The speculations around DOGE seem to be wearing off as Elon’s tweets are barely mentioning cryptos anymore. Investors started to doubt Dogecoin’s ability to be a promising crypto asset worthy of investment. Given today’s outlook on the cryptocurrency market, how high will Dogecoin reach in 2030? In this Doge price prediction article, we try to assess the future prices of Dogecoin.
What are Meme Coins?
Before we analyze Dogecoin, we need to understand its nature, which is a Meme coin. Meme coins entered the crypto sector not so long ago. What started as a joke-making bit on Bitcoin has seen the rise and birth of other tokens of the same family. The first-ever meme coin, Dogecoin, entered the market in 2013. Since then, there has been a massive rise in these tokens in the sector. Aside from being very volatile, these tokens are mostly known for their massive community of followers. Other than that, they have enjoyed massive promotions from influential figures worldwide.
What is Dogecoin (DOGE)?
Dogecoin is one of the best-known cryptocurrencies on the market, and Meme coin specifically. Not because of its technical peculiarities but the project was launched as a parody of cryptocurrency to counter the hype surrounding Bitcoin and various other new cryptocurrencies with something humorous. It is an open-source cryptocurrency that is utilized by internet users globally.
What Factors influence Dogecoin Price?
Dogecoin prices were heavily affected by Elon Musk’s tweets. DOGE saw its price rise towards around $0.75 before it collapsed when Elon talked about DOGE on national television. Thus two important factors affect DOGE prices currently: Elon Musk and Twitter.
Earlier this year, Elon announced that he was willing to buy Twitter altogether. However, The platform is known to have a lot of bots. Bots are basically fake accounts, that spread misinformation, hype, and false opinions. This makes any topic seem famous. In the crypto community on Twitter, it is very well known that bots play a big role in influencing people’s opinions about a certain crypto project. This is what allowed rug-pulls and scammy projects to be able to prosper on the back of other people’s money. With Elon Musk trying to back out from the Twitter deal, there are a lot of uncertainties regarding cryptos, especially for DOGE, which is community-driven and heavily reliant on hype.
What’s New with Dogecoin?
According to the development team behind Dogecoin, the ecosystem will bridge with the Ethereum blockchain in Q4 2022. This will allow users to send their DOGE tokens to the Ethereum mainnet, thus allowing DOGE to be used in smart-contracts, DeFi, and NFT marketplaces.
This is a huge step for Dogecoin, as it increases its use cases, thus increasing the demand for DOGE, and in turn, increasing its price. This fundamental news should be able to push DOGE prices upwards upon successful completion of the bridging project.
Why is Dogecoin Down Today?
Looking back at figure 1 above, we can see that the main factor that allowed DOGE to skyrocket was Elon’s hype on Twitter and on national television. After that, prices corrected in the following years back towards their average price pre-pump of around $0.06.
Other fundamental factors also influence Dogecoin price today:
- The DOGE is inflationary with an unlimited supply – although the inflation momentum does fall over time due to a specified distribution speed, and is inferior to the inflation rate of USD
- The entire DOGE supply is already high although the circulating supply is fully unlocked.
- Dogecoin’s block time of one minute doesn’t beat other monetary transaction platforms like VISA.
To add to the above, the entire crypto market is not doing so well currently. The crypto market sentiment seems to be bearish, as Bitcoin prices sank below their psychological price of $20,000.
How High will Dogecoin reach in 2030?
DOGE Price Prediction 2022
Given the current crypto market dynamics, the outlook of crypto prices till the end of 2022 looks to be somewhat sideways. The Twitter deal with Elon Musk might slightly affect DOGE prices, but the crypto market is looking to end 2022 on a mediocre note.
That’s why Dogecoin price is likely to stay consolidating around $0.055 and $0.075 till the end of 2022.
DOGE Price Prediction in 2025
In the following years, the crypto market bull should’ve happened. In 2025, it is expected that most cryptocurrencies would have hit their all-time high prices. For Dogecoin, if Elon continues his endorsement of DOGE through selling his products and services for DOGE, this would definitely create more demand, hence higher prices.
With the above speculations in mind, DOGE might reach prices between $0.5 and $0.8 in 2025.
DOGE Price Prediction in 2030
In 2030, cryptocurrencies are expected to have reached mass adoption. With the internet almost present everywhere on earth, people across the world can easily have access to their favorite token. Dogecoin is a meme token, designed to be a fun representation on the internet. Most people today like to spend their time having fun online. Dogecoin can be a tool for tipping content creators everywhere.
If this reality happened, Dogecoin is up for a massive price increase from today, reaching prices between $2 and $4 and a market cap of between $266 Billion and $533 Billion by 2030.
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Source: https://cryptoticker.io/en/how-high-will-dogecoin-reach-in-2030/