1.45 in 2023.
When such long-term forecasting studies are conducted in cryptocurrency, it is safe to follow a range rather than a specific Dogecoin forecast. In 2022, the minimum could be around $1.2 and the maximum could be around $1.5. When compared to BTC, Doge can be approximately 0.0000023301 BTC.
A more conservative approach would include various global rules governing Dogecoin. The bullish sentiment could be muted if the broader cryptocurrency market does not perform well due to various government regulations.
In such a scenario, Doge's price could remain in the range of $0.0954 to $1. In a worst-case scenario, the price could touch the lower support at $0.07634. However, the overall momentum for the Dogecoin cryptocurrency is very bullish.
Dogecoin Forecast 2025
Due to its popularity among users, Dogecoin can remain afloat and not fall in price in the next five years. According to WalletInvestor, there will be positive exchange rate dynamics.
The prevailing forecast for Doge is that Dogecoin's price could rise significantly to $1 by 2025—several jumps in value from Dogecoin's current price of $6 (at the time of this writing).
CryptoGround Dogecoin Price Prediction is located near WalletInvestor. Using a proprietary deep learning algorithm, it can be estimated that Dogecoin can become a profitable investment in 5 years, which could generate a profit of $1 by 2025.
Results 2022
DOGE cannot be called one of the growth leaders in 2022. The result is impressive, and some indicators indicate a high probability of continued positive dynamics next year. For example, daily trading volume has been around $100 million recently, which sets Dogecoin apart from some of its closest competitors.
As for the actual price of the cryptocurrency: in January the rate fluctuated around $0.0002, in September-October it stabilized at around $0.001, and now is around $0.0092, showing an increase of more than 4000% since the beginning of the year.
Thanks to the active promotion by the project team, the Doge token is presented on many exchanges, including Cryptopia, Poloniex, HitBTC.
Frequently asked questions about DOGE Coin
Will Dogecoin rise in 2022?
Dogecoin was perhaps the perfect roller coaster ride of 2022. The high volatility was the result of various comments from famous personalities and cryptocurrency experts. The most significant boost to the cryptocurrency's development came from Elon Musk, who made his ultra-bullish views on Dogecoin clear.
High price volatility has helped Dogecoin's price gain high valuations in the crypto space. The Dogecoin community has grown exponentially as the price has increased by 774 percent in the last eight months alone.
The recent emergence of a bearish trend in the market has brought the price of the coin to its knees. However, the future still looks bright with the market turning bullish again.
The journey to new heights is just around the corner as Dogecoin could receive huge support from the broader cryptocurrency market. As the market capitalization of digital coins surpasses $25,215,777,224.53, the exponential growth rate will only push prices higher further. If you do not take into account small pullbacks, the price will definitely go up in 2022.
What is the current Dogecoin price?
Dogecoin is currently trading at $0.19. It's declining now, but the future seems too bright. The RSI, MACD, Stochastic Indicator, Awesome Oscillator and Bollinger Bands indicators give positive signals on the daily and weekly charts.
How many Dogecoins are in a dollar?
At the current exchange rate in US dollars there are 5.2 Dogecoins. Since Doge's founding in 2013, Dogecoin started as a joke and is now one of the most popular crypto communities.
Where to trade Dogecoin?
Dogecoin has emerged from the shadows. Now almost every significant cryptocurrency exchange offers Dogecoin cryptocurrency trading. Some of the popular exchanges that offer Dogecoin trading services are Coinbase, Binance, Kraken, Bittrex, Bibox, and others.
Most exchanges have simple registration processes and users can get started almost immediately after registering. Crypto traders can create their accounts, create wallets and transfer money using suitable channels including credit cards, debit cards or bank transfers.
DOGE tweets
Community tweets carry a lot of weight. Over a month ago, Elon Musk took Dogecoin under his wings as he faced "discrimination" by polling his Twitter followers and declaring Dogecoin to be the "future currency of Earth", with "All other cryptocurrencies combined" receiving only 28.7% of the vote compared.
The CEO of SpaceX and Tesla posted several tweets criticizing so-called crypto whales that are hoarding large reserves of Dogecoin. Elon blamed these large holders as the only thing stopping Dogecoin from becoming a mainstream currency, who previously suggested that the "people's cryptocurrency" could become the official currency on Mars.
An analysis of digital wallets shows that one holder owns more than a quarter of all 128 billion Dogecoin (DOGE) tokens in circulation. The balance of just over 36 billion Dogecoins is worth over $2 billion at today's prices.
Another 19 digital wallets hold another 25 percent of all Dogecoin, meaning just 20 people own more than half of all existing Dogecoin—assuming the wallets are owned by individuals.
Since Elon's tweet below, Dogecoin has risen by seven percent, even in this bearish trend we are experiencing.
Elon's tweets turned out to be very useful in increasing the Dogecoin price. With the further revelation that he owns ETH, BTC and DOGE by Elon himself, we may see institutional investors pouring money into Dogecoin.
Distinctive characteristics of cryptocurrency
Although Dogecoin is a derivative of Litecoin, which was created by modifying the Bitcoin source code, the cryptocurrency has many differences from the original networks. Of the general things, it is necessary to highlight only the principles of operation, including complete decentralization, the PoW consensus algorithm and the method of processing transactions.
Dogecoin was created as an additional cryptocurrency that would stand out from other offerings. Let's look at the main differences between DOGE in economics and technology:
- instead of the standard SHA256 encryption algorithm, the Scrypt solution is used, which allows you to mine currency even on personal computers;
- Initially, the maximum emission was 100 billion dogecoins, but later the developers lifted restrictions on the issuance of new coins;
- low transaction fees even during periods of peak load - if in the BTC network with a large transaction pool the commission is up to $10, then in DOGE the figure does not exceed 1 cent;
- high speed of transaction processing - the network has reduced the time between adding blocks, so transfers are processed in a matter of minutes.
