Dogecoin (DOGE) has fallen in value along with other cryptocurrencies in 2022, losing more than 60% since the start of 2022 and more than 90% since its all-time high reached in May 2021.That said, it is still one of the largest cryptos out there.Let’s take a look at some of the dogecoin price predictions that were being made as of 5 October 2022, and find out some more about the coin, too.DOGE returned to the headlines last month as an amended lawsuit against Tesla (TSLA) CEO Elon Musk filed in a New York court added seven new investors as plaintiffs, as well as six new defendants, accusing them of racketeering.The $258bn lawsuit was filed in June by investors who have lost money on the token, arguing that the defendants “profited tens of billions of dollars” while knowing that the value of dogecoin “depended solely on marketing”.The dogecoin price skyrocketed by 1,234% from April 2021 to peak at an all-time high of $0.7376 the following month.Dogecoin explained The first of the dog-themed meme coins, DOGE was originally launched in 2013 by software engineers Billy Markus and Jackson Palmer, who worked at IBM (IBM) and Adobe (ADBE), respectively, as a satire on the proliferation of alternative coins (known as altcoins) attempting to ride on the success of bitcoin (BTC).The cryptocurrency tapped into the popular Doge meme featuring a Shiba Inu dog, using the dog as its logo.
Markus and Palmer based the dogecoin blockchain protocol on the open-source coding of the now-defunct luckycoin cryptocurrency.Luckycoin was a hard fork, or spin off, from the litecoin (LTC) cryptocurrency, which in turn was a hard fork from bitcoin.Although DOGE started as a joke, it soon gained popularity among crypto users, as its low value (it launched at $0.000232) made it convenient for small online transactions, like tipping content creators on social media platforms.The dogecoin price took off in 2021 as cryptocurrency markets rallied, gaining popularity on social media and prompting the launch of other Shiba Inu dog-themed coins.
As the project took on a life of its own, building up a large community, Markus and Palmer left the project and there was no development on the protocol.Musk tapped into the social media hype around the coin, tweeting that it is “the people’s crypto”.
The Dogecoin Foundation was launched in 2014 to provide a governance and support framework for the project’s community development.The foundation was later dissolved, but it relaunched in 2021 as the coin attracted new investors and the price soared.
According to the foundation’s website, it aims to provide: “Support for the Dogecoin cryptocurrency through development and advocacy Dogecoin trademark defence to prevent abuse and fraud A roadmap and governance for the future of Dogecoin” The Foundation is led by members of the original development team as well as advisors, core developer Max Keller, Ethereum (ETH) co-founder Vitalik Buterin and Jared Birchall representing Elon Musk.Dogecoin price history Let’s now cast our eyes over some of the DOGE price history.While past performance should never be taken as an indicator of future results, knowing what the crypto has done in the past can help give us some much needed context when it comes to either interpreting a dogecoin price prediction or making one of our own.The DOGE price can be highly volatile, even in the context of cryptocurrency markets, as social media communities often drive large spikes in its value and subsequent crashes that generate mainstream media coverage.
Dogecoin price analysis shows that the coin was relatively stable from 2013 until the cryptocurrency markets took off in 2021.The DOGE price soared from $0.004681 at the start of 2021 to its all-time high of $0.7376 on 8 May 2021, a gain of more than 15,650%.It then quickly dropped in a “sell the news” response to Musk appearing on the Saturday Night Live TV show in the US.Musk referred to dogecoin as a “hustle”, having talked it up in previous weeks.
DOGE was trading down around $0.30 by the end of May 2021, defying the most bullish dogecoin prediction for the price to exceed $1.It fell further to $0.1607 on 20 July, when cryptocurrency markets found a bottom.A summer rally brought the price up to $0.351 on 16 August but it fell again to $0.1945 on 26 September.DOGE climbed to $0.2819 on 24 October, but turned bearish into 2022 along with the broader markets, remaining in a downward trend with lower highs and lower lows.DOGE started the year at $0.1705 and moved up to $0.2032 on 14 January, but then sold off to $0.1272 on 24 January.The coin rebounded to $0.1716 on 7 February, but was unable to hold at that level.
DOGE dropped to $0.1107 on 13 March before making another attempt at the $0.17 level on 5 April.The price plummeted to $0.07004 on 12 May as cryptocurrency markets reacted to the collapse of the Terra Luna cryptocurrency and the US dollar reaching 20-year highs.With bearish sentiment taking hold of crypto markets, DOGE traded down to $0.04972 on 18 June, its lowest level since early 2021.The coin traded in a $0.06-$0.07 range until a brief rally in meme stocks and coins driven by retail investors on social media brought the price up to $0.08864 on 16 August.But DOGE quickly dropped back to trade around $0.06 again and was worth about $0.06415 on 5 October 2022.
At the time, there were 132.67 billion DOGE in circulation, representing the total supply.This gave the coin a market cap of around $8.5bn, making it the 10th largest crypto by that metric.Dogecoin price predictions Let’s now take a look at some of the dogecoin price predictions that were being made as of 5 October 2022.It is important to remember that price forecasts, especially for something as potentially volatile as cryptocurrency, very often turn out to be wrong.Also, many long-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.Technical analysis from cryptocurrency data service CoinCodex showed that sentiment was neutral at the time of writing, with 15 indicators sending bullish signals against 14 making bearish ones.Fittingly, the site’s short-term dogecoin price prediction for 2022 was mixed indicating that the coin could trade up to $0.066455 by 10 October before falling down to $0.062257 on 4 November.
Wallet Investor was bearish in its DOGE price prediction, estimating that it could decline to $0.00326 by 5 October 2023.DigitalCoinPrice made a dogecoin crypto price prediction which saw the coin potentially averaging $0.0658, before rising to an average of $0.15 in 2023 and $0.26 in 2025, based on historical data.DigitalCoin’s dogecoin price prediction for 2030 had the price moving up to an average of $0.90.Price Prediction.net estimated that the DOGE price could average $0.067 in 2022 and $0.0 in 2023.PricePrediction’s dogecoin price prediction for 2025 similarly projected that the coin could move up to $0.23, but the price could then climb to $1.48 in 2030, based on its deep artificial intelligence-assisted technical analysis.Coin Price Forecast was far less bullish in its DOGE price prediction, estimating that dogecoin could rise from $0.0662 at the end of 2022 to $0.0759 at the end of 2025 and $0.1341 at the end of 2030.
When considering a DOGE coin price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates.As such, analysts and algorithm-based forecasters can and do get their predictions wrong.If you are considering investing in cryptocurrency coins or tokens, we recommend that you always do your own research.Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision.Keep in mind that past performance is no guarantee of future returns.And never trade with money that you cannot afford to lose.FAQs.
