Dogecoin was one of the most prominent players on the cryptocurrency market in 2021, peaking in May and gradually declining in the following months. Nevertheless, there are many reasons to be optimistic about Dogecoin's prospects in 2022 as developers seek to introduce additional use cases to increase the coin's value.
In this cryptocurrency overview, we take a look at Dogecoin's short-term price forecast and highlight potential opportunities for the coin.
DOGE Price Version
Dogecoin had a very good start to the year, rising more than 57% between January 10 and 14. But this rise was only temporary, and Dogecoin has since lost 45% of its value based on today's price. Overall, the Dogecoin price has not made any significant moves so far in 2022, as the ongoing situation between Russia and Ukraine is causing uncertainty in the cryptocurrency market.
Today's Dogecoin price is the lowest since April 2021, but this is still a significant increase from where it was at the beginning of last year. Here is a summary of all the major Dogecoin-related developments:
- Founded in 2013 by software engineers Billy Marcus and Jackson Palmer.
- After its launch, the Bitcoin to Dogecoin exchange rate grew by more than 57%.
- Reached $2 billion in market value for the first time in January 2018.
- Started gaining momentum in early 2021 due to its status as a "meme coin".
- Reached an all-time high of $0.7376 in May 2021.
- Price has fallen more than 84% to the price we are seeing at the time of writing.
Dogecoin Price Forecast
Dogecoin price is currently fluctuating around $0.1192 after trading sideways for the past month. To clarify the long-term outlook for the coin, below is a brief overview of the Dogecoin forecast for the coming years.
End 2022
Although the value of Dogecoin has dropped significantly over the last eight months, the coin still enjoys incredible support from social media communities. For this reason, a common cryptocurrency exchange of retailers could push DOGE to the $0.3500 mark by the end of 2022.
Late 2023
If Dogecoin has real use cases, such as online chattels, there will be more reasons for people to hold DOGE because of its usefulness. If the development team adds new use cases, Dogecoin could reach $0.6000 by the end of 2023.
Late 2024
Reaching the all-time high of May 2021 will not be easy. Although consistent marketing and increased utility of DOGE could help. With this in mind, we forecast that Dogecoin could reach US$0.7300 again by the end of 2024 - a 500% increase from today's price.
Prospects of the currency
As with BTC cryptocurrency buying, it is advisable to get an idea of Dogecoin's short- and long-term prospects before investing. As mentioned earlier, the Dogecoin price today stands at $0.1192, down 30% since the beginning of 2022. But given this start of Dogecoin, what performance can we expect for the rest of the year?
High prices cannot be sustained by speculation and retail purchases alone. The adoption of DOGE by the Dallas Mavericks and Tesla players could pave the way for more companies to allow customers to buy goods with this cryptocurrency, which would increase the demand for DOGE. Our Dogecoin price forecast for 2022 suggests that the coin could reach $0.3500 by the end of the year - a 191% increase from today's level.