We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. https://t.co/adhugIHVGR. A break to the downside could slump to a $0.045 zone. A $1,000 dogecoin purchase on Jan. 1, 2021 at a price of less than a cent per coin would be worth $121,052 at Wednesday's high of 69 cents, a gain of more than 12,000% according to CNBC . The year 2020 was good for cryptocurrencies. At this rate, explains Reddit user EthereumDream, miners add more than 5 billion coins per year. Then there was April 20 (aka, 4/20, National Marijuana/Weed Day) which this year an army of Dogecoin advocates on social media declared as Doge Day. The idea was that by using hashtags like #DogeArmy, #DogeDay420, and #Doge420, they could help propel the value of the coin upward towards the lofty goal of $1 per coin. ", Amazon drops 4% on slowing cloud growth projections. The value of shares and ETFs bought through a share dealing account can fall as well as rise, which could mean getting back less than you originally put in. Even if DogeCoin was only briefly over 60 cents, it's still a new milestone in DogeCoin's miraculous 2021. Dogecoin was launched in 2013 as a joke by software engineers Billy Markus from IBM and Jackson Palmer from Adobe, using a popular dog meme to parody the proliferation of cryptocurrency altcoins being touted as alternatives to Bitcoin. Dogecoin will reach $0.0613386 at the end of the month. Shop your favorite products and well find the best deal with a single click. The dogecoin price has climbed almost 400% this week alone and is now hovering around 30 cents per . The material provided on this website is for information purposes only and should not be understood as an investment advice. Want To Trade Bitcoin, Ethereum And Dogecoin? 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. A Journey to new highs. Get this delivered to your inbox, and more info about our products and services. Brokerage platform eToro announced support for dogecoin Monday, citing client demand. For Dogecoin to hit $1, it will need to hit a market cap of $130 billion, which is around 3x from its current price point. ", 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. The virtual currency, which originally started as an internet parody . All Rights Reserved. % so far in 2021. . His rants, however, have also gotten him in trouble. In fact, according to Genesis Volatility, Dogecoin is almost three times more volatile than Bitcoin (based on historical fluctuations). A year ago, the coin was trading at $0.002493 falling to $0.001582 in March 2020, according to Coindesk data. But, overall, usage is currently quite limited. Additionally, trading platforms eToro and Gemini listed the memecoin, drastically expanding its reach. It has since made its way down to around 55 cents. Musk posted a tweet last week that referenced The Dogefather and his upcoming hosting gig on Saturday Night Live May 8. In other words, its not just Dogecoin, its the entire crypto market. Dogecoin is one of the cryptocurrencies that have grown significantly. And it's almost impossible to say when that's going to happen. This user, for example, is one of many bullish Dogecoin fans who believe the asset will reach the 50-cent mark before the next weekend is out. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. The Dogecoin protocol is based on the now-defunct Luckycoin, which was a fork, or spinoff, from Litecoin (LTC). Elon Musks Saturday Night Live episode airs this weekend, on May 8. Answer (1 of 6): A 2020 TikTok campaign sought to lift dogecoin's price to $1. One simply called Meme launched in August at $1 and now trades at over $2,000. Between hissavings and borrowed funds, Contessoto said, heinvested over $250,000 in dogecoinon Feb. 5 when it was priced at about 4.5 cents. On that note, Dogecoin will likely continue to mimic Bitcoin's performance for the foreseeable future (as does almost every other altcoin). Risk warning: onducting operations with non-deliverable over-the-counter instruments are a risky activity and can bring not only profit but also losses. Read more: Top 10 cryptocurrencies to invest in 2021: portfolio of coins set to explode. HSBC names 4 Chinese stocks set to benefit from the trend. While we cant predict dogecoins price with utmost certainty, it is prudent the most likely direction. We want to hear from you. 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. You Might Have To Take A Test To Trade In This Country. Firstly, If y. I would have been okay with losing the $50.00 (I half expected to), which meant I was pleasantly surprised when I made a small profit. The success of crypto depends on users and adoption. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. On a per capita basis, there were 14.6 gun deaths per 100,000 people in 2021 - the highest rate since the early 1990s, but still well below the peak of 16.3 gun deaths per 100,000 people in 1974. In mid-April, the coin was in a similar position, but suffered from a hard correction that brought its price down to around 25 cents. Around mid-February, the dogecoin chart formed a descending triangle followed by a stable trend. At least a third say each of these were major reasons why they left. DigitalCoinPrice. The price of Dogecoin has risen by 1.39% in the past 7 days. But earlier this year, dogecoinskyrocketedon the back of enthusiasm from a Reddit group called SatoshiStreetBets. Thus, whether or not Doge can make it to $1 comes down to how well the cryptocurrency industry performs from here on out. The minimum is forecast to be $0.0521378. Contessoto himself also tells his followers not to invest more than they could afford to lose. 2023 CNET, a Red Ventures company. With that said, the question on many doge fanatics' lips is, "can Doge hit $1 in 2021?". Though he isn't a financial expert, he's optimistic that dogecoin has already hit bottom. With services and companies including PayPal, Venmo, WeWork and Tesla now supporting more traditional cryptocurrencies, its possible some may begin to support dogecoin. Do Not Sell or Share My Personal Information. Similar to the subreddit WallStreetBets, which helped fuel a rally in GameStop shares at the start of 2021, SatoshiStreetBets aims to pump up the prices of cryptocurrencies. 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. Cryptocurrencies have experienced seismic growth in the recent past. Oscar Gonzalez is Texas native who covers video games, conspiracy theories, misinformation and cryptocurrency. Doge Twitter is ablaze with hype ahead of the episode. What Happened:According to research shared with Benzinga by Finder, Dogecoin is expected to reach $0.163 by the end of this year. Similarly, Gene Simmons said he would be buying the currency. No. And now, defying all odds, dogecoin has a total market value of more than $40 billion, according to crypto market data site CoinGecko, adding over $20 billion in the last 24 hours. In response, Musk stated in June that while he himself supports cryptocurrency, he never advised anyone to invest in the space. Dogecoin gained 50 per cent in the space of a few hours on February 4 to reach a price of $0.05. A Division of NBC Universal. In February, after Musk tweeted Doge and Dogecoin is the peoples crypto, we saw a 50 percent surge in price. Since then, Dogecoin has dropped and been turbulent. Since then the crypto markets experienced a heavy crash on May 19, most coins went down by about 50 per cent, including . Should it? Past profits do not guarantee future profits. The popular coin briefly dropped below 30 cents on May 23, before . Dogechain beginning the voting process for its coin burn fueled a bullish sentiment among DOGE holders. There is a crazy excitement [from] very young investors around meme coins and meme ideas. (Photo : Celebrity endorsements). The value of dogecoin, a cryptocurrency originally invented as a joke, surged to an all time high of over 50 cents Tuesday, a landmark as enthusiastic online traders continue efforts to push the . But to answer the question more aptly, we need to dive into a few specifics to see whether or not it's a viable target or just another crypto pipedream that will never come to fruition. ", "This is doubly the case in the crypto markets where a small group of players often hold a huge chunk of the total number of 'coins' in circulation. In fact, Markus recently wrote on Reddit that he sold his coins for (only) about enough to buy a used Honda Civic. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. Other adopters include Latvian airline airBaltic, electronics retailer Newegg, and luxury resort group the Kessler Collection. Aliasgar Merchant, lead developer of relations atAkash Network, a decentralized cloud platform, said the current trend reversal for Dogecoin seems sustainable, and the memecoin can easily hit the 50-centmark before the end of the year. Like other cryptocurrencies, Dogecoin is characterised by high price volatility. Investor Optimism Improves Slightly Following JPMorgan's Purchase Of First Republic's Assets, Ford Motor Q1 2023 Earnings Preview, EV plans in focus, Here's what Wall Street expects from Ford Motor's earnings report, Earnings Week Ahead: Apple, Ford, Starbucks, Anheuser Busch, and more, TSLA Stock: Get Ready for the Inevitable Fall of Tesla. The trend has now retraced . After all, Dogecoin's two founders, Billy Markus and Jackson Palmer devised the payment system as a joke, mocking the rampant cryptocurrency speculation of the time and simultaneously satirizing the entire industry. A Division of NBCUniversal. The excitement around Coinbase's debut led to a surge in the prices of bitcoin and ether. On Thursday, the U.S. online brokerage said there was a "major outage" in its crypto trading feature after facing "unprecedented demand." This lack of a supply cap is one more reason why some people are skeptical of the cryptocurrencys massive rally and worry that people buying it will ultimately lose big. On April 20, Mike Novogratz, founder, and CEO of crypto-focused investment firm Galaxy Digital went on CNBCs Squawk Box, explained how Bitcoin is a well-thought-out, well-distributed store of value thats lasted for 12 years and is growing in adoption. Another factor that Novogratz believes will positively impact Bitcoin's price and usage is that tens of billions of dollars'' of capital expenditures and operating expenses are put into the Bitcoin ecosystem every year. Also read:Blockchain.com Needs Cash As Valuation Plunges 70%: Will VCs Back The Struggling Startup? Its Doge Time: Dogecoin Surges As Reddit Traders Push To Make It The Crypto GameStop (Forbes), Dogecoin Is SoaringNear 10 Cents For First Time (Forbes), I Am Become Meme, Destroyer Of Shorts: Dogecoin Soars Again As Elon Musk Returns From Self-Imposed Twitter Exile (Forbes), Dogecoin Skyrockets To All-Time Highs Reaching $52.2 Billion Market Cap As Robinhood App Reports Outage Issues Due To Heavy Cryptocurrency Trading (Forbes), This is a BETA experience. That follows a spike of more than 900 per cent on January 29 when the coin soared to an all-time high before sliding back, with trading volumes exceeding those of Bitcoin (BTC). Dogecoins prices have rallied in 2021 for several reasons. The use of Dogecoin has evolved beyond a fun meme on social media. At its current value, dogecoin is worth more than gaming company Nintendo, car maker Mitsubishi and bank Santander. A number of Dogecoin investors had sued Musk and his firms for $258 billion for racketeering this summer, alleging that they purposefully inflated the price of Dogecoin before allowing it to plummet. Dogecoin's price more than doubles in a week. Whats more, Payments giants MasterCard is set to unveil a platform that will allow merchants to receive cryptocurrency payments. dogecoin guru (@doge_coin_guru) May 2, 2021 This user , for example, is one of many bullish Dogecoin fans who believe the asset will reach the 50-cent mark before the next weekend is out. Even in May, when the value of his holdings surpassed $2 million, he still didn't budge. However, a major one is a seemingly ever-increasing positive cryptocurrency industry sentiment and, in turn, increasing prices of the coins themselves. Benzinga does not provide investment advice. Daniel Van Boom covers cryptocurrency, NFTs, culture and global issues. At the start of the year, ethereum was trading at just under $740. All Rights Reserved. According to Tradingbeasts Dogecoin Predictions, at the beginning of April, dogecoin is likely to reach $0.0595023.