In recent days, the price of DOGE seemed to look better than that of other altcoins, even though there has been a recent selloff. Nevertheless, the slight pullback offers new Dogecoin buyers the opportunity to potentially save the memecoin and even start an uptrend.
In January, the memecoin’s price went up by 45%, which set it at $0.0998. Now, however, it has lost about 15 percent of its price. Currently, it’s trading at around $0.08183. This is due to its recent loss in popularity, which came after Elon Musk was reported to be developing a Twitter Coin. This came as a shock to Dogecoin fans, as they expected that Musk’s favorite cryptocurrency would be integrated into the social media platform.
Dogecoin Shows Poor Performance Through 2022
For much of 2022, Dogecoin showed subpar performance. The only exception is when Elon Musk bought Twitter in a multi-billion dollar acquisition. The major event got DOGE fans excited as they expected increased use of the coin.
Since it was Musk’s favorite cryptocurrency at the time, it was gaining immense popularity. Unfortunately, the drama surrounding the FTX exchange was bad news for the memecoin, as the price was at $0.15. This was the highest since the market crash in May because of the collapse of the stablecoin Terra.
Dogecoin Holds Important Position as First Ever Memecoin
When the crypto industry came to live in 2010, the concept of cryptocurrencies was to prevent government intervention. Of course, it invited many pranksters to develop joke tokens. The software engineers who developed Dogecoin thought that people were taking the idea of cryptocurrency too seriously. Hence, they developed DOGE as a way to poke fun at crypto maximalists.
Soon, the memcoin gained immense popularity as it became viral on websites like Reddit. The token was based on the viral image of a Shiba Inu, which was a breed of hunting dogs in Japan. With time, the memecoin had a devoted following.
Most people who were interested in owning cryptocurrency but didn’t take it too seriously ended up buying DOGE. At the same time, fans of the meme and Shiba Inu dogs also went ahead to purchase Dogecoin. But as traction developed and the value of Dogecoin increased, people started purchasing it seriously.
Now, Dogecoin is the 10th largest cryptocurrency by market cap, and it’s also been a sponsor for an English Football Club. So despite the recent fluctuations in price, Dogecoin will always remain a pioneer of memecoins that led the way for new cryptocurrencies like Shiba Inu coin.
Bullish Predictions for Dogecoin’s Future
Analysts like Coin Journal are quite bullish about Dogecoin’s future. This is especially considering that it had a wider utility than most altcoins. Many merchants have started accepting Dogecoin as a mode of payment as well. It has expected Dogecoin’s price to reach $2.59.
On the other hand, a post on the website Changelly predicts that the highest Dogecoin will reach by 2025 is $0.28. Meanwhile, its minimum price prediction is set at $0.23. The sit explained that buyers will get a return on their investment of about 452 percent in 2025.
According to one Analytics Insight report, improve crypto regulations and higher rates of adoption will push Dogecoin’s price up to $0.77 by 2025. Meanwhile, the analysis by Finder shows that DOGE will reach a price of $0.19 by 2025. These projections were made in July 2022 and were much lower than its predictions in January. In January 2022, Finder predicted that Doge will go up to $0.32 by 2025.
Furthermore, analysis expert Capex expects that the DOGE price could go above $0.80 in 2030. This is despite how difficult it is to predict the price of an asset in a volatile market such as cryptocurrency. They also said that if it’s a bullish market, prices won’t fall below $0.30. Other experts are of the opinion that promotions like influencer marketing will improve the price.