Dogecoin (DOGE) is a cryptocurrency created in 2013 as a joke about the crypto market. The masterminds behind it were Billy Markus and Jackson Palmer. It is a P2P, open-source cryptocurrency widely known as “the first meme coin” in the market.
The coin has experienced a tremendous rise in the market recently. With a 23.91% in just the last week, the coin is ranked #8 in the crypto market by CoinMarketCap. In this article, we will discuss this price hike and the factors that led to it.
DOGE Current Market Standing
The DOGE is currently trading at $0.1712. The Dogecoin’s ongoing rally began on 16th October. At that time, the value of the DOGE coin was $0.1574. After this, the price of the coin has started climbing and is still doing so. With an increase of 23.91% in the last 7 days, the coin is showing no intention of stopping. With a circulation of 146.6 billion, the coin’s market capitalization stands at $24.94 billion.
The DOGE coin’s bull run is similar to the one it exhibited in March. During that time, the price of the coin went from 0.1171 to 0.2200 in the span of a month. This is a huge hike especially when we look at the time it took to hike. Various experts in the market are claiming that if the price hike continues throughout the next month, then the coin’s value may reach $0.23 by the end of this year.
Factors Affecting the Dogecoin Price
The Dogecoin, one of the famous meme coins is currently on a bull run in the market. Various coins like Bitcoin and Ethereum are growing in the market following Trump’s decision to support cryptocurrencies and launch a new crypto platform. Now, it seems that the altcoins are following suit too. This may be due to several reasons.
One of the main reasons for this is the upswing in the crypto market. We also have to take into account the altcoin’s vibrant community on social media. The community is known to create several buzzes on social media. This can lead to several short-term spikes in the market and these spikes can drive up the price pretty hard.
Another thing that can lead to this sort of price hike in the market is pressure and significant whale accumulation. It is the process of accumulating a large amount of cryptocurrency by a single holder. This has a huge impact on the market and can significantly change the market trends, and investor sentiments, which can lead to increasing price volatility.
Dogecoin Future: What to Expect In The Coming Years
With the recent rally showcased by the coin in the market, many are considering investing in it. So we have prepared a price prediction table for the DOGE coin. You can refer it to gain insight into the coin’s future.
| Year | Min Price | Avg Price | Max Price |
|---|---|---|---|
| 2024 | $ 0.146335 | $ 0.025757 | $ 0.172383 |
| 2025 | $ 0.158684 | $ 0.326006 | $ 0.718988 |
| 2026 | $ 0.151249 | $ 0.182099 | $ 0.247989 |
| 2027 | $ 0.155041 | $ 0.170325 | $ 0.195238 |
| 2028 | $ 0.174102 | $ 0.222179 | $ 0.301255 |
| 2029 | $ 0.236024 | $ 0.579882 | $ 1.390368 |
| 2030 | $ 0.219194 | $ 0.282545 | $ 0.418757 |
Conclusion
Dogecoin is one of the top coins in the market to shoot up in the past week. With a momentum of 23.91%, it is not likely to stop anytime soon. Even though this is exciting news for the Dogecoin holders, they should be cautious. This is due to the DOGE being a meme coin and also the fact that in similar situations in the past, the coin shot up and then it fell as fast as it went up.
Also, if you’re still interested in buying the coin, then it is better if you keep an eye on the $0.18 mark. This is the current active resistance of the coin in the market. If the coin breaks this and grows, we can likely see Dogecoin reaching new heights in the market in the coming days.
Read More: Solana (SOL), Shiba Inu (SHIB), Rexas Finance (RXS): Prime Candidates For The Next Bull Run?
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