Dogecoin marks a decade of existence in 2023. A lot has happened since its inception, and the last few years were full of ups and downs. That goes for DOGE and the crypto market overall. It naturally begs the question — should you buy Dogecoin today?
Our guide will remind you of the basics of the project, including the technologies underlying DOGE. We’ll discuss price history and present predictions from different sources regarding DOGE’s future cost.
Meet First Meme Coin Project — Dogecoin
Dogecoin is a cryptocurrency that facilitates direct P2P payments. P2P stands for peer-to-peer, which indicates decentralization. Decentralized currencies are virtually the standard of the crypto industry and what attracts users to it.
But Dogecoin also had other characteristics to attract users. It’s that DOGE started as a joke! The coin’s logo features the Shiba Inu dog. The inspiration came from the famous Doge meme of the dog who speaks “weird” English.
Billy Markus and Jackson Palmer are Dogecoin creators. They specified that designing this token only took a few hours. Although it was imagined as a fun and light alternative to Bitcoin, DOGE served its purpose. People can use it for payments and trading via crypto exchanges.
A huge part of Dogecoin’s ongoing success is Elon Musk. He tweeted and discussed DOGE on multiple occasions, which often led to price boosts. Musk is even facing a lawsuit for running a pyramid scheme to support this currency.
DOGE doesn’t have a maximum supply. That’s another indicator that this is a parody currency. The creators wanted to send a message that there’s no point in digital token scarcity. Instead, adding new blocks to the chain generates new tokens. At this point, there are approximately 141.8 billion DOGE tokens in circulation. The project’s market cap is over $10 billion. That’s impressive and enough for Dogecoin to be in the top ten in the crypto rankings.
Technologies Underlying DOGE
Dogecoin shares many similarities with Bitcoin and Litecoin. The foundational one is that they both use blockchain technology. Dogecoin actually used Litecoin as the source code for its chain. That means DOGE uses a secure and distributed ledger that stores transaction details digitally. Thanks to cryptography, the records are immutable, and the network remains secure.
New DOGE coins become available via the mining process. That’s another similarity to BTC and LTC, with the exception there’s no maximum DOGE supply. Instead, a new block becomes available every minute. Miners receive 10,000 coins per block. If you do the math, that means 14.4 million DOGE tokens enter circulation daily.
Dogecoin uses the proof-of-work consensus mechanism. It means that miners put their computational power at the network’s disposal. The devices solve complicated math tasks to confirm and store info about each transaction on the blockchain. The reward comes in the form of DOGE coins.
Dogecoin Price Retrospective
The crypto market is very volatile, so going too far back when analyzing prices might not be worth the hassle. However, a quick reminder couldn’t hurt. DOGE entered the market in December 2013. It was worth $0.0002047 at the time. It took only three days to gain a 500% value boost.
Some struggles followed, and DOGE hit an all-time low in 2015. The lowest value was $0.00008547. As the crypto industry progressed, Dogecoin’s price increased. Its all-time high occurred in 2021, when it was worth $0.7376.
How Did Dogecoin Perform in 2022?
It’s now time to dig into the recent price history of Dogecoin. DOGE was worth $0.173 at the start of January 2022. It was a rough year for the entire crypto. That makes it no wonder that DOGE’s price also went down.
Dogecoin dropped to $0.13 in February and $0.11 in March. The following month was encouraging, and the worth went up to $0.172 in April. That was only short-term because DOGE continued dropping. In June, it reached $0.05.
Only short price boosts followed, but the final few months were somewhat better, and DOGE finished the year at $0.07.
DOGE Price Prediction
The current value of DOGE is $0.074. It’s hard to expect the token’s worth will change significantly before the year ends. Predictors mostly agree although some indicate that DOGE could go up to $0.098.
For 2024, Dogecoin forecasts vary. The majority believes it will reach at least $0.096, while some put it at $0.14. Those most optimistic even put DOGE’s maximum for 2024 at $0.28. The truth is that it might be a bit too generous unless the entire market flourishes in the coming months.
DOGE could be worth $0.16 in 2025, with several predictors placing it at $0.20 or higher. The prognosis goes up to $0.39, and some even place it at $0.45 in 2026. More realistic forecasts for this year place DOGE anywhere from $0.25 to $0.35.
If we switch our focus to long-term forecasts, we notice that Dogecoin could be worth anywhere from $0.37 to $0.73. It’s harder to tell how much DOGE would be worth at the end of the decade. Most experts agree that the token should go at least $0.5 by 2030. Some predictors even believe Dogecoin could cross the $1 threshold.
It Is Never Too Late to Buy DOGE
The critical consideration for Dogecoin is that it’s inflationary. It means there’s no maximum supply, and there’s no halving to increase the scarcity. New DOGE tokens become available daily. That affects DOGE’s attractiveness for long-term investment. In theory, maintaining the current token’s value is actually a success since more coins keep entering circulation.
The current strategy, however, makes Dogecoin worth considering. You can always use it in short-term or daily trading on Paybis. It’s also smart to follow the news since DOGE is highly influenced by the related events. We witnessed that with Elon Musk’s tweets, which improved the coin’s value almost every time. One thing is certain — it’s never too late to buy DOGE. That’s why it deserves a place on your monitoring list, and if you deem it suitable for your portfolio, then also in your crypto wallet.