The value of dogecoin, a cryptocurrency originally invented as a joke, surged to an all time high of over 50 cents Tuesday, a landmark as enthusiastic online traders continue efforts to push the digital currency towards $1. Now, defying all odds, dogecoin is worth $40 billion, and its price has . Firstly, If y. On February 8th, 2021, the price of dogecoin hit the highest price of $0.082605. The billionaire has called dogecoin his "fav" cryptocurrency and "the people's crypto." The value of dogecoin, a cryptocurrency originally invented as a joke, surged to an all time high of over 50 cents Tuesday, a landmark as enthusiastic online traders continue efforts to push the . Daniel Van Boom is an award-winning Senior Writer based in Sydney, Australia. The popular coin briefly dropped below 30 cents on May 23, before . Join the 520.000+ traders worldwide that chose to trade with Capital.com, Also you can contact us: We saw Milky Way, Snickers, Slim Jim, and others tweet support for the cryptocurrency, with the goal of sending the coin to the moon (crypto-talk for a coin that is soon going to rise significantly in price). Musk has also come out as a supporter of bitcoin, with his electric car company buying $1.5 billion worth of the cryptocurrency earlier this year. Where the last surge saw the coin use up all its steam and fail out on #DogeDay, investors have bullish indicators and incoming catalysts lined up. Back in January, when each token was worth around 1 cent, Doge devotees had dreams of the coin hitting 10 cents in value. In other words, its not just Dogecoin, its the entire crypto market. So will Dogecoin reach $1? TradingBeasts further forecasts that the cryptocurrency will be traded at $0.0613386 at the beginning of the month and close the month at $0.0619104. If the celebrities continue this infatuation of dogecoin, then its price will continue to increase. eToro alone has 20 million users, who can now easily buy DogeCoin through its platform. Shop your favorite products and well find the best deal with a single click. With services and companies including PayPal, Venmo, WeWork and Tesla now supporting more traditional cryptocurrencies, its possible some may begin to support dogecoin. Has all the attention got you wondering Should I invest in Dogecoin for outsized portfolio returns? That follows a spike of more than 900 per cent on January 29 when the coin soared to an all-time high before sliding back, with trading volumes exceeding those of Bitcoin (BTC). Time to get your crystal ball out! The floodgates truly opened for Doge when Elon Musk jumped aboard the hype train and riled his fans up into a frenzy after tweeting that "dogecoin might be my fav cryptocurrency." It has since found a growing community online. Dogecoin has experienced high price volatility like any other cryptocurrency. Brokerage platform eToro announced support for dogecoin Monday, citing client demand. Since then, Dogecoin has dropped and been turbulent. "People are buying the cryptocurrency, not because they think it has any meaningful value, but because they hope others will pile in, push the price up, and then they can sell off and make a quick buck. Some argue that Dogecoin does not stack up when compared to tried and tested digital currencies like Bitcoin. Get this delivered to your inbox, and more info about our products and services. On Monday, April 19, Dogecoin's market capitalization (equated by multiplying a coin's current price by its circulating supply) hit $50 billion for the first time, with the coin itself hitting . While we cant predict dogecoins price with utmost certainty, it is prudent the most likely direction. Bitcoin hit a record high of more than $64,000 on Thursday, while ether briefly topped $2,500 for the first time Friday morning. 2023 TECHTIMES.com All rights reserved. The success of crypto depends on users and adoption. Elon Musks series of tweets is one of the highest drivers of the dogecoin price increase. Dogecoin, the cryptocurrency that features the face of a Shiba Inu dog as its logo, has surpassed 10 cents for the first time. Yes, while many publications make fun of the fact that Dogecoin is, in fact, just a meme coin, the truth is that this sort of publicity attracts more widespread attention, curiosity, and intrigue around the digital currency which leads to more investors jumping on board. . If you're familiar with cryptocurrency, you know Bitcoin and maybe Ethereum. The billionaire has flirted with the idea of using Dogecoin as a payment option for a membership or paid version of Twitter. Since last August, Dogecoin has not broken the 30 U.S. centsmark, however, with the memecoins use cases skyrocketing with Musks takeover of Twitter, there is no reason it cannot reach the 50 cents mark before the new year, he said. Capital Com SV Investments Limited is regulated by Cyprus Securities and Exchange Commission (CySEC) under license number 319/17. Similar to the subreddit WallStreetBets, which helped fuel a rally in GameStop shares at the start of 2021, SatoshiStreetBets aims to pump up the prices of cryptocurrencies. The year 2020 was good for cryptocurrencies. A recent rise in the price of Bitcoin followed by a period of consolidation is prompting more retail investors to look at altcoins. Dogecoin's price tends to be gripped by dizzying highs and crashing lows. Capital Com SV Investments Limited, company Registration Number: 354252, registered address: 28 Octovriou 237, Lophitis Business Center II, 6th floor, 3035, Limassol, Cyprus. Created in 2013 by software engineers Billy Markus and Jackson Palmer, dogecoin was intended to be used as a faster but "fun" alternative to bitcoin. It's been fairly off the radar since then. All Rights Reserved. Well continue to monitor the situation closely and were sorry if you were impacted. While the rest of the economy dipped, most cryptocurrencies prices increased or maintained their prices within the range. Capital Com is an execution-only service provider. As of around 2:50 p.m. EST on Tuesday, his dogecoin holdings were worth $700,217.09. Should it? Benzinga does not provide investment advice. It then slipped to $0.002961 and had trended down to $0.002503 by early November 2020. There is a crazy excitement [from] very young investors around meme coins and meme ideas. There are many others, and they're preposterous. These are like the penny stocks of the cryptocurrency world. The Indian government is also considering banning cryptocurrencies. Dogechain beginning the voting process for its coin burn fueled a bullish sentiment among DOGE holders. Here's how the pros are playing it, This beaten-up bitcoin proxy should rebound 35% as the crypto reclaims the spotlight, Berenberg says, Missed the A.I. For instance, Elon Musks tweets have significantly affected the price of dogecoin. Answer (1 of 6): A 2020 TikTok campaign sought to lift dogecoin's price to $1. The Dogecoin bullish movement is expected to continue into the third quarter of 2021. (Photo : Can DogeCoin Really Hit $1 In 2021) The altcoin hit a record 69 cents Wednesday morning, flying past its previous high of 43 cents back in April. As the cryptocurrency industry continues to gain more exposure, many top currencies such as Bitcoin and Etherum are becoming normalized in our society, with more people turning to them for money transfers, building dapps, and storing value. DOGE now has a market cap of $6.39bn, according to digitalcoinprice.com, ahead of altcoins like Uniswap, Aave, EOS and Monero. Even in May, when the value of his holdings surpassed $2 million, he still didn't budge. Investor Optimism Improves Slightly Following JPMorgan's Purchase Of First Republic's Assets, Ford Motor Q1 2023 Earnings Preview, EV plans in focus, Here's what Wall Street expects from Ford Motor's earnings report, Earnings Week Ahead: Apple, Ford, Starbucks, Anheuser Busch, and more, TSLA Stock: Get Ready for the Inevitable Fall of Tesla. A year ago, the coin was trading at $0.002493 falling to $0.001582 in March 2020, according to Coindesk data. 2023 Benzinga.com. Firstly, the coins market capitalization surpassed $50 billion today. At the end of the month, the price is expected to reach $0.0599065. Apparently, the coin started a joke, or rather to satirize the proliferating dubious crypto coins. HSBC names 4 Chinese stocks set to benefit from the trend. The meme coin, once the runt of the crypto litter, is now a big dog with more value than storied automaker Ford (NYSE:F) and social media titan Twitter (NYSE:TWTR). The post Dogecoin Price Predictions: Can DOGE Hit 50 Cents After SNL Debut? The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. The co-founders are no longer directly involved in the DOGE cryptocurrency. Here's How to Change the AI Asssistant's Voice in Your Apple Devices. Technologist and futurist from Thomson Reuters Joseph Raczynski concurs and expects Dogecoin to benefit from its first-mover advantage and hit 50 cents by the end of this year and reach $1 before the end of 2025. DOGE has also become available on more cryptocurrency exchanges, making investing in Dogecoin available to more people and supporting higher trading volumes. But that was just an experiment. Before we get started, we need to discuss the elephant in the room, Dogecoin's volatility. The bullish movement is expected to continue throughout the year. On January 13, three exchanges added support for DOGE: Huobi Futures for margin swaps, FTX for spot and futures trading and WazirX for spot trading. As the world ambassador to Dogecoin (CCC:DOGE-USD), crypto investors are at the edge of their seats, anticipating a DOGE name-drop. Musk's' The Boring Company, SpaceX, and Tesla all accept Dogecoin as payment for merchandise. 84% of retail investor accounts lose money when trading CFDs with this provider. Musk has had a blow-hot blow-cold relationship with DOGE and has previously shared numerous DOGE-related memes and promoted it in tweets. appeared first on InvestorPlace. Built by software engineers Billy Markus and Jackson Palmer during the early Bitcoin craze and featuring a "mascot" of the then-popular meme featuring a Shiba Inu dog, the coin was originally conceived as a meta-joke about monetary value and the internet. Dogecoin is 88.99% below the all time high of $0.74. Its long-term forecast indicates the price could reach $0.0417 at the end of 2022, $0.0441 at the end of 2023 and $0.05096 in January 2026. Now it's a top 10 digital currency worth $40 billion. The price is expected to reach a high of $0.079470 in October, jump to $0.0798154 in November. The value of Dogecoin has soared by 774 per cent against the US dollar in the year to date. While all cryptocurrencies are volatile in nature, dogecoin has been subject to a greater deal of volatility than more mainstream tokens, including bitcoin and ethereum, buoyed on by its dual identity as a meme. No. Like other cryptocurrencies, Dogecoin is characterised by high price volatility. At the time Wallace joined the show, Dogecoin was trading around 50 cents. Investors can likely sit tight knowing that while there will be more, and others will come and go, DOGE will forever be the original.". Ethereum, the second most valuable cryptocurrency by market cap, also hit an all time high Tuesday, pushing past $3,500 mark. So while the answer is probably, yes the coin will reach $1.00, will I be investing again? The good news is that this figure is certainly not out of the realms of possibility, especially if Bitcoin and the cryptocurrency industry as a whole can continue with its current trajectory for the rest of the year. Its Doge Time: Dogecoin Surges As Reddit Traders Push To Make It The Crypto GameStop (Forbes), Dogecoin Is SoaringNear 10 Cents For First Time (Forbes), I Am Become Meme, Destroyer Of Shorts: Dogecoin Soars Again As Elon Musk Returns From Self-Imposed Twitter Exile (Forbes), Dogecoin Skyrockets To All-Time Highs Reaching $52.2 Billion Market Cap As Robinhood App Reports Outage Issues Due To Heavy Cryptocurrency Trading (Forbes), This is a BETA experience. I would have been okay with losing the $50.00 (I half expected to), which meant I was pleasantly surprised when I made a small profit. On the higher side, the cryptocurrency will cross $0.12 in September and continue the bullish movement to close the year at a maximum price of $0.12444. Dogecoin has witnessed wild swings in the past over Musks tweets and announcements. In fact, Markus recently wrote on Reddit that he sold his coins for (only) about enough to buy a used Honda Civic. According to Tradingbeasts Dogecoin Predictions, at the beginning of April, dogecoin is likely to reach $0.0595023. Dogecoin, worth around 7 cents today, would still have to more than double in value relative to . The cryptocurrency Dogecoin was created in 2013, but it wasnt until early 2021 around the time of the now-infamous Reddit-fueled GameStop and AMC short squeeze sagas that the coin started to attract more mainstream attention. The trend has now retraced . Cryptocurrency markets are prone to rapid, sharp price changes, so if you decide to open a position in Dogecoin, you should be prepared for the high volatility in the price along the way even if the long-term outlook is bullish. Fast forward to August 2021, and you will have to fork out a hefty $0.35 for the very same coin, where it is now ranked as the 7th most popular cryptocurrency in the world (by market cap). On Monday, April 19, Dogecoins market capitalization (equated by multiplying a coins current price by its circulating supply) hit $50 billion for the first time, with the coin itself hitting an all-time high of $0.45 made possible by surges of roughly 500 percent from the previous week and roughly 5,000 percent since the start of the year. call +44 2030978888 support@capital.com, CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The combined value of the cryptocurrency market climbed above $1tr in January for the first time, as Bitcoin traded at a record high of $41,941.56, according to data from CoinMarketCap and CoinGecko. He has made several tweets about dogecoin, which in turn has helped push up its price. In early February, enticed by a friend who is an avid Redditor, I put $50.00 into the coin on Robinhood when it was at about $0.03 and was able to double my money by selling a week later at $0.07. The bullish movement has pushed the market cap to $10.7 billion. "Dogecoin's rise is a classic example of greater fool theory at play," David Kimberley, an analyst at U.K. investing app Freetrade, told CNBC. Over the years, veterans of the Doge ecosystem have been fighting its corner against trolls, critics, and FUDders alike, preaching the good word of the dog meme currency. A Journey to new highs. In the shorter term as long as Elon is still the Dogecoin, we will still see more rallies before the year ends as he lays out plans for Twitter, Lian adds. The coin hit 16 cents Tuesday morning before inching up to 17 cents. DigitalCoinPrice is definitely bullish in this currency: based on historical data, the website forecasts DOGE crypto's price of $0.17 in 2023, $0.21 in 2024, and $0.31 in 2025. In the span of a few months, Dogecoin went from being a joke to a 90 billion dollar digital asset at the height of its price and popularity. Investors who bought in will have ended up nursing some nasty losses. Bitcoin Whitepaper Disappears on macOS, Coinbase Sues SEC, Siri is Getting Boring? Though he isn't a financial expert, he's optimistic that dogecoin has already hit bottom. The Dogecoin protocol is based on the now-defunct Luckycoin, which was a fork, or spinoff, from Litecoin (LTC). To be precise, it has leaped about 774 percent year to date against the US dollar. And in 2021, it hit 200 sats, before correcting to approximately 100 sats," Chrysochou says. Gene Simmons also recently revealed that he owns DOGE while snoop posted an altered album, Snoop Doge. However, a major one is a seemingly ever-increasing positive cryptocurrency industry sentiment and, in turn, increasing prices of the coins themselves. Secondly, DOGE holders have the Elon Musk SNL episode to look forward to. 2023 CNBC LLC. Currently, the price is hovering around the previous high of $ 0.051793 reached in January 2021. But, overall, usage is currently quite limited. A break to the downside could slump to a $0.045 zone. But remember, the cryptocurrency industry is still young and volatile, and due to Dogecoin having a weak use case and no supply cap, while the numbers may be looking good now, it could easily go the other way. One of the most promising aspects of fundamental analysis is the growing popularity among A-list celebrities. During a tumultuous year, the polarizing cryptocurrency has captured public attention right across the globe after posting incredible gains, acquiring various celebrity endorsements, and dominating crypto Twitter and several other internet sub-communities. Whats more, Payments giants MasterCard is set to unveil a platform that will allow merchants to receive cryptocurrency payments. Following its launch in 2013, one Dogecoin was worth $0.0002 (that's two ten-thousandths of a cent). 2023 BDG Media, Inc. All rights reserved. But Dogecoin is unique, and being in a category all on its own, a more all-encompassing assessment requires one to look at other less-traditional influencing factors. Like many cryptocurrencies, it has a tendency for volatile swings in price. DOGE reached the one-cent mark briefly at the beginning of 2021 and then shot to five cents in February. The fears of missing out and the generally bullish sentiment regarding cryptocurrencies will keep pushing the prices up. Just one look at Doge's graph will remind you of your favorite rollercoaster when you were a child, except this ride is certainly not for the faint of heart. Those are the two biggest cryptocurrencies, but underneath them is an entire market of smaller ones called "altcoins" -- or, sometimes, "shitcoins." [+] dogecoin token--far above the mere fraction of a cent it began 2021. Somewarn investors to be especially cautious when investing in dogecoinin particular, since itlacks the scarcity and technological developmentthat bitcoin has, for example. Currently, it ranks 10th globally. Despite this, enthusiasm is high amongst some in the crypto community who continue to hodl (a deliberate misspelling of hold that refers to buy-and-hold strategies in the context of cryptocurrencies) the joke coin and perhaps theres good reason. Its popularity on social media makes Dogecoin prone to wild price swings, with various attempts by users on TikTok and Reddit to collectively drive up the price causing the market to spike. Read more: Top 10 cryptocurrencies to invest in 2021: portfolio of coins set to explode. ", Amazon drops 4% on slowing cloud growth projections. At the time, the cryptocurrency was at $0.0023. It's risen by a whopping 400% in the last seven days. Bitcoins supply is limited to 21 million coins, there being around 18.69 million currently in circulation. The price could retest this high, which would then become our support. In July DOGE almost doubled from $0.002286 to $0.004543 in the space of a few days. However, 2021 seems quite promising. These include activity on the Reddit thread r/WallStreetBets among the #DogeArmy, the social media hype surrounding #DogeDay (April 20), and tweets from celebrities and brands, including Tesla CEO Elon Musk. In 2018, dogecoin's pricebegan rising in tandem with other popular digital currencies. I mean, its shocking to me that GameStop continues to hold any value, Novogratz said. At this rate, explains Reddit user EthereumDream, miners add more than 5 billion coins per year. Designed to make shopping easier. The Dogecoin forecast from digitalcoinprice.com is more bullish, predicting the price will average $0.073692 in March and reach $0.081293 by the end of 2021. Created in 2013, DogeCoin was the first such memecoin. Some bitcoin investors, for instance, have sounded the alarm about Musk's dogecoin tweets. 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In eliminating three zeroes, one of the most-popular digital currencies on the planet gained more than 37,000%. Taking a longer-term view, by 2025 Coinswitch expects Dogecoin to range between a low of $0.0281 and a high of $0.0450. The bullish movement of the dogecoin will continue through April. Last week, in a significant move for the industry, crypto trading platform and exchange Coinbase fetched an $85 billion valuation in its stock market debut. The minimum price will be around $0.0509205, while the maximum is expected to gravitate towards 0.0748831. The excitement around Coinbase's debut led to a surge in the prices of bitcoin and ether. Now, defying all odds, dogecoin is worth $40 billion, and its price has risen by a whopping 400% in the last seven days. Tesla CEO Elon Musk is Doge's highest-profile supporter, and histweets related to the cryptocurrency tend to lead to a jump in its value. Aside from positive cryptocurrency industry sentiment, several other factors have accelerated Dogecoin's recent gains. Dogecoin has been no exception to the frenzied interest in these digital assets. Dogecoin spent the last 24 hours in a booming state. While . In early January, each token was worth less than one cent. DigitalCoinPrice. Putting aside this aforementioned focus on the cryptocurrency and its hype value, lets look at Dogecoin through a more traditional lens.
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will dogecoin hit 50 cents 2021