Dogecoin price prediction: Is it set for a new rally?

Canine inspired meme coin DOGE shot up 25% in price on the news that Tesla boss and Doge fan, Elon Musk had bought into Twitter and joined the board.

But, in just a couple of days all that had been wiped out as the price plunged 20% including 11% today (7 April) to sit at $0.146.

The spurt was probably because Doge fans thought Musk would be able to use his new position to boost the coin even further. Then perhaps came the realisation that his being on the board would actually make it more difficult for him to promote or pump the coin because of the risk of breaking anti-corruption regulations.

There has also been a significant shift in market sentiment in the last day or two which has seen many altcoins take large hits such as ether (ETH) down 4%, avalanche (AVAX) down 5%, and solana (SOL) down 8%. Rival doggy meme Shiba Inu (SHIB) is down 4%

So what happens next? Meme coins are the volatile wing of the already highly volatile crypto sector, and DOGE is top dog.

How much will dogecoin be worth? What is a realistic future target price? What are the latest DOGE predictions and what do they suggest about the outlook for the dogecoin future price?

This article looks at the latest DOGE crypto price predictions and analysis to help you address these questions.

Dogecoin bearish as price struggles to advance from July lows

DOGE, the coin launched as a satire o​​n the cryptocurrency space, went on a bull run last year as it gained popularity on social media and spawned a raft of other dog-themed coins. Doge expectations reached an all-time high as did the price of $0.74 on 8 May, a gain of 15,653% from the start of this year.

The price quickly fell on a “sell the news” response to Elon Musk’s appearance on US TV show Saturday Night Live, when he referred to the cryptocurrency as a “hustle”, having talked it up in previous weeks.

The DOGE price dropped as the broader cryptocurrency markets sold off, dropping as low as $0.16 on 20 July.

Cryptocurrency markets bottomed out on 20 July, rising in part to a short squeeze on bitcoin and bullish sentiment after comments made by the likes of Twitter (TWTR) and Square (SQ) co-founder Jack Dorsey, ARK Invest founder Cathie Wood and Musk during a panel discussion at the B Word conference, which considered how institutions can adopt cryptocurrency.

Market observers and investors such as Mark Cuban noted that as well as investing in dogecoin, holders tend to use it more than other cryptocurrencies to pay for goods and services. Cuban owns the Dallas Mavericks basketball team, which accepts dogecoin and several other cryptocurrencies as payment for tickets and merchandise.

As of 7 April 2022 a total to 2,053 merchants –  shops, internet services, hotels and gaming platforms etc – now accept doge as payment, according to Cryptowerk.

In September, Musk weighed in again on DOGE, tweeting that for the future of dogecoin its fees should drop to make the coin viable for small transactions.

On 14 January Musk, tweeted that company merchandise could be bought with DOGE leading to a 14% boost to the coin price.

Earlier in 2021, he ran a Twitter poll asking if Tesla (TSLA) should accept DOGE for payment for its electric vehicles. The company introduced and then later halted bitcoin payments after concerns were raised about the energy usage of bitcoin mining.

In the latest DOGE news, cinema chain AMC started accepting DOGE and other cryptocurrencies as payment for digital gift cards as it prepares to accept crypto for online ticket sales.

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On 6 November DOGE has also lost out to rival Shiba Inu (SHIB) in a Twitter popularity contest in October according to analysis firm ICO Analytics. SHIB came top with 22% of the share compared to DOGE’s fifth place with a mere 4.8% perhaps firming up SHIB’s reputation as a potential DOGE killer.

On 23 March Dogecoin said it had been added to the 1800 ATMs of virtual currency exchange, Bitcoin of America

The DOGE price moved up to $0.35 on 16 August, then declined to $0.2 on 26 September, with cryptocurrency prices dipping in late September. Musk added further impetus for Shiba Inu dog-themed cryptocurrencies to rise on 4 October, when he tweeted a photo of his puppy in a Tesla vehicle.

As prices have rallied sharply in October in response to the launch of the first bitcoin ETF (ProShares Bitcoin Strategy ETF), DOGE has bounced up to trade around the $0.25 level, hitting an intra-day high of $0.271 on 18 October.  It currently (7 April) resides at $0.15, with a market capitalisation of $19.5bn ranking it at 12th on the list of leading cryptos.

What is the outlook for the value of dogecoin, with cryptocurrencies potentially extending the gains?

Dogecoin price prediction 2022, 2025 & 2030: will dogecoin go up?

At the time of writing (7 April) in the short-term dogecoin analysis from CoinCodex the sentiment was bearish. There were 13 indicators giving bullish signals and 20 bearish ones.

CoinCodex’s DOGE price prediction was that DOGE could trade up 5% at $0.155 on 2 April.

None of the longer-term DOGE coin price predictions suggested it could surpass $1 in the next few years.

The dogecoin price prediction from Wallet Investor was that the price could reach $0.28 in a year’s time and treble to $0.83 in five years.

Based on historical data, DigitalCoin‘s dogecoin prediction saw the price potentially averaging $0.19 in 2022 and $0.29 in 2025, rising to $0.66 by 2030.

In the meantime, Price Prediction‘s dogecoin crypto price prediction put the average dogecoin price at $0.16 in 2022, rising to $0.49 in 2025 and $2.82 by 2030.

It’s important to keep in mind that cryptocurrency markets, and meme coins in particular, remain extremely volatile, making it difficult to accurately forecast what a coin’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts can get their DOGE predictions wrong.

We recommend that you always do your own research, and consider the latest market projection, news, technical and fundamental analysis, and expert opinion before making any investment decision. And never invest more than you can afford to lose.

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