But its growth has not been any joke. call +44 2030978888 support@capital.com, CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The success of crypto depends on users and adoption. Will Dogecoin reach 1 dollar in 2021? Here's what you need to know If the price falls, it will find support at the $0.075 price level. The digital token reached an all-time high of 32 cents Friday morning, more than doubling in price from a day ago. And Venmo's foray into the space puts the company among a growing suite of large institutions that have more recently begun accepting or at least recognizing the value of digital currencies. In fact, the "shiba inu" inspired coin hit all-time highs in May 2021, reaching an astonishing $0.7376 during an incredible bull run, which was somewhat catalyzed by none other than Elon Musk himself. These public endorsements brought huge amounts of publicity to Dogecoin and gave it some much-needed validity, bringing in billions worth of new investments. Daniel Van Boom is an award-winning Senior Writer based in Sydney, Australia. Here's What Simulation Reveals, New Balloon Flying Over Hawaii Under Investigation from the US Military, Unknown if it is from China, Tentative Exynos 2500 Specs Spotted Online: Leaks Show 10-Core CPU Performance, CryptoWatch: is Cryptocurrency Dead in the US? 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. Glauber Contessoto, 33, invested over $250,000 in dogecoin in February. 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. A Journey to new highs. "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. Some bitcoin investors, for instance, have sounded the alarm about Musk's dogecoin tweets. Sign up for a daily update delivered to your inbox. "You risk losing nearly all the money you put in," James Ledbetter, editor of fintech newsletter FIN andCNBC contributor,previously toldCNBC Make It. At its current value, dogecoin is worth more than gaming company Nintendo, car maker Mitsubishi and bank Santander. In January, crypto traders fantasized about DogeCoin hitting 10 cents. The digital currency originally based on a meme - Dogecoin - has taken the world by storm over the past twelve months. Dogecoin Price Predictions: Can DOGE Hit 50 Cents After SNL Debut? One simply called Meme launched in August at $1 and now trades at over $2,000. It's not the first time dogecoin has seen a wild climb. Benzinga does not provide investment advice. Tesla CEO Elon Musk is Doge's highest-profile supporter, and histweets related to the cryptocurrency tend to lead to a jump in its value. While the rest of the economy dipped, most cryptocurrencies prices increased or maintained their prices within the range. Roughly half say child care issues were a reason they quit a job (48% . To put this into context, if investors purchased $100 worth of Dogecoin on Dec. 22 . If a big 2017-esque crash is waiting around the corner, then $0.01 would be a better price prediction. 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. Firstly, the coins market capitalization surpassed $50 billion today. ", 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. However, financial experts are highlyskeptical of dogecoin, as well as other cryptocurrencies. All rights reserved. $1 could quite easily be here before the year is out. The size of the potential loss is limited to the funds held by us for and on your behalf, in relation to your trading account. On Friday, a Reddit user posted a picture of their dogecoin holdings on the Robinhood investing app. 2023 TECHTIMES.com All rights reserved. Just over a week ago, Musk tweeted, "Doge Barking at the moon, which boosted the coins price some more. Investors are hoping the surge today will lead to something different. Investors can likely sit tight knowing that while there will be more, and others will come and go, DOGE will forever be the original.". ", Sign up now: Get smarter about your money and career with our weekly newsletter, Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Although it has since decreased in value, as of Thursday, April 22, the coin is the seventh-largest cryptocurrency by market cap, at roughly $36 billion. This then catalyzed a series of huge leaping upward gains; the coin moved from five. One phenomenon seen over the years is the correlation between how much a coin is talked about, whether that be measured by mentions on social media or trends on Google, and its price. So it arguably isnt in the same league as Bitcoin, and is, in turn (according to some) not a wise long-term investment. Towards the end of the year, the minimum price will increase to 0.846257. The minimum is forecast to be $0.0521378. In other words, the vast majority of those who purchase the coin do so in an attempt to benefit from price fluctuations. The Dogecoin price on launch in 2013 was $0.000232, so the rise to around $0.05 represents a 21,000 per cent increase. 2023 CNET, a Red Ventures company. Whats more, Payments giants MasterCard is set to unveil a platform that will allow merchants to receive cryptocurrency payments. To answer the question at hand, one could look at the coin using the more traditional factors usually considered when evaluating the strength of a digital currency offering, factors like blockchain protocols, use case, price action, circulating supply, and strength of the development team. All Rights Reserved. On Thursday, Musk posted a cryptic tweet saying "Doge Barking at the Moon," likely in reference to the popular crypto slang phrase "to the moon.". Capital Com SV Investments Limited is regulated by Cyprus Securities and Exchange Commission (CySEC) under license number 319/17. A year ago, the coin was trading at $0.002493 falling to $0.001582 in March 2020, according to Coindesk data. 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. Recent endorsement from high-profile individuals has swayed the joke cryptocurrency. Dogecoin (DOGE) price: Meme cryptocurrency's rise sparks bubble - CNBC Its long-term forecast indicates the price could reach $0.0417 at the end of 2022, $0.0441 at the end of 2023 and $0.05096 in January 2026. There are many others, and they're preposterous. This article will explain why it will get to $0.50/per coin within 2022. At the time of writing, dogecoin was trading at around $0.53 a coina record high. Dogecoin's ascent to prominence as the tenth-largest cryptocurrency by market capitalization was fueled by Dogechain, a layer-2 scaling solution for Dogecoin, which recently unveiled its future roadmap. Dogecoin is one of the cryptocurrencies that have grown significantly. . The coin hit 16 cents Tuesday morning before inching up to 17 cents. According to an online forecasting website Wallet Investor, DOGE could double again from the $0.05 level to reach $0.10 later this month.