Crypto Community Sets Dogecoin Price for July 31 with 85% Historical Accuracy
The price of Dogecoin (DOGE) has been rising along with the wider cryptocurrency market. It reached a monthly high of $0.07327 per coin on July 15th and has experienced a price increase of 21.92% in the last 30 days. To predict the value of DOGE at the end of the month, Finbold looked at the price estimates of the CoinMarketCap cryptocurrency community. Based on 286 votes, DOGE is estimated to trade at an average price of $0.0822, representing a 12% price appreciation in the next two weeks.
It’s important to note that while the community’s price estimates have historically been 85.43% accurate in predicting the end-of-month price, past performance does not guarantee future results. Other factors can also influence the price of DOGE.
DOGE has a volatile price history and has garnered attention from investors. It is currently the ninth largest cryptocurrency with over $10 billion in market capitalization. In July, DOGE has been performing well, making higher highs and higher lows in its monthly price chart. However, it is also known for experiencing significant price changes in short periods of time.
Elon Musk, a known investor and supporter of DOGE, has been accused of influencing its price through public actions and tweets. He has positioned DOGE as a competitor to Bitcoin and an alternative to fiat currencies. When Musk mentioned accepting DOGE for Tesla merchandise, the memecoin saw significant price spikes.
The recent surge in DOGE’s price coincides with a time of high enthusiasm in the crypto market. Altcoins are performing well as Bitcoin’s dominance falls below 50% of the entire market’s capitalization. The positive ruling in the SEC vs Ripple lawsuit has also contributed to the positive sentiment in the market.
However, it’s important to keep in mind that investing in cryptocurrencies is speculative and carries risks. The content of this site should not be considered investment advice.
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