Home / Price Predictions / Dogecoin Price Prediction 2024: After Crypto Inspiration Kobuso Dies, Could DOGE Rally be Fitting Tribute?

Dogecoin Price Prediction 2024: After Crypto Inspiration Kobuso Dies, Could DOGE Rally be Fitting Tribute?

Last Updated May 27, 2024 9:35 AM
Peter Henn
Last Updated May 27, 2024 9:35 AM

Key Takeaways

  • Dogecoin was one of many memecoins to surge in early March 2024.
  • Despite being founded as a parody of crypto, DOGE is in the top 10 cryptocurrencies by market cap. 
  • Kabosu, the Shiba Inu dog behind Dogecoin, has died after 14 years of internet-fame.
  • One Dogecoin price prediction suggests that DOGE could become a deadcoin by 2030. 

Dogecoin, the joke crypto that became serious business, looks like it is cashing in on an upturn in memecoins.

Earlier in the 2024, DOGE made something of an upturn following the news that X – better known as Twitter – was setting up a payment platform. With the social media platform’s owner, Elon Musk, being an ostensible fan of the coin, speculation was rife that Xpayments would accept not just crypto, but Dogecoin in particular.   

While nothing has come of the idea so far, it is worth noting  that the Dogecoin Foundation has suggested using a form of PoS before. 

In September, the coin suffered a setback when it was removed from New York State’s list of approved cryptos.

Recently, Kabosu, the iconic Japanese Shiba Inu behind the viral “Doge” internet meme, died at the age of 18 on May 24, as announced by her owner. Kabosu had been battling leukemia and liver disease.

Her distinctive side-eyed expression catapulted her to fame, becoming the face of the Dogecoin cryptocurrency and a beloved social media sensation around 2013.

On May 27, 2024, Dogecoin was worth $0.1655.

Dogecoin did not respond to a request for comment.

But what is Dogecoin (DOGE)? How does Dogecoin work? Let’s see what we can find out, and also take a look at some of the Dogecoin Price Predictions that were being made as of May 27, 2024.

Dogecoin Price Prediction

Let’s examine some of the Dogecoin price predictions being made on May 27, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $0.1238 $0.2605 $0
Prediction #2 $0.36 $0.42 $1.23
Prediction #3 $0.1785 $0.2760 $2.02

First, CoinCodex  had a mixed short-term Dogecoin price prediction. The site said DOGE would decrease to $0.1655 by June 1 before falling further to $0.1439 by June 26. The site’s technical analysis was bullish, with 25 indicators sending encouraging signals and six making bearish ones. 

Dogecoin Price Prediction for 2024

CaptainAltCoin  said that DOGE could climb to $0.1238 by December. DigitalCoinPrice  thought it would get to $0.36 while PricePrediction.net  said it would trade at $0.1785 this year. 

Dogecoin Price Prediction for 2025

Moving on, DigitalCoinPrice said that Dogecoin would trade at $0.42 next year. PricePrediction.net said that it would reach $0.2760 then. CaptainAltCoin said it would be worth $0.2605 in 2025.

Dogecoin Price Prediction for 2030

Looking at a more long-term Dogecoin price prediction, PricePrediction.net said it would trade at $2.02 in 2030. DigitalCoinPrice said it would get to $1.23 that year. CaptainAltCoin, on the other hand, had a DOGE price prediction that would not have gone down well with the coin’s fanbase. It said it would become a worthless de facto deadcoin by the start of the next decade. 

Google Gemini Price Prediction for Dogecoin (as of May 27)

Google’s Gemini platform gave the following price prediction for Dogecoin on May 27. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

Short Term (Next three months)

  • Expected price: $0.2042
  • Factors to Consider:
    • Market Volatility: The cryptocurrency market is known for its volatility, and DOGE is no exception. Unforeseen events can significantly impact its price.
    • Technical Analysis: While some technical indicators might suggest a potential direction, they aren’t always accurate predictors.

Medium Term (Next six months)

  • Expected price: $0.29
  • Factors to Consider:
    • Overall market trends: If the general cryptocurrency market experiences a bull run, DOGE could see a positive price impact.
    • Developments on the Dogecoin network: Any significant upgrades or positive news surrounding Dogecoin could influence its price.
    • Regulations: Government regulations on cryptocurrency can affect the entire market, including DOGE.
    • Social media and celebrity influence: Dogecoin has a history of being influenced by social media trends and celebrity endorsements.

Long Term (Next five years)

  • Expected price: $3
  • Factors to Consider:
    • Market Movements: The overall cryptocurrency market sentiment significantly affects DOGE’s price. If the market thrives, DOGE could rise with the tide.
    • Dogecoin Developments: Upgrades and advancements on the Dogecoin network that enhance its functionality could attract more users and increase demand.
    • Celebrity Influence: Dogecoin has a history of being influenced by celebrity endorsements. Continued support from prominent figures could impact its price.
    • Regulations: Government regulations on cryptocurrency can introduce uncertainty and potentially affect DOGE’s price.

It added: “It’s important to remember that these are just predictions, and the actual price of DOGE can fluctuate significantly. It’s crucial to conduct your own research and consider your risk tolerance before making any investment decisions.”

Recent updates from Dogecoin

Kabosu, the Japanese Shiba Inu who became an internet sensation as the face of the “Doge” meme, has died at the age of 18. Her owner announced that Kabosu, who had been battling leukaemia and liver disease, died on May 24.

Kabosu’s iconic side-eyed expression not only charmed millions on social media but also inspired the Dogecoin cryptocurrency, making her a lasting symbol of the early 2010s internet culture.

Kabosu’s owner, Atsuko Sato, announced  her death in a heartfelt poem on her blog. Sato wrote: “She quietly passed away as if asleep while I caressed her.” The poem continued, “At 7:50 a.m. I fell into a deep sleep,” according to a translation by Agence France-Presse, as cited by NBC News. “I think Kabo-chan was the happiest dog in the world. And I was the happiest owner.”

DOGE Price History

Now, let’s examine some of the highlights and lowlights of the Dogecoin price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a Dogecoin price prediction.

When Dogecoin first came out in late 2013, it was worth about $0.0001 and it remained well under the cent – albeit with a brief foray above $0.01 around the time of the crypto bubble of late 2017 and early 2018 – for most of its first seven years or so. 

This all changed during the crypto bull run of early 2021, when its price skyrocketed and what had been one of crypto’s many also-rans turned into one of the biggest coins going, reaching an all-time high of $0.7376 on May 8 that year. 

Things then fell apart when Tesla boss and alleged Dogecoin enthusiast Elon Musk called the crypto a “hustle” on top American TV show the exact same day. His comments were exacerbated by an overall market downturn and DOGE closed the year at $0.1673.

2022 was a poor year for crypto and DOGE was unable to enjoy the same sort of success it had in 2021. Following the collapse of the LUNA cryptocurrency in May 2022, it has, with the exception of a brief period in late October and early November last year, remained under the $0.10 mark. On December 31, it was worth $0.06816. This meant it had lost nearly 60% of its value over the course of 2022. However, it had performed slightly better than the overall crypto market, which dropped nearly 65% over the same period. 

Dogecoin in 2023 and 2024

DOGE price history
DOGE price in 2023 and 2024. | Credit: CoinMarketCap

DOGE started 2023 well. It broke past $0.10 for the first time since December 2022 in April, but things soon went downward. The news that the United States Securities and Exchange Commission (SEC) was suing the Binance and Coinbase exchanges hit DOGE, which fell to $0.05854 on June 10. This coincided with Crypto.com suspending its American institutional operations.

There was a recovery over the following weeks. On July 25, it hit $0.08334, only for it to collapse. By October 12, it was worth $0.05747. It was able to mount a fightback over the following months, breaking past $0.10 for the first time in more than a year and reaching a high of $0.1058 on December 11. After that, it closed the year at $0.08947, representing an annual increase of more than 30%. 

The token’s slump continued in the new year and, on January 29, 2024, it was worth about $0.08055.

However, in March, it recovered and was worth about $0.18 on March 5, 2024. After a slight slowdown in May, it reached $0.1655 on May 27, 2024.

At that time, there were about 144.3 billion DOGE in circulation, representing the total supply. This gave the coin a market cap of around $23.85 billion, making it the eighth largest crypto by that metric.

Dogecoin Historical Price Data

Period Dogecoin Price
May 27, 2024 $0.1655
May 20, 2024 $0.1513
April 27, 2024 $0.1455
February 27, 2024 $0.08939
May 27, 2023 $0.07362
Launch price (December 15, 2013) $0.0002993
All-time high (May 9, 2021) $0.6358
All-time low (May 6, 2015) $0.00008913

Dogecoin Price Analysis

Dogecoin Price Analysis
Dogecoin could reach $0.30 this cycle | Credit: Nikola Lazic/TradingView

On March 28, DOGE peaked at $0.22, concluding the third stage of a five-wave sequence that started on October 13, 2023.

Afterwards, DOGE’s price fell to $0.12 by May 1, mirroring a similar dip on March 19. A recovery of over 40% took place, pushing the price to $0.17 by May 22, a breakout above the descending triangle. 

This rise could signify the beginning of the final wave of a five-wave pattern, which is a new bull phase for DOGE. Crossing $0.16 further confirmed this. However, there are some signs of struggle. 

If we see another decisive move past $0.18, it would mean DOGE is now likely headed to a higher point than on March 28 and could be eyeing a new target of $0.30. 

Is Dogecoin a Good Investment?

It is hard to say. The coin that was the poster child of the 2021 boom struggled as the market sank. Whether a change to a Proof-of-Stake consensus mechanism will help things remains to be seen. Remember that when Ethereum (ETH) moved to PoS, overall economic conditions meant the change barely had an impact. One would hope that, if DOGE undergoes its own Merge, things will be better for it. 

On the other hand, DOGE 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. Indeed, its recent performance could well have got people interested in Dogecoin again. 

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”. 

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?

No one can really tell right now. Most of the DOGE price predictions are positive, even if CaptainAltCoin thinks it will cease to be worth anything by 2030. On the other hand, price forecasts are very often wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

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 Litecoin (LTC). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who are the Founders of Dogecoin?

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.

Who Owns the Most Dogecoin (DOGE)?

As of May 27, 2024, the richest DOGE wallet held 21.63% of the coin’s supply.

Richest DOGE Wallet Addresses

On May 27, 2024, the five richest DOGE wallets were

  • DEgDVFa2DoW1533dxeDVdTxQFhMzs1pMke. This wallet held 31,287,003,598 DOGE, or 21.63% of the supply.
  • DE5opaXjFgDhFBqL6tBDxTAQ56zkX6EToX. This wallet held 9,213,597,293 DOGE, or 6.37% of the supply.
  • D8ZEVbgf4yPs3MK8dMJJ7PpSyBKsbd66TX. This wallet held 7,185,684,618 DOGE, or 4.97% of the supply.
  • DDTtqnuZ5kfRT5qh2c7sNtqrJmV3iXYdGG. This wallet held 5,031,001,922 DOGE, or 3.48% of the supply.
  • ADNbM5fBujCRBW1vqezNeAWmnsLp19ki3n. This wallet held 3,998,449,334 DOGE, or 2.76% of the supply.

Fact Box 

Supply and demand Figures
Total supply 144,457,886,384
Circulating supply as of May 27, 2024 144,457,886,384 (100% of the total supply)
Holder distribution Top 10 holders own 46% of the total supply, as of May 27, 2024

From the Whitepaper

In its technical documentation, or whitepaper , Dogecoin explains what it is.

It says: “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

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.  

Dogecoin Attention Tracker

Dogecoin Google search volume.
Dogecoin Google search volume. | Credit: Google

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 

How many Dogecoin are there?

On May 27, 2024, there were 144.3 billion DOGE in circulation, representing the total supply.

Will Dogecoin Reach $1?

It might do, but not for some time yet. PricePrediction.net thinks it will break the dollar in 2029 and DigitalCoinPrice says it will reach that level the following year. Keep in mind, though, that the highest DOGE has ever traded at is $0.7376, which it reached in May 2021. 

What is Dogecoin used for?

DOGE rewards miners on the Dogecoin blockchain. People can buy, sell, and trade it on exchanges. 

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.