Dogecoin Price Prediction 2024: DOGE Price Analysis
What's next for Dogecoin?
Key Takeaways
- Dogecoin has been the worst performer from major memecoins in 2024.
- DOGE has fallen since its yearly high in March and trades below two resistances.
- Kabosu, the Shiba Inu dog behind Dogecoin, has died after 14 years of internet-fame.
Dogecoin increased early 2024 amid speculation that X (formerly Twitter) might accept it as a payment option, fueled by Elon Musk‘s support. However, it faced a setback in September when it was removed from New York State’s list of approved cryptos, and in May, Kabosu, the Shiba Inu behind the Doge meme, passed away.
Dogecoin did not respond to a request for comment.
But what is Dogecoin (DOGE)? How does Dogecoin work? Let’s take a look at our own Dogecoin price prediction, made on July 1, 2024. We’ll also examine the Dogecoin price history, and we will talk a little about what Dogecoin is and what it does.
Dogecoin Price Prediction
There are two methods used to create our Dogecoin price predictions. More specifically predictions are created using fractals (mirroring movements and indicator readings) and the wave count.
The mean of the two predictions gives the average Dogecoin price prediction, the more bullish one is used for the maximum price prediction while the more bearish one for the minimum.
| Minimum Dogecoin Price Prediction | Average Dogecoin Price Prediction | Maximum Dogecoin Price Prediction | |
|---|---|---|---|
| 2024 | $0.53 | $1.28 | $2.10 |
| 2025 | $0.55 | $0.59 | $o.63 |
| 2030 | $3.80 | $4.70 | $5.60 |
Fractal Method
In 2017, the DOGE price broke out from a long-term descending resistance trend line existing for over 1,100 days. At the same time, the weekly RSI increased into overbought territory (yellow).
After bouncing at the 50 line, the increase continued, leading to a then all-time high of $0.018 in January 2018. The high was made slightly above the 4.61 external Fibonacci retracement of the decline. Then, the price began a long-term correction that ended at the previous all-time high.
A very similar movement is transpiring in 2024. In February, the DOGE price broke out from a descending resistance trend line that existed for over 1,000 days. If the same pattern is followed, DOGE will reach a new all-time high of $3.10 by December 2024.
Projecting a similar correction leads to Dogecoin price predictions f $2.10 and $0.55 at the end of 2024 and 2025, respectively.
Wave Count Method
The wave count method indicates that DOGE has just completed wave two in a five-wave upward movement. The 4.61 extension of wave one provides a target for the top of wave five.
If the count is accurate, DOGE can reach a new all-time high of $0.86 in July 2025, giving the entire upward movement 2.61 times the length of waves one and two combined.
Projecting a similar rate of increase and correction as the current movement leads to Dogecoin price predictions of $0.53 and $0.63 at the end of 2024 and 2025, respectively. Finally, we use the rate of increase during the past five years to make a Dogecoin crypto price prediction for 2030. Since July 2019, DOGE has increased by 2,750, giving a roughly 1.5% rate of increase per day.
Projecting this increase until the end of 2030 gives a target of $4.70. Adding and removing 20% to this value gives our maximum and minimum Dogecoin price predictions.
Dogecoin Price Prediction for 2024
The fractal and wave count price predictions give vastly different Dogecoin targets for the end of 2024. While the wave count suggests DOGE will be trading near $0.53, the fractal gives a much higher target of $2.10.
This is because the fractal method suggests DOGE will reach an all-time high by the end of the year, while the price will still be in the middle of its upward movement based on the wave count method.
Dogecoin Price Prediction for 2025
The Dogecoin price predictions for the end of 2025 are more similar. Both methods indicate DOGE will correct by this time. The fractal and wave count give targets of $0.55 and $0.63, respectively.
Dogecoin Price Prediction for 2030
The DOGE price prediction for the end of 2030 uses the current rate of increase. A price between $3.80 and $5.60 is likely if a similar rate of increase continues for the foreseeable future.
DOGE Price Analysis
The daily time frame Dogecoin price chart shows that DOGE has fallen under a descending resistance trend line since its yearly high of $0.228 in April.
The decline led to a low of $0.11 on June 18, causing a breakdown from the $0.125 horizontal support area. The area has existed since March, so the breakout is considered a bearish sign.
However, the daily MACD generated a bullish divergence (green) and DOGE is in the process of reclaiming the $0.125 horizontal area. If it does, the resistance trend line will be at $0.135.
A breakout above both will confirm the bullish trend reversal and can lead to a retracement toward the 0.5 Fibonacci retracement resistance level at $0.171.
Conversely, failure to break out from the $0.125 area and in turn the resistance trend line will mean the trend is still bearish. in that case, a decline to $0.10 will be the most likely future outlook.
Short-Term DOGE Price Prediction
The Dogecoin price prediction for the next 24 hours is based on the assumption that DOGE will reclaim the $0.125 horizontal area and break out from the resistance trend line. So, the bullish divergence in the daily MACD will play out and trigger a breakout.
The Dogecoin price prediction suggests the price will be trading inside the $0.125 area tomorrow but will eventually break out. Projecting this breakout leads to a price of $0.14 at the end of the week and $0.165 at the end of the month.
Dogecoin RSI Chart
The RSI is a momentum indicator traders use to determine whether the trend is overbought or oversold. Movements above and below the 50 line also indicate if the trend is bullish or bearish. The Dogecoin RSI is currently at 53.
More importantly, the indicator is testing the 50 line from above. This is a sign of a bullish trend, since similarly to a price movement, the RSI broke out above 50 and is now validating the level as support.
Previously, such a movement (white icon) was a catalyst for the acceleration of the increase.
DOGE Performance Comparison
Dogecoin is the oldest and largest memecoin in the Ethereum blockchain based in its market capitalization. So, let’s compare its performance with other memecoins in this blockchain.
The data reveals that Dogecoin has been the worst performer compared to the four biggest memecoins in Ethereum.
Dogecoin Price History
Let’s take a closer look at Dogecoin’s price history. While past performance isn’t necessarily indicative of future results, understanding what Dogecoin has done can help us contextualize future predictions.
2013-2020: Dogecoin launched in late 2013 at around $0.0001. It remained well under $0.01, except for a brief rise above $0.01 during the late 2017/early 2018 crypto bubble.
2021: Dogecoin’s price surged during the early 2021 bull run, reaching an all-time high of $0.7376 on May 8. However, Elon Musk’s comment calling Dogecoin a “hustle” on that same day, along with a market downturn, caused it to fall to $0.1673 by year-end.
2022: This was a tough year for Dogecoin . After the LUNA collapse in May, it mostly stayed under $0.10. By December 31, it was worth $0.06816, down nearly 60%, although it performed slightly better than the overall crypto market, which dropped almost 65%.
2023: Dogecoin started the year well, breaking past $0.10 in April. However, SEC lawsuits against Binance and Coinbase caused it to drop to $0.05854 on June 10. It recovered to $0.08334 by July 25, then fell again to $0.05747 on October 12. A rally pushed it to $0.1058 by December 11, closing the year at $0.08947, up over 30%.
2024: The slump continued into January, with Dogecoin worth around $0.08055 on January 29. It recovered to about $0.18 on March 5 but has fallen since, culminating with a low of $0.113 in June.
Dogecoin Price History | Credit: CoinGecko
| Period | Dogecoin Price |
|---|---|
| Today (July 1, 2024) | $0.1655 |
| Last Week (June 24, 2024) | $0.1513 |
| Last Month (June 1, 2024) | $0.1455 |
| Three Months Ago (April 1, 2024) | $0.0893 |
| Last Year (July 1, 2023) | $0.0736 |
| Launch price (December 15, 2013) | $0.0002993 |
| All-time high (May 8, 2021) | $0.7358 |
| All-time low (May 6, 2015) | $0.00008913 |
Who Owns the Most Dogecoin (DOGE)?
As of July 1, 2024, the top five richest DOGE wallets were
- DEgDVFa2DoW1533dxeDVdTxQFhMzs1pMke. This wallet held 30,977,003,598 DOGE, or 21.35% of the supply.
- DE5opaXjFgDhFBqL6tBDxTAQ56zkX6EToX. This wallet held 9,213,597,293 DOGE, or 6.37% of the supply.
- D8ZEVbgf4yPs3MK8dMJJ7PpSyBKsbd66TX. This wallet held 7,532,684,618 DOGE, or 5.19% of the supply.
- DDTtqnuZ5kfRT5qh2c7sNtqrJmV3iXYdGG. This wallet held 5,031,001,922 DOGE, or 3.47% of the supply.
- ADNbM5fBujCRBW1vqezNeAWmnsLp19ki3n. This wallet held 3,907,449,334 DOGE, or 2.69% of the supply.
Dogecoin Supply and Distribution Fact Box
| Supply and demand | Figures |
|---|---|
| Total supply | 144,925,886,384 |
| Circulating supply as of July 1, 2024 | 144,925,886,384 (100% of the total supply) |
| Holder distribution as of July 1, 2024 | Top 10 holders own 45% of the total supply |
From the Dogecoin Whitepaper
In its technical documentation, or whitepaper , Dogecoin explains what it is, stating: “Dogecoin is a community-driven cryptocurrency that was inspired by a Shiba Inu meme.
The Dogecoin Core software allows anyone to operate a node in the Dogecoin blockchain networks and uses the Scrypt hashing method for Proof of Work. It is adapted from Bitcoin Core and other cryptocurrencies.”
Dogecoin (DOGE) Explained
Australian software engineers Billy Markus and Jackson Palmer founded Dogecoin in 2013. Markus left the project in 2014 while Palmer, who had previously worked for Adobe, quit in 2015.
Initially created as a parody of crypto, Dogecoin uses similar software to Bitcoin (BTC). It really started to gain traction in late 2020 when a series of popular TikTok videos helped promote it.
It was around this time that Musk, who had previously seemed comparatively ambivalent about crypto, started calling himself the Dogefather. In turn, this got the billionaire a, perhaps unearned, reputation as a kind of crypto prophet.
How Dogecoin Works
At present, Dogecoin uses a Proof-of-Work consensus mechanism. This means that people verify transactions and add blocks to the blockchain by solving a series of increasingly complex mathematical equations.
DOGE rewards the Dogecoin blockchain’s miners. It can also pay for some things in the real world. People can buy, sell, and trade it on exchanges.
Is Dogecoin a Good Investment?
It is hard to say. Dogecoin does have a rather enthusiastic fan base. Whether the foundation behind the coin can really capitalize on that and deliver more uses for Dogecoin is another matter. If it does, things might look good.
Something that DOGE needs to work out is whether or not Elon Musk’s association with the coin is a good thing. Keep in mind that the self-proclaimed Dogefather damaged the coin’s reputation when he appeared on American TV and called it a “hustle”.
Additionally, it is worth mentioning that Dogecoin has been the worst performer from all the major memecoins in 2024. This has led to speculation that older memecoins such as DOGE and SHIB are being replaced by newer ones like FLOKI and PEPE.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in DOGE.
Will Dogecoin Go Up or Down?
The Dogecoin price prediction for the next 24 hours, week and month ahead depends on whether the price breaks out from the $0.125 area and the descending resistance trend line above it or gets rejected instead. Because of the bullish divergence in the daily MACD, a breakout is more likely.
Should I invest in Dogecoin?
Before you decide whether or not to invest in Dogecoin, you will have to do your own research, not only on DOGE, but on other, similar, coins and tokens such as Shiba Inu (SHIB) and Pepe (PEPE). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Dogecoin Attention Tracker
Here is a chart for Dogecoin Google search volume for the past 90 days. This represents how many times the term “Dogecoin” has been Googled over the previous 90 days.
FAQs
Our price predictions are split on the possibility. While both indicate that a new all-time high is likely, the wave count prediction gives a target of $0.87 while the fractal one a target of $3.10. DOGE rewards miners on the Dogecoin blockchain. People can buy, sell, and trade it on exchanges. Will Dogecoin Reach $1?
What is Dogecoin used for?
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
