CRYPTO-SAVVY is an occasional series from Inverse that explains the world of cryptocurrency and where its going next. The spike in DogeCoin trading seems to have caused issues for the Robinhood investing app, which said it wasexperiencing issues with cryptocurrency trading, likely due to the demand. According to DigitalCoinPrice's Dogecoin price estimate for 2030, the coin might hit $0.90 that year. This user, for example, is one of many bullish Dogecoin fans who believe the asset will reach the 50-cent mark before the next weekend is out. It's been fairly off the radar since then. According to an online forecasting website Wallet Investor, DOGE could double again from the $0.05 level to reach $0.10 later this month. Besides his dogecoin memes, he has announced himself as the unofficial CEO of dogecoin. Dogecoin will trade for at least $0.087006 towards the end of the year. In July DOGE almost doubled from $0.002286 to $0.004543 in the space of a few days. The feature is now back online, Robinhood said. (More on that a bit later). Cryptocurrency, Culture, International News, Video Games, Misinformation, Conspiracy Theories, Cryptocurrency, NFTs, Movies, TV, Economy, Stocks, experiencing issues with cryptocurrency trading. Dogecoin, the cryptocurrency that features the face of a Shiba Inu dog as its logo, has surpassed 10 cents for the first time. It has since made its way down to around 55 cents. The good news is that this figure is certainly not out of the realms of possibility, especially if Bitcoin and the cryptocurrency industry as a whole can continue with its current trajectory for the rest of the year. Some argue that Dogecoin does not stack up when compared to tried and tested digital currencies like Bitcoin. ", But, Kimberley added, "when everyone is doing this, the bubble eventually has to burst and you're going to be left shortchanged if you don't get out in time. On Friday, a Reddit user posted a picture of their dogecoin holdings on the Robinhood investing app. Dogecoin's price tends to be gripped by dizzying highs and crashing lows. Despite this, enthusiasm is high amongst some in the crypto community who continue to hodl (a deliberate misspelling of hold that refers to buy-and-hold strategies in the context of cryptocurrencies) the joke coin and perhaps theres good reason. Dogecoin is on the rise this week. Interestingly, Musk is widely touted to be the "Dogefather" as he frequently mentions the cryptocurrency and engages with its community of users. Aside from positive cryptocurrency industry sentiment, several other factors have accelerated Dogecoin's recent gains. Currently, it ranks 10th globally. The reason for these huge rises and falls is due to the fact that Dogecoin is inherently an extremely volatile coin. Cryptocurrencies have experienced seismic growth in the recent past. It's risen by a whopping 400% in the last seven days. On the other hand, if everything continues to come together and the stars align as it appears they might, then who knows? On January 13, three exchanges added support for DOGE: Huobi Futures for margin swaps, FTX for spot and futures trading and WazirX for spot trading. "You just gotta zoom out and chill," Contessoto, 33, told CNBC Make It. $1 could quite easily be here before the year is out. First, the coin does not (as of now) have many real-world applications. Dogecoin started 2021 on a bullish note, doubling on January 2 from $0.005405 to $0.011427, and was trading at $0.007432 on January 27, before the most recent rally took it to an all-time high of $0.07818. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. Popular memecoin Dogecoin DOGE/USD has rallied by a staggering 56% over the past 24 hours and has more than doubled its price in the last week, amid Tesla chief Elon Musks acquisition of social networking giant Twitter. See Also:HOW HIGH CAN DOGECOIN (DOGE) GO? 2023 BDG Media, Inc. All rights reserved. The minimum is forecast to be $0.0521378. Following its launch in 2013, one Dogecoin was worth $0.0002 (that's two ten-thousandths of a cent). The rise from $0.000232 in 2013 to the current price of 0.05 represents a 21000% rise. Top 5 Best Cloud-native Disaster Recovery Solutions in 2023, AI to Take Center Stage in 2024 Election; Experts Warn of the Tech's Effect on Voters, China's Algorithm-Based Tech Could Evade US Hypersonic Defenses! But Dogecoin is unique, and being in a category all on its own, a more all-encompassing assessment requires one to look at other less-traditional influencing factors. Do not reproduce without permission. Cryptocurrency markets are prone to rapid, sharp price changes, so if you decide to open a position in Dogecoin, you should be prepared for the high volatility in the price along the way even if the long-term outlook is bullish. Dogecoin has been climbing again in the past week, hitting 10 cents a coin for the first time on Wednesday. Ultimately, dogecoin is expected to grow in 2021 through 2024. Since then, various celebrities came out of the woodwork in support of Doge, ranging from famous rapper Snoop Dogg to billionaire business magnate Mark Cuban and even Gene Simmons. About two months later, on April 15, he said, hebecame a dogecoin millionaireon paper. Somewarn investors to be especially cautious when investing in dogecoinin particular, since itlacks the scarcity and technological developmentthat bitcoin has, for example. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. In the first two months, the price of Dogecoin and other cryptocurrencies like bitcoin has proliferated. Now it's a top 10 digital currency worth $40 billion. Michael Burgess, a chief operating officer for the Ren Project, said: With another first for RenVM, Dogecoin is no longer a meme coin; it is now a viable financial instrument in its own right, thanks to RenVM and OpenDAO.. Between his savings and borrowed funds, Contessoto said, he invested over $250,000 in dogecoin on Feb. 5 when it was priced at . FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. Investorscould get burned, so they should invest only what they can afford to lose. When not writing, Daniel Van Boom practices Brazilian Jiu-Jitsu, reads as much as he can, and speaks about himself in the third person. Coinbase. Benzinga does not provide investment advice. Also read:Blockchain.com Needs Cash As Valuation Plunges 70%: Will VCs Back The Struggling Startup? Next:Want To Trade Bitcoin, Ethereum And Dogecoin? Dogecoin was launched in 2013 as a joke by software engineers Billy Markus from IBM and Jackson Palmer from Adobe, using a popular dog meme to parody the proliferation of cryptocurrency altcoins being touted as alternatives to Bitcoin. The co-founders are no longer directly involved in the DOGE cryptocurrency. Like many cryptocurrencies, it has a tendency for volatile swings in price. But even after a nearly 10% price spike Tuesday from about 46 cents to around 50 cents per coin dogecoin is still trading well below the levels it hit just before Musk . In July 2020, the cryptocurrency jumped from 0.002286, almost doubling to $0.004543 within a few days. Currently, there are more than 129 billion Dogecoins in circulation, and each minute 10,000 DOGE are added into the network. Musk has had a blow-hot blow-cold relationship with DOGE and has previously shared numerous DOGE-related memes and promoted it in tweets. Dogecoin spiked from around 65 cents before the 5:05 p.m. tweet to just under 75 cents by 6:40 p.m. Traders have poured money into Dogecoin this week ahead of Musk's SNL appearance, in . Dogecoin spiked 400% in a week, fueling fears of a cryptocurrency bubble, Why investors may want to take dogecoin seriously, began rising in tandem with other popular digital currencies, posted a picture of their dogecoin holdings, buying $1.5 billion worth of the cryptocurrency, already view bitcoin as a speculative bubble. Dogecoin sub-Reddit has more than 2.2 million subscribers. "Dogecoin's rise is a classic example of greater fool theory at play," David Kimberley, an analyst at U.K. investing app Freetrade, told CNBC. Things to consider are: the recent developments in the use of the controversial cryptocurrency, its volatile performance against the US dollar and the latest price forecasts. The joke didn't last long for its creators: Markus and Palmer both ended their involvement with Dogecoin in 2015. Fast forward to August 2021, and you will have to fork out a hefty $0.35 for the very same coin . Maybe. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. It's not the first time dogecoin has seen a wild climb. Will Dogecoin reach $1? Last week, in a significant move for the industry, crypto trading platform and exchange Coinbase fetched an $85 billion valuation in its stock market debut. But there are some: one advocate and enthusiast is entrepreneur and investor Mark Cuban, who announced in March that his team, the Dallas Mavericks, would begin to accept the coin as a form of payment. Nonetheless, Contessoto's plan remains the same: "Once I hit $10 million, then I'll take out 10%. Additionally, trading platforms eToro and Gemini listed the memecoin, drastically expanding its reach. ", "This is doubly the case in the crypto markets where a small group of players often hold a huge chunk of the total number of 'coins' in circulation. Dogecoin price is expected to be bullish all through up to 2025. While we cant predict dogecoins price with utmost certainty, it is prudent the most likely direction. In fact, it has hit an all-time high within the first two months of 2021. The digital currency originally based on a meme - Dogecoin - has taken the world by storm over the past twelve months. The use of Dogecoin has evolved beyond a fun meme on social media. Created in 2013, DogeCoin was the first such memecoin. Anndy Lian, book Author of "NFT: From Zero to Hero" tells Benzinga that Dogecoins price action has a history and is closely linked to Musk. No. Between hissavings and borrowed funds, Contessoto said, heinvested over $250,000 in dogecoinon Feb. 5 when it was priced at about 4.5 cents. The price is expected to hover around $0.0608258 towards the end of the month. At the start of the year, ethereum was trading at just under $740. It gained over 43% and has found its footing once again near the 40-cent mark. Recent endorsement from high-profile individuals has swayed the joke cryptocurrency. But remember, the cryptocurrency industry is still young and volatile, and due to Dogecoin having a weak use case and no supply cap, while the numbers may be looking good now, it could easily go the other way. The value of dogecoin, a cryptocurrency originally invented as a joke, surged to an all time high of over 50 cents Tuesday, a landmark as enthusiastic online traders continue efforts to push the . Others are "memecoins," which rise and fall in popularity simply because they're kind of funny. It started out as a joke. The massive support from Teslas Elon Musk and other celebrities could boost investors confidence. On Monday, April 19, Dogecoin's market capitalization (equated by multiplying a coin's current price by its circulating supply) hit $50 billion for the first time, with the coin itself hitting . In the span of a few months, Dogecoin went from being a joke to a 90 billion dollar digital asset at the height of its price and popularity. HSBC names 4 Chinese stocks set to benefit from the trend. Dogecoin is a cryptocurrency based on the "Doge" meme, which rose to popularity in late 2013. A Division of NBC Universal. Dogecoin price predictions are heating up this week ahead of a huge weekend for the coin as well as a potentially huge weekend upcoming. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. The Dogecoin price on launch in 2013 was $0.000232, so the rise to around $0.05 represents a 21,000 per cent increase. ", "I had a game plan in mind going into this purchase, and I wouldn't feel right always telling people to 'buy and hold' and as soon as I hit $3 million, cash out and leaving everyone else hanging," he said. I would have been okay with losing the $50.00 (I half expected to), which meant I was pleasantly surprised when I made a small profit. The material provided on this website is for information purposes only and should not be understood as an investment advice. The Dogecoin price movement on charts is a mixture of bullish candles and a ranging market. Analysts at Arcane Research said in a recent note: Bitcoins sideways price action is giving room for altcoins to thrive. In January 2021, the volume on decentralised exchanges surpassed its previous all-time high reached in September 2020. https://t.co/adhugIHVGR. Designed to make shopping easier. Dogecoin gained 50 per cent in the space of a few hours on February 4 to reach a price of $0.05. If the celebrities continue this infatuation of dogecoin, then its price will continue to increase. So will Dogecoin reach $1? We know some customers may have experienced intermittent issues earlier. While the price is currently in a downtrend, it is prudent to wait and see how the price will behave around this point. On the other hand, Dogecoin is inflationary and has no supply limit. Here's How to Change the AI Asssistant's Voice in Your Apple Devices. One thing should be said here, that over the past few months, these incredible price increases have indeed provided opportunities to make money in the short term. If you rely on the information on this page then you do so entirely on your own risk. Since last August, Dogecoin has not broken the 30 U.S. centsmark, however, with the memecoins use cases skyrocketing with Musks takeover of Twitter, there is no reason it cannot reach the 50 cents mark before the new year, he said. Rapper Lil Yachty has claimed he will invest a significant portion of his wealth on dogecoin. The top cryptocurrencies by market value, including bitcoin and ether, are plunging on Tuesday amid a sell-off. Where the last surge saw the coin use up all its steam and fail out on #DogeDay, investors have bullish indicators and incoming catalysts lined up. Since the coin is typically associated with speculation and hype, whether or not it makes it to $1 depends on a number of factors, such as: One of the key strengths of Dogecoin is its die-hard (almost cult-like) community. However, its Dogecoin price prediction then puts the cryptocurrency at $0.0343 by the end of March, trending up to $0.0390 by the end of December 2021. For some perspective: the market cap of the second-largest cryptocurrency, Ethereum (ETH), is currently $280 billion, and the market cap of the leading cryptocurrency, Bitcoin, is hovering around $1 trillion. "It has no intrinsic value and it could just as easily come crashing down in price as continue to go up. [+] dogecoin token--far above the mere fraction of a cent it began 2021. The excitement around Coinbase's debut led to a surge in the prices of bitcoin and ether. 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Courtesy of Glauber Contessoto and Rodrigo Ramos. Dogecoin has witnessed wild swings in the past over Musks tweets and announcements. The altcoin hit a record 69 cents Wednesday morning, flying past its previous high of 43 cents back in April. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. Around mid-February, the dogecoin chart formed a descending triangle followed by a stable trend. In January, crypto traders fantasized about DogeCoin hitting 10 cents. 86% of retail CFD accounts lose money, use up all its steam and fail out on #DogeDay, coins market capitalization surpassed $50 billion, cant seem to keep Dogecoin out of his mouth. Elon Musks tweets and enthusiastic posts by Reddit users are not the only drivers for the Dogecoin rally. "You risk losing nearly all the money you put in," James Ledbetter, editor of fintech newsletter FIN andCNBC contributor,previously toldCNBC Make It. In just the past hour, the price grew by 0.32%. While Im not offering financial advice here, all things considered, the short answer is probably, yes. Positive, growing sentiment surrounding the cryptocurrency industry as a whole (in just the past few weeks, DOGE, BTC, and ETH all hit all-time highs), a community of passionate Dogecoin supporters, and plugs from tastemakers like Elon Musk all could drive the price up higher. The cryptocurrency Dogecoin was created in 2013, but it wasnt until early 2021 around the time of the now-infamous Reddit-fueled GameStop and AMC short squeeze sagas that the coin started to attract more mainstream attention. Additionally, Dogecoins bullish movement started the year on a high note, doubling from $0.005405 to $0.011427 on January 2. ", Amazon drops 4% on slowing cloud growth projections. Tesla has started accepting Bitcoin payments for its cars and now holds some of the digital currency on its balance sheet. Even if DogeCoin was only briefly over 60 cents, it's still a new milestone in DogeCoin's miraculous 2021. Even though $1 is as arbitrary a number as any other, investors tend to look at these round numbers as key milestones/psychological price points that hold a certain level of significance. Dogecoin soared up by more than 60 percent in less than 24 hours and experienced a 1,421 percent increase in trading volume according to crypto data firm CoinMarketCap on January 28, 2021. DOGE reached the one-cent mark briefly at the beginning of 2021 and then shot to five cents in February. Back in January, when each token was . The Dogecoin protocol is based on the now-defunct Luckycoin, which was a fork, or spinoff, from Litecoin (LTC). We saw Milky Way, Snickers, Slim Jim, and others tweet support for the cryptocurrency, with the goal of sending the coin to the moon (crypto-talk for a coin that is soon going to rise significantly in price). Sign up for free newsletters and get more CNBC delivered to your inbox. , YES YES YES , dogecoin guru (@doge_coin_guru) May 2, 2021. The digital token reached an all-time high of 32 cents Friday morning, more than doubling in price from a day ago. Dogecoin Price Predictions: Can DOGE Hit 50 Cents After SNL Debut? The bullish movement of the dogecoin will continue through April.
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