Dogecoin Price Prediction: Is The Memecoin Dead Or Is It On A Discount?
A distinctive name: Isn’t it? Have you ever come across it? Then now is the time to educate yourself on it. It might sound like a funny story, but that’s actually how the journey of this one-of-a-kind digital currency got started in the first place. According to the data from blockchainreporter.net, Dogecoin has this peculiar but extremely appealing moniker, which became the symbol of a Japanese breed of dog named Shiba Inu, and so the term “DOGE.” After then, this fast-developing cryptocurrency got a recognized moniker, “Dogecoin.”
Dogecoin operates in a decentralized manner and is totally secure. According to the historical statistics and the latest Dogecoin price prediction, DOGE offers an efficient and feasible alternative to Bitcoin. The distinctive, dynamic, Dogecoin community has helped DOGE to gain somewhat of a devoted fan base.
History of Dogecoin
In December 2013, a programmer by the name of Billy Markus and a marketer by the name of Jackson Palmer came up with the idea to establish a cryptocurrency with the symbol of the abovementioned Japanese dog. Palmer quit the company in 2015, but Markus is still serving as its chief developer up to this very day.
In spite of the fact that it has a lighthearted appearance, Dogecoin’s developers have insisted throughout the years that they take the initiative as well as their obligation to users quite seriously. As further proof, the corporation would even go so far as to embark on some noteworthy innovations in the design of cryptocurrency. Likewise, DOGE has also demonstrated its worth.
The Dogefather Coming To The Support
Elon Musk, CEO of Tesla and SpaceX, has persistently supported this coin from its inception because he believes it has the ability to surpass the global economic infrastructure. The link between Elon Musk and this meme coin contributed to its phenomenal popularity. Elon Musk made an optimistic remark and declared his continued support for Dogecoin via a Twitter post after this coin experienced a decline owing to the market crash. Musk is positive about this meme coin because he likes it.
Dogecoin reached its all-time high of $0.7376 in May 2021. Elon Musk’s tweet announcing that Tesla Merchandise can be purchased using Dogecoin is expected to cause significant price growth in the coming months. This is due to the cryptocurrency’s continued celebrity backing and listing on eToro and crypto trading platform Robinhood.
The Tides Are Turning For Dogecoin
As per technical analysis from blockchainreporter.net, during the third week of July, the price of Dogecoin exhibits bullish signs. Following the 60% gain during the second week of June, it was predicted in prior forecasts that a decline to the $0.05 region would occur. The price of DOGE has dropped 15% since reaching a high of $0.0780 as bulls attempt to maintain support at the historically rising trend channel. This is a major critical level, as the famed dog currency still has 20% more leeway to fall before invalidating the bullish mid-term narrative indicated in previous weekly forecasts.
The current Dogecoin price is $0.0631, which is above the upward trend channel. The relative strength index (RSI) has reclaimed the buyers’ 40 levels on the daily chart, necessitating a thorough, hands-on investigation of the world’s most popular dog currency over the next several days. Nonetheless, if the bulls can break over $0.078, they may be able to retake the market and create bullish opportunities for investment. The initial bullish target is $0.10, but macro targets predict the bulls might surge as high as $0.25, resulting in a gain of up to 300% from the current Dogecoin price.
The Way Forward
Due to the massive amount of support it receives, the size of its community, and the amount of attention it receives on social media, holding Dogecoin for an extended period of time might prove to be advantageous in the future. As a result of the increasing level of competition in the markets, an increasing number of individuals are becoming both aware of and vulnerable with regard to their investments. In light of recent events and the presence of a sizable fund that is propelling the wave in the cryptocurrency market, it is possible that the price of Dogecoin will significantly increase in the future.