How High Can Dogecoin Go?
How high can Dogecoin go? This is one of the questions that crypto enthusiasts ask in most crypto-based Q&A and social media platforms. Honestly, Dogecoin is one of the most sought-after cryptocurrencies which can be used in a variety of ways, including online tipping and donations.
Having gained a cult status on Reddit’s WallStreetBets, and its enthusiasts promising to propel its value to “the moon”, there are some questions you may need answers to: how does Dogecoin work? How much is a Dogecoin worth?
What is Dogecoin’s highest price? What will be Dogecoin future price? If you need detailed answers to these questions, then this post is for you. Read on!
What Is Dogecoin?
Dogecoin is a cryptocurrency that has a pretty simple supply and demand model. The creators of Dogecoin have set up the currency to be difficult for mining by making it use more memory than other cryptocurrencies like Bitcoin or Ethereum.
You can read more about Bitcoin and Ethereum here.
It was developed in 2013 by two members of the online community, Billy Markus and Jackson Palmer to make a fun cryptocurrency that can be used as an alternative to Bitcoin. Since then, Dogecoin has become a popular cryptocurrency that is used to tip people on social media platforms like YouTube or Reddit.
Dogecoin has a faster block time than Bitcoin. This means that the Dogecoins are mined every minute, instead of every ten minutes with Bitcoin. It also uses scrypt as its hashing algorithm, which is less demanding on your hardware and can be mined by anyone without too much trouble!
Dogecoins work on a standard client-server model which is similar to bank transactions and PayPal service. Though they are not fungible, they can be traded for other. Simply put, Dogecoin works just like Bitcoin does.
There are exchanges you can use to buy Dogecoins or trade them with other cryptocurrencies, and there are also a number of ways that you can invest in it by buying coins for yourself or getting involved in the mining process.
We mentioned Dogecoin in our top cryptocurrency trends for 2021, check it out.
Will Dogecoin Go Up? Price predictions for 2021
Dogecoin went from being worth $0.0001 in late November 2013 to about $0.0076 in March 2014. In 2015 there was a sharp spike to about $0.01, followed by a steady decline back to around $0.0076. In 2017 cryptocurrency bubble, this coin shot to $0.017/coin.
At the time of writing, this crypto traded at $0.29. It is expected that this coin will hit $1 by the end of the year, and the price will continue to rise in the next few years.
There is a potential for Dogecoin going up if it continues to be adopted and supported by the crypto community. If it becomes one of the major payment systems and ends up being an accepted form of currency in more online stores and businesses, then we could see its value go up substantially.
It’s important to be aware of how cryptocurrency earns value. Click here to find out how.
Social Media Drives Dogecoin Volatility
Dogecoin is a volatile cryptocurrency because it is largely driven by the social media community. The coin has recently seen a significant surge in use within online tipping communities in Reddit, Twitter, Facebook, and other social media networks.
If the social media community continues to post their appreciation for other users by sending them Dogecoins, then the price may be volatile. People are also trading Dogecoin as a speculative investment right now because they believe there will eventually come a time when the coin stabilizes or appreciates significantly in value due to increased acceptance from merchants and consumers worldwide.
This increased publicity from its supporters on social media means that Dogecoin can be traded at high price levels or low prices depending on how popular it becomes among users of these sites.
What Is Next For Dogecoin?
With more companies such as Post Oak Motor, Latvian AirBaltic, and Kessler Collection accepting Dogecoin as a form of payment, there is no doubt that is cryptocurrency will continue to grow in value over the coming few months.
There is no way to tell how far Dogecoin will go, but one thing that’s certain is that this coin has the potential to reach great heights as long as it continues to grow at its current rate.
Ok, But How High Can Dogecoin Go?
Honestly, it’s hard to say how high DOGE can go. As long as people continue to mine and invest in this crypto asset, there should always be some value associated with doges even if they never catch up or overtake Bitcoin prices.
No one knows how high Dogecoin can go but it’s pretty safe to say that it could at least continue to hold onto the sixth spot and its live market cap of $30,533,864,459 USD on CoinMarketCap and grow from there.
Should You Invest in Dogecoin Right Now?
If you’re someone who’s been waiting to buy into the crypto markets and wants something that can give them really nice, steady gains without having to worry about volatility then DOGE is definitely worth investing in right now.
Learn how cryptocurrency works in detail here.
Some of the benefits of investing in this cryptocurrency include:
- Low risk because it’s not tied to any specific market
- A very low supply. Not many coins in circulation right now (less than half the total coin supply)
- It’s easy to use. You can buy it with USD through any exchange site and start trading immediately after funding your account
The price fluctuates less than other cryptocurrencies which makes it more stable when compared to Bitcoin or Ethereum. This means you will have a steadier return on investment if you’re looking at short-term investments rather than long-term ones!
Its, however, worth noting that DOGE, just like other digital assets comes with its fair share of risks. Therefore, make sure you do your due diligence before deciding whether it’s appropriate for your investment portfolio.
How high can Dogecoin go? Well, there is no doubt we have answered this question in detail. The key takeaway here is that this cryptocurrency is worth investing in. You can buy it from any exchange that offers digital currencies.
You can choose to hold it and wait for prices to go up, or you can trade your coins in the exchange of your choice whenever you deem fit.
Once you invest in this asset, make sure you store it in a wallet that provides military-grade security and convenience such as Tezro.
Download Tezro app and make sure all your assets are safe.