After a few days of drought, Dogecoin (DOGE) turned bullish again. But an investment in the coin remains a game with fire.
“We are not finished yet!” This is about the battle cry of the Dogecoin army these days. Because after DOGE fell more than 40 percent downhill at the beginning of the week, things are now up again. Today, Friday, June 25th, Memecoin is again in the black and is trading at $ 0.26 at the time of going to press. This means that the coin with the dubious Shiba Inu dog in the logo makes up a whopping 12 percent within the last 24 hours. In the top 10 largest cryptocurrencies by market capitalization, Dogecoin is the absolute top performer.
At this point one can only speculate about the reasons. At least it can’t be due to the basic values of the dog coin. After all, DOGE is neither a store of value nor a means of payment. In addition, around 28 percent of the entire range is at a single address. However, it is not known who this giant whale is.
The supply of Bitcoin is also not limited to a certain number, but is expanded for an indefinite period of time. DOGE also results from a Bitcoin fork. However, the makers did not find the basic value proposition of the limited offer convincing and made Dogecoin an inflationary coin.
DOGE: Some get rich
But the DOGE Army celebrates like no other. A look at Reddit also shows that DOGE is seen primarily as a vehicle for making money. While topics such as scaling issues or the macroeconomic situation are discussed in other subs, r / dogecoin is primarily about making money. (Also read: Bitcoin (BTC) sniffs the morning air: correction with price forecast made soon)
This is of course nice for the individual. The only problem is that DOGE is hardly suitable as a long-term investment. The codebase of the coin is hardly maintained – even “dogefather” Elon Musk cannot find any developers. In addition, the price is extremely volatile even for crypto standards.
So if you don’t get out early enough and realize your winnings, you run the risk of ruining. The top 5 coin is also miles away from its all-time high of $ 0.75.
Elon Musk has not been able to change that either. On Twitter, the entrepreneur once again underlined his dubious reputation as a Dogecoin maximalist, how could it be otherwise. In a tweet from Jack Dorsey, Musk suggested that the “B-word” may not be Bitcoin, but Dorsey’s interest in bisexuality. An at least tasteless play on words.
Let’s talk THAT
– jack (@jack) June 25, 2021
After all: In the end, the two billionaires came to an agreement and agreed to talk. Hopefully on the right topic.
DOGE back on track to hit $ 1 in 2021?
The meme-inspired Dogecoin (DOGE) cryptocurrency is still on the crypto market’s turn, which fell to $ 0.22 on May 19 after falling more than 15,000% year-to-date to an all-time high of $ 0.74 on May 19 May 8 had risen. The coin made up some of its losses, hitting $ 0.43 by June 3, only to continue falling. At the time of writing on June 17, DOGE was trading at $ 0.31.
The coin’s volatility is often driven by social media, particularly tweets from Tesla (TSLA) CEO Elon Musk.
It has been requested that DOGE should reach $ 1 by the end of the year. Can this target still be achieved? This Dogecoin price analysis looks at the recent performance of the cryptocurrency and the latest price predictions.
Dogecoin Price Prediction: What To Do With The Memecoin?
Perhaps unusual for such a controversial cryptocurrency, the technical sentiment on Dogecoin was neutral on June 17th. There were 16 technical analysis indicators that gave bullish signals while 15 indicators were bearish. There is short term support at $ 0.30 with the first resistance level at $ 0.317.
The algorithm-based forecasting service Wallet Investor predicts that Dogecoin will rise from $ 0.30 in early July to $ 0.38 by the end of 2021. He suggests the price will rise to $ 0.57 by the end of 2022 and to $ 0.76 by the end of 2023, the coin is expected to reach $ 1 in April 2025.
Digitalcoin has also revised its predictions for the future value of Dogecoin, expecting the price to average $ 0.46 in 2021, compared to an earlier forecast of $ 0.73. The longer-term forecast puts the price at an average of $ 0.56 in 2022, $ 0.91 in 2025, and $ 1.43 in 2028.
Cryptocurrency aggregator CoinSwitch’s Dogecoin price prediction is bearish, predicting the price will drop to $ 0.01 in one year and trade at $ 0.04 in five years, losing 87% of the current price level.
Eddie Ghabour, managing partner of Key Advisors Group, told Yahoo Finance Live that he views Dogecoin as a speculative game that “will likely cease to exist” if the bubble bursts.