Dogecoin Mania to Burst to $1 !
Dogecoin 2021 was in an overextended bull run powered by sheer volumes from day traders, institutional investors, celebrities, and DOGE whales.
Impressed by the currency’s growth and waiting to make an investment? But worried about what the future holds for this meme coin, why dogecoin is going up? Is dogecoin a good investment?
Here is a detailed study, stating the latest Dogecoin updates and price forecast.
What is Dogecoin (DOGE)?
Following the massive success of bitcoin, dogecoin was launched in December 2013. Within one month there were over a million visitors to the official website. It started with a price of $ 0.006. Today, the coin has made over 5000% in 2021.
Dogecoin was created by Billy Markus, Oregon, and Jackson Palmer. It was introduced as a joke, but who knew it would become so significant in the crypto world. It is also used by retailers to receive payments anywhere in the world!
Dogecoin is a user-friendly cryptocurrency project launched on December 06, 2013. It uses its own blockchain and is widely supported by many wallets and Exchanges. The main use case is for making payments and recently it has also been used as a tipping coin for rewarding small tokens to people during social media interactions.
DOGE was made to be user-friendly and it is now said to have a higher inflation rate. Dogecoins are inflationary coins while Bitcoins are deflationary coins, this is because Bitcoins have a limit on the number of coins that will be produced and used for mining. On the flip side, dogecoin does not have any such limits and so, is inflationary, which adds to its advantage.
Are you thinking about “should I buy dogecoin right now“? This guide provides all the details needed to avoid any pitfalls if you do decide to invest, and what the potential upside or downside may be.
Dogecoin Price Prediction 2021
On a bullish note, DOGE continued to trade at $0.007 during the start of 2021. Further, it maintained a consolidated trend until the mid of April. The altcoin traded at $0.34 when it entered May. Subsequently, Elon Musk’s appearance on the famous Comedy Show, SNL, and his tweet regarding the same coupled with the tagline ‘Dogefather’ set the price to surge by more than 15,000% from the start of the year to an all-time high of $0.74 on 8 May!
The meme-inspired cryptocurrency plunged to $0.22 on 19 May due to the market crash. The price continued to fall due to increased selling pressure, sliding to $0.25 on 23 May. On 2 June, it traded up to $0.44 but was unable to hold the gains and dropped back to $0.16 on 22 June. The meme coin rebounded to $0.29 on 25 June but then declined over the next month, returning to the $0.16 level on 20 July.
During the Q3 of 2021, the meme coin was consolidating within 0.2 So, is dogecoin dead? Let’s find out
The price range tightened heading into September, with dogecoin trading between $0.19 and $0.21. Dogecoin price has been on a downward sloping consolidation since September 8 but broke out to the downside as of September 20, slicing through the $0.230 support floor. Currently, DOGE is hovering above the $0.213 demand barrier and shows signs of recovery..
Overall, the fact that the altcoin has a strong community base indicates that DOGE prices can reach new highs. On this note, the Dogecoin price may hit a Potential high of $0.974 by the end of 2021. On the downsides, DOGE has always been having a Plump and Dump scenario in space. If this or some external force impacts the meme token, the DOGE price may trade at a potential low of $0.201 by end of 2021