From being a simple joke of Bitcoin and cryptocurrencies in general, DOGECOIN grew into a world-famous crypto asset that continues to have a place on the headlines of top news outlets after maintaining a position in the top ten cryptos by market cap.
Investors and traders on the sidelines started to take DOGECOIN more seriously after it made a lot of crypto millionaires following a parabolic rise of about +60,000% from its lowest low to its all-time high in 2021 that coincides with the 4.236 Fibonacci level considering the 01 March, ’20 and 01 July, ’20 high-low range.
However, the number one DOGE/meme coin has since been in a price pullback and many investors on the DOGECOIN subreddit and crypto Twitter want to know when DOGECOIN will find support and perhaps a Doge price prediction for 2022 into the next 5 years.
In this post, we’ll walk you through how it all started, and give you insights into research and analytics from Coingape and popular crypto analytics firms.
On November 27, 2013, Jackson Palmer the founder of the world-famous Dog meme coin made a tweet about investing in DOGECOIN, at a time he had not yet started the project. Palmer’s friends encouraged him to get to work on a real DOGECOIN project, which he did, starting with registering dogecoin.com.
Another crypto enthusiast at the time, Billy Markus, approached Palmer to collaborate on the project and they both agreed that DOGECOIN would make the crypto space more approachable for crypto newbies, compared to the core Bitcoin ecosystem. Jackson Palmer later left the DOGECOIN project and community in June 2014.
As mentioned earlier in the inception story, DOGECOIN was created as a lighter mood approach for newcomers to get started with cryptocurrencies. At the moment, it makes more sense to buy a hundred dollars’ worth of DOGECOIN and still feel like you’re part of a big project, while that would get you a couple of Satoshis on Bitcoin.
DOGECOIN ranks the tenth crypto by market cap and is currently valued at $11.05 Billion. It is used for tipping and rewarding quality content creation on Reddit and Twitter and also used as a donation to Ukraine in the ongoing Russia/Ukraine conflict.
Lastly, we can’t talk about DOGECOIN without mentioning ELON Musk, whose tweets are known to give it a boost in early 2021. Doge has a great future as the richest man alive claims that Space-X would accept the number one dog coin as payment.
DOGECOIN follows a PoW (Proof of Work) algorithm, which means that it rewards miners with a little twist, albeit by fixed issuance. DOGE’s unique algorithm randomly rewards miners with a random quantity of coins that is halved after every 100,000 blocks.
The Top-Dog crypto asset was initial a deflationary crypt currency by design with a capped supply of DOGE tokens at 100 billion DOGE. However, that changed in February 2014 as the cap was abolished and an unlimited amount of DOGE can be created making it inflationary. However, its block reward is now fixed at 10,000 DOGE per block, mined at a block per minute.
Liquid Supply Curve
Chart courtesy of messari.io.
The sudden hike in demand for DOGECOIN on January ’21 gave birth to a lot of crypto millionaires as the general crypto market came exited the prolonged winter, not to mention positive tweets by Elon Musk that aligned with price patterns on the monthly price chart of the DOGEUSDT. A double bullish Inside-bar candlestick pattern confirmed an accumulation of bullish interest in DOGECOIN at the mid-phase (01 March 21) of its rise, after which it added a 1250.01% price gain.
Holders of DOGE have since seen a 70% decline since the all-time high of $0.7374 is the highest price on 01 May ’21. However, we believe the DOGECOIN price would find support around the $0.0285 and $0.0637 price accumulation zone, leaving its 2022 maximum price at $0.22.
Upon finding support within the $0.0285 and $0.0637, we believe that DOGECOIN will surge for a second impulse wave to the $0.351 price area in 2023.
If the DOGECOIN price enters overbought territory with the RSI piercing above its level-75, we expect the impulse wave from 2023 to continue, which would be the third wave in an Elliot wave price structure.
According to our analysis, DOGECOIN will be worth $38.53 in the next five years as its highest price and $4.20 as its minimum price. Both levels align with the 1.618 and 1.272 Fibonacci extensions, considering the 01 March ’20 and 01 May ’21 high-low range.
The popularity that came with DOGECOIN drew in a whole new breed of mostly copycat Shiba Inu meme coins, most of which do not have much to offer other than the FOMO effects that come from not owning a Dog-based meme token. However, the most popular competitors of DOGECOIN are the SHIBA INU (SHIB) token and the DOGELON (ELON) token, with the former being the closest competitor.
Compared to DOGECOIN, the SHIB token brings more to the table as it has its DEX (Decentralized Exchange) SHIBASWAP, and other new use cases.
DOGECOIN, on the other hand, has the first-mover advantage which the team working on the project intends to maximize as the SHIB token displaced DOGECOIN from the number one lead at some point in 2021.
We at Coingape believe that both DOGECOIN and the SHIB token will see a surge in adoption as they are both closely correlated and there’s a constant activity seen on their individual Github project repository.
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Following Elon Musk’s SNL (Saturday Night Live) appearance, the DOGECOIN price structure transitioned into a deep correction phase, turning an event that many believed to be a price boost to the 1 USD mark into the erosion of profits. In this section of the article, we present the market prediction of the top crypto analytics platforms in the industry.
Although the predicted maximum and minimum values of DOGECOIN by the Analysts at the DigitalCoinPrice platform are quite on the low side, their general chart overview, however, shows optimism towards the crypto asset as it projects into 2031.
Analysis by WalletInvestor analytics firm is also very positive as they estimate a +630.64% return on a 100 USD investment for five years holding time. Their projection started from 2022-05-25 when the DOGECOIN price traded at $0.0829. WI-analytics estimate that your 100USD investment would have increased to 730USD by the end of 2027.
CoinArbitrageBot forecast platform holds a more optimistic outlook for the number one Dog meme coin projecting the price to hit the $1.30925 in three years.
The LongForecast analysts hold a long-term negative bias on the direction of the DOGECOIN. We’ve made a breakdown of their forecast below, showing the minimum and maximum price projection from 2022 to 2024.
Q: Where Can I get the best ASK price for DOGECOIN?
You can purchase DOGECOIN on popular and time-tested crypto exchanges like Binance, FTX, Coinbase, and KUCOIN, to mention a few.
Q: What Is DOGECOIN Used For?
DOGECOIN is mostly used for tipping on Twitter and Reddit. However, it’s also used for donations and there is speculation that it will be accepted as payment by Space-X.
Q: Which is the best chart view for analyzing crypto assets like DOGECOIN, Regular, Percent, Indexed to 100, or Logarithmic?
Since cryptocurrency prices are known to be notoriously volatile, the best chart view to start analyzing DOGECOIN is the Logarithmic chart, which you can find on the TradingView platform by right-mouse click on the price margin on the right side of the web app.
Q: Will DOGECOIN see a price Hike in the next 5 years?
Our analysts at CoinGape and above two-thirds of other market analysts believe that the DOGECOIN price would have surpassed the $1.00 mark on or before 2027.
Q: Is DOGECOIN a profitable coin to invest in?
If you’re to have a meme coin in your portfolio, then it should be DOGECOIN. The crypto asset is seeing rapid evolution in its use case and has the potential to yield sharp returns in the coming months/years.
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