This meme token is hoping to experience strong investor enthusiasm as it did three years ago.
We've all seen this movie before. The cryptocurrency market, once down and out, is now a favorite among investors. The entire asset class is worth $2.5 trillion today, up roughly 200% from the start of 2023.
Dogecoin (DOGE -2.39%), one of the more speculative digital tokens out there, is benefiting tremendously. Its price is up 80% just in the past month.
This dog-inspired meme cryptocurrency has cooled off somewhat, as it sits about 17% below its 2024 high (as of March 21). But that hasn't prevented some of Dogecoin's most bullish supporters from hoping the token can reach $1 during the next several years. Is it possible for this crypto to soar almost 600% between now and the end of 2030?
It's all about hype
Dogecoin's previous all-time high was achieved in May 2021, when the token reached a price of just under $0.74. During that raging bull market, even stock market investors were registering strong excitement, as the so-called meme stock craze took over. This spilled over into the cryptocurrency market as well.
Dogecoin has benefited from various hype cycles that cause its price to soar in short order. Whether it's a public mention by Tesla founder and Chief Executive Officer Elon Musk or the announcement by Mark Cuban that the NBA's Dallas Mavericks accept Dogecoin as a method of payment, investors quickly drive up the price. That's until the optimism quickly fades.
This helps explain why despite its rise this year, Dogecoin is still about 80% off its peak price. It's worth pointing out that since the start of 2023, this token has underperformed the broader crypto market by a wide margin. One of the most speculative digital assets is likely falling out of favor, at least when compared to a few years ago. This trend doesn't bode well for its future price performance.
What about the fundamentals?
I think the only way that Dogecoin can reach $1 in the next six or so years is if it gains status as a popular portfolio addition in the same way that Bitcoin has. Dogecoin, which isn't that much younger than the world's most valuable cryptocurrency, was built as a joke to mimic Bitcoin as a payments network running on a proof-of-work system.
The difference in their trajectories over the past decade is that Bitcoin has become a legitimate financial asset and store of value, especially in the eyes of regulators in Washington and asset managers on Wall Street. The approval by the Securities and Exchange Commission (SEC) of Bitcoin spot exchange-traded funds is a case in point. A lot of capital is set to continue flowing to Bitcoin.
There's another key distinction between Bitcoin and Dogecoin that can't be ignored. It's well known that the former has a fixed supply cap of 21 million, a level of scarcity that aids in its appeal from investors.
The latter, on the other hand, was created by its founders to be intentionally abundant. There are currently 144 billion Dogecoin tokens in circulation, a figure that increases by 10,000 every minute. For Dogecoin's price to skyrocket, demand would need to outpace rising supply. That's a tall task.
In my view, then, there are no fundamental reasons to be long-term bullish about Dogecoin. In fact, it's very unlikely the token will rise 600% to reach $1 by 2030.
If you were interested in buying Dogecoin for whatever reason, I believe it would be nothing more than a speculative decision. That's not a smart move to make with one's hard-earned savings.
Neil Patel and his clients have no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Tesla. The Motley Fool has a disclosure policy.
FAQs
For Dogecoin's price to skyrocket, demand would need to outpace rising supply. That's a tall task. In my view, then, there are no fundamental reasons to be long-term bullish about Dogecoin. In fact, it's very unlikely the token will rise 600% to reach $1 by 2030.
What would make Dogecoin skyrocket? ›
Dogecoin didn't initially gain much attention from serious crypto investors, but a series of upgrades, big celebrity endorsem*nts, and a fear of missing out (FOMO) caused its price to skyrocket over the past three years.
How high will Dogecoin go in 2030? ›
Dogecoin (DOGE) Price Prediction 2030
| Year | Price |
|---|
| 2025 | $ 0.180245 |
| 2026 | $ 0.189257 |
| 2027 | $ 0.19872 |
| 2030 | $ 0.230043 |
1 more rowThere is a clear path for Dogecoin to rise sixfold to get to $1 per coin. All it has to do is make progress toward greater adoption in the way Bitcoin has. That might give Dogecoin bulls reason to be optimistic, but we have to try and assess the probability of this actually happening.
Will Dogecoin make millionaires? ›
Holding 10,000 Dogecoin Could Make You A Millionaire, Predicts Crypto Analyst. Since 2021, Dogecoin (DOGE) has consistently been one of the largest cryptocurrencies in the market. The token has attracted tens of billions in investment and is up more than 27,000% since its launch.
How high can Dogecoin go realistically? ›
Dogecoin price may reach a maximum of $0.3751 by the end of 2024. With a potential surge, DOGE price may achieve its $1 mark by 2029, with a potential high of $1.19 for the year. The price of Dogecoin today is $ 0.16793318.
How high is DOGE expected to go? ›
There are analysts who believe that Dogecoin has massive long-term potential for growth and adoption. CoinMarketCap analysts expect Dogecoin to remain a major player in the cryptocurrency market for years to come and foresee that its price could reach up to $4,423 by 2050.
What will DOGE be worth in 2040? ›
Key highlights:
| 2025 | 2040 |
|---|
| DOGE price prediction (5% yearly growth) | $0.0919 | $0.2006 |
| DOGE price prediction (10% yearly growth) | $0.0963 | $0.4423 |
| DOGE price prediction (S&P 500 historical 11.13% ROI) | $0.0972 | $0.5262 |
| DOGE price prediction (BTC 3-year CAGR of 19.05%) | $0.1042 | $1.6959 |
Feb 20, 2024
Dogecoin price predictions 2024-2050
| Source / Year | 2024 | 2030 |
|---|
| Coinpedia | $0.10 - $0.14 | $2.52 - $3.035 |
| CoinMarketCap | $0.1194 - $0.1443 | $1.31 - $1.57 |
| DigitalCoinPrice | $0.0713 - $0.17 | $0.53 - $0.58 |
| CryptoNewsZ | $0.085 - $0.26 | $0.57 - $0.82 |
2 more rowsBy the year 2025, Ethereum is expected to reach the maximum level of $6,500 with a minimum of $ 4,500 and an average of $5,500. And by the year 2030, it is expected that it may go up to a maximum of $20,500. The current year will witness the Dencun upgrade, which is anticipated to positively boost the value of ETH.
A new price prediction from Coinpedia estimates that Dogecoin could trade between $2 to $3 by the end of the decade in 2030. That's another six years from today and a much longer wait for investors of the meme coin.
Will Dogecoin ever reach 50 cents? ›
To cut to the chase, yes. Dogecoin could go to $0.50.
Will DOGE touch $100? ›
There's a high probability that Dogecoin will reach $1 per coin. $10 per Dogecoin is also likely within this decade. However, it's impossible that Dogecoin will ever get to $100 per coin. Unlike other cryptocurrencies, Dogecoin doesn't have a cap.
How many people became millionaires from DOGE? ›
The largest amount of DOGE held by a single wallet during the peak in 2021 was over 5 billion DOGE, which translated into around $3.5 billion. The owner of the wallet has not sold any of the DOGE, and it is currently worth over $1 billion. In total, 1,101 wallets currently own more than $1 million worth of DOGE.
Why is Dogecoin not a good investment? ›
The meme coin still lacks fundamentals and has little utility beyond pure speculation. With its unlimited supply, Dogecoin will struggle to maintain value in the long term.
Should I still be investing in Dogecoin? ›
Long-term perspective
Dogecoin's strong community of supporters can help keep its price high enough for the token to remain relevant. But this is no way to invest your hard-earned savings. With that in mind, it's a smart move to avoid adding Dogecoin to your portfolio.
Why is Dogecoin spiking? ›
Tesla has accepted dogecoin for merchandise purchases since May 2022, and Musk has a well-documented affinity for the token. The Tesla CEO has touted dogecoin to his followers for years, vowing at one point to literally send doge "to the moon." His comments often send the price of the coin higher.
How could Dogecoin reach $100? ›
Moreover, the analyst suggests that Dogecoin could potentially peak around October 2024, with other cryptocurrencies following suit. If the value of the U.S. dollar plummets, this could fuel even greater growth for Dogecoin, potentially driving its price above $100.
Where will Dogecoin be in 5 years? ›
Dogecoin Price (DOGE/USD)
According to the latest long-term forecast, Dogecoin price will hit $0.2 by the middle of 2024 and then $0.3 by the end of 2025. Dogecoin will rise to $0.4 within the year of 2031 and $0.5 in 2034.
