Dogecoin (DOGE) Price Predictions & Forecasts 2024

Dogecoin (DOGE) Price Predictions & Forecasts 2024

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Dogecoin (ticker: DOGE) was launched into the cryptocurrency arena in 2013 by two software developers: Jackson Palmer from Australia and Billy Marcus from the US. Interestingly, the two had never met offline and were friends from Reddit!

Despite its origins as an ‘internet joke’, Dogecoin has become a widely known ‘meme coin’ with an exceptionally loyal community. Its market capitalisation is US$18.13 billion, and as of this writing, the circulating supply of Dogecoins – the amount of Dogecoin circulating among investors – stands at US$144.83 billion.

According to its official website, Dogecoin is the ‘accidental crypto-movement’ formed through an ‘open-source, peer-to-peer cryptocurrency’ that uses blockchain technology. Blockchain is a highly secure decentralised system that stores information as a public ledger maintained by a network of computers called ‘nodes’.

Dogecoin Performance

In spite of launching in 2013, Dogecoin’s performance versus the US dollar (ticker: DOG/USD) was uninspiring until the beginning of 2021. Even Tesla CEO Elon Musk declaring that Dogecoin might be his ‘favourite cryptocurrency’ in early 2019 failed to encourage much buying.

However, 2021 witnessed a surge in demand for Dogecoin, which advanced more than +20,000% and reached an all-time high of $0.7376 on 8 May. This was bolstered by support from retail investors on Reddit, the broader crypto boom, and additional commentary from Elon Musk.

Unfortunately, its run north encountered an unforeseen end when Elon Musk appeared on Saturday Night Live in mid-2021 and called Dogecoin a ‘hustle’. Since then, the crypto has failed to push beyond the all-time high mentioned above and fell strongly during Q4 2021 until bottoming in mid-2022 at $0.0492.  After this, price action was largely rangebound between $0.0600 and $0.1043 until Dogecoin bulls went on the offensive in early 2024 and witnessed a rather meaningful rally, reaching highs of $0.2281 at the end of March. Since then, the crypto has fallen to lows of $0.1123 as of June 2024.

Of course, the question for many is where Dogecoin will likely trade this year. Is the recent move an opportunity for dip buyers to become involved, or is this a sign that sellers want to take things beyond the lows set in mid-2022?

2024 Predictions and Forecasts

A forecast – whether estimating the end-of-year performance for the US dollar (USD) versus the Japanese yen (JPY), the price of the 10-year Treasury Note in a month, the price of Nvidia (NVDA) at the end of the quarter, or the end-of-year prediction for Dogecoin – is just that: an estimate provided by industry experts.

A professional trader or investor seldom relies on one piece of information to generate a trading decision. Therefore, relying solely on the forecast of any organisation or analyst is not recommended. Rather, forecasts or predictions should complement one’s trading idea, not define it.

Kyle Chasse – Crypto Analyst

In his recent Bull Run Price Predictions, Chasse optimistically forecasts that Dogecoin will reach $2 by the end of 2024, which would mean engulfing the previous record high set in May 2021. Versus the US dollar, he also believes Bitcoin may reach $150,000, and Ethereum will hit $9,500.

Techopedia – Education Platform

Technopedia’s 2024 forecast suggests an average price of $0.2150, with a maximum price of $0.3500 and a minimum price of $0.0830. If the minimum price is achieved this year, it would involve consuming lows of $0.1193 formed on 1 May.

CoinPedia – Fintech and Cryptocurrency News Media

CoinPedia’s estimates suggest that Dogecoin may hit $0.3751 by the end of 2024, similar to Technopedia’s maximum estimate. Nevertheless, the Team did mention that should the price of Dogecoin rally, then $1 is not out of the question by 2029.

AMBCrypto – Independent Cryptocurrency News Site

According to their analysis, Dogecoin could hit $0.1500 by the end of 2024, though they also communicate that their most bearish scenario will value Dogecoin at $0.0950.

FP Markets Research Team

There is no denying that sellers have been in control since the crypto topped in 2021. With support taken out at $0.1215 and now serving as potential resistance and a clear run seen to the downside towards support at $0.1034, this could be enough to prompt further selling in this market.

Daily chart of DOG/USD:

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