After a few days of drought, Dogecoin (DOGE) turned bullish again. But an investment in the coin remains a game with fire.
“We haven’t finished yet!” This is about the battle cry of the Dogecoin Army these days. Because after DOGE fell over 40 percent downhill at the beginning of the week , things are now looking up again. Today, Friday, June 25th, the Memecoin is again in the black and is quoted at 0.26 US dollars by the editorial deadline. 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 cannot be due to the fundamental values of the dog coin. After all, DOGE is neither used as a store of value nor as a means of payment. In addition, around 28 percent of the entire supply is at a single address. However, it is not known who this giant whale is.
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Even the supply of Bitcoin is not limited to a certain number, but is expanded indefinitely. DOGE also results from a Bitcoin fork. However, the makers found the fundamental value proposition of the limited offer unconvincing and turned Dogecoin into an inflation coin .
DOGE: Some get rich
But the DOGE Army is celebrating like no other. A look at Reddit also shows that DOGE is seen above all 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 morning air: correction soon made with price forecast)
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 by crypto standards.
So if you don’t jump out early enough and realize your profits, you run the risk of wrecking. The top 5 coin is also miles away from its all-time high of $ 0.75.
So far, Elon Musk has not been able to change that either. The entrepreneur once again underpinned his dubious reputation as a Dogecoin maximalist, how could it be otherwise, on Twitter. In a tweet from Jack Dorsey, Musk suggested that the “B-word” might not be Bitcoin, but rather Dorsey’s interest in bisexuality. An at least tasteless pun.
Let’s have THE talk
— jack (@jack) June 25, 2021
After all: In the end, the two billionaires were able to come to an agreement and agreed to talk. Hopefully on the right topic.
The meme-inspired dogecoin (DOGE) cryptocurrency remains the talk of the crypto markets, having plunged to $0.22 on 19 May, after soaring by more than 15,000% from the start of the year to an all-time high of $0.74 on 8 May. The coin recovered some of its losses, reaching $0.43 by 3 June, only to continue falling. At the time of writing, 17 June, DOGE traded at $0.31.
The coin’s volatility is often driven by social media, especially tweets by Tesla (TSLA) CEO Elon Musk.
There have been calls for DOGE to reach $1 by the end of the year. Is that price target still viable? This dogecoin price analysis looks at the cryptocurrency’s recent performance and the latest price predictions.
Dogecoin price prediction: where next for the memecoin?
Perhaps unusually for such a controversial cryptocurrency, technical sentiment on dogecoin was neutral as of 17 June. There were 16 technical analysis indicators giving bullish signals, while 15 indicators were bearish. There is short-term support around $0.30 with the first level of resistance at $0.317.
Algorithm-based forecasting service Wallet Investor predicts dogecoin will trade up from $0.30 at the start of July to $0.38 by the end of 2021. It suggests the price will rise to $0.57 by the end of 2022 and reach $0.76 by the end of 2023. The coin is predicted to hit $1 in April 2025.
Digitalcoin has also revised its predictions for dogecoin’s future value, expecting the price to average $0.46 in 2021, compared with an earlier forecast of $0.73. Its longer-term forecast puts the price at an average of $0.56 in 2022, $0.91 in 2025 and $1.43 in 2028.
The dogecoin price prediction from cryptocurrency aggregator CoinSwitch is bearish, forecasting that in a year from now the price will fall to $0.01 and in five years will trade at $0.04, losing 87% of its current price level.
Eddie Ghabour, managing partner at Key Advisors Group, told Yahoo Finance Live that he views dogecoin as a speculative play that “will probably cease to exist” when the bubble bursts.