A recent rise in the price of Bitcoin followed by a period of consolidation is prompting more retail investors to look at altcoins. ", "This is doubly the case in the crypto markets where a small group of players often hold a huge chunk of the total number of 'coins' in circulation. But that is not all. All Rights Reserved. Created in 2013, DogeCoin was the first such memecoin. But even after a nearly 10% price spike Tuesday from about 46 cents to around 50 cents per coin dogecoin is still trading well below the levels it hit just before Musk . Dogecoins prices have rallied in 2021 for several reasons. 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. Secondly, DOGE holders have the Elon Musk SNL episode to look forward to. His rants, however, have also gotten him in trouble. Also, Dogecoin has strong community support. Courtesy of Glauber Contessoto and Rodrigo Ramos. While 2021 saw the highest total number of gun deaths in the U.S., this statistic does not take into account the nation's growing population. Should You Invest in Dogecoin? - US News & World Report The minimum price will be around $0.0509205, while the maximum is expected to gravitate towards 0.0748831. Musk's' The Boring Company, SpaceX, and Tesla all accept Dogecoin as payment for merchandise. Cryptocurrency, Culture, International News, Video Games, Misinformation, Conspiracy Theories, Cryptocurrency, NFTs, Movies, TV, Economy, Stocks, experiencing issues with cryptocurrency trading. 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). Please refer to our Risk Disclosure Statement. Dogecoin hit its maximum price a few days ago, reaching a high price of 73 cents. 2023 Benzinga.com. On the other hand, if everything continues to come together and the stars align as it appears they might, then who knows? A $1,000 dogecoin purchase on Jan. 1, 2021 at a price of less than a cent per coin would be worth $121,052 at Wednesday's high of 69 cents, a gain of more than 12,000% according to CNBC . CRYPTO-SAVVY is an occasional series from Inverse that explains the world of cryptocurrency and where its going next. 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. Dogecoin started out as a joke. But to answer the question more aptly, we need to dive into a few specifics to see whether or not it's a viable target or just another crypto pipedream that will never come to fruition. We know some customers may have experienced intermittent issues earlier. Popular memecoin Dogecoin DOGE/USD has rallied by a staggering 56% over the past 24 hours and has more than doubled its price in the last week, amid Tesla chief Elon Musks acquisition of social networking giant Twitter. It's been fairly off the radar since then. Dogecoin's skyrocketing price has led to worries of a potential bubble in the cryptocurrency market. In January, crypto traders fantasized about DogeCoin hitting 10 cents. Nic Carter, co-founder of Castle Island Ventures, warned retail investors "are going to lose money on dogecoin," calling it a "vehicle for speculation.". In other words, its not just Dogecoin, its the entire crypto market. What the data says about gun deaths in the U.S. Dogecoin Price Prediction For 2021 - Currency.com The current circulating supply is 139,146,956,383.705 DOGE. Aside from positive cryptocurrency industry sentiment, several other factors have accelerated Dogecoin's recent gains. Firstly, the coins market capitalization surpassed $50 billion today. 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). Why Dogecoin Can Hit 75 Cents Again, According To Matt Wallace Brokerage platform eToro announced support for dogecoin Monday, citing client demand. Like other cryptocurrencies, Dogecoin is characterised by high price volatility. If you rely on the information on this page then you do so entirely on your own risk. 2023 BDG Media, Inc. All rights reserved. Many aim or claim to have utility, or improve facets of the Ethereum blockchain, upon which most altcoins are built. More bulls are likely to join the bandwagon pushing the price to test the resistance zone in December. Dogecoin is one of the cryptocurrencies that have grown significantly. Meanwhile, Dogecoin Whale Alert, a Twitter account that tracks the movement of DOGE whales tweeted that 286,953,266 DOGE, worth $22,140,740 was transferred from a "Top 20 wallet" to a Binance wallet. Dogecoin has attracted a following among users of Robinhood. In July DOGE almost doubled from $0.002286 to $0.004543 in the space of a few days. The coin hit 16 cents Tuesday morning before inching up to 17 cents. Want To Trade Bitcoin, Ethereum And Dogecoin? Dogecoin has been no exception to the frenzied interest in these digital assets. 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. If a big 2017-esque crash is waiting around the corner, then $0.01 would be a better price prediction. The bullish movement is expected to continue throughout the year. Their extreme volatility is one reason experts say that crypto is a risky, speculative investment. Others are "memecoins," which rise and fall in popularity simply because they're kind of funny. 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. 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. Dogecoin price surpasses 10 cents to reach an all-time high - CNN In fact, according to Genesis Volatility, Dogecoin is almost three times more volatile than Bitcoin (based on historical fluctuations). New Reports Suggest Where Dogecoin Could Head In 2022, End - Benzinga While the rest of the economy dipped, most cryptocurrencies prices increased or maintained their prices within the range. The billionaire has flirted with the idea of using Dogecoin as a payment option for a membership or paid version of Twitter. Dogecoin price prediction June 2021: Will Dogecoin recover even as the Musk cant seem to keep Dogecoin out of his mouth, and the altcoins investors love it. Also, considering that the coin has made roughly 5,000 percent gains in the past year, its not ridiculous to assume that the coin could triple in value (or more) in due time. The meme coinDogecoinDOGE/USD is expected to appreciate considerably this year and even more further into the future according to research conducted by United Kingdom financial analysis service Finder. Want CNET to notify you of price drops and the latest stories? The fears of missing out and the generally bullish sentiment regarding cryptocurrencies will keep pushing the prices up. A day after the first spike in January 2021, DOGE crashed as low as $0.0228 - wiping more than two-thirds off its value. Please contact us if you have outstanding issues. 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. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved. Investors are hoping the surge today will lead to something different. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. 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. Shop your favorite products and well find the best deal with a single click. Dogecoin spiked 400% in a week, fueling fears of a cryptocurrency bubble, Why investors may want to take dogecoin seriously, began rising in tandem with other popular digital currencies, posted a picture of their dogecoin holdings, buying $1.5 billion worth of the cryptocurrency, already view bitcoin as a speculative bubble. Dogecoin Soars Past 70 Cents To Record High After Elon Musk - Forbes 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. Also read:Blockchain.com Needs Cash As Valuation Plunges 70%: Will VCs Back The Struggling Startup? And now, defying all odds, dogecoin has a total market value of more than $40 billion, according to crypto market data site CoinGecko, adding over $20 billion in the last 24 hours. It started out as a joke. 86% of retail CFD accounts lose money, use up all its steam and fail out on #DogeDay, coins market capitalization surpassed $50 billion, cant seem to keep Dogecoin out of his mouth. We want to hear from you. The year 2020 was good for cryptocurrencies. Can Dogecoin Reach 50 Cents? - ProVsCons If you're familiar with cryptocurrency, you know Bitcoin and maybe Ethereum. "You just gotta zoom out and chill," Contessoto, 33, told CNBC Make It. Plus500. In February, after Musk tweeted Doge and Dogecoin is the peoples crypto, we saw a 50 percent surge in price. Musk posted a tweet last week that referenced The Dogefather and his upcoming hosting gig on Saturday Night Live May 8. 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. 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. Visa has also published similar plans. Dogecoin price jumps after Mark Cuban claims it will hit $1 - New York Post
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