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Dogecoin (DOGE) 2021 Price Prediction

dogecoin price prediction

July 24, 2021 | 

4395 Views | 

JOHN K MWANIKI | 

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The crypto was launched in 2013 by Jackson Palmer and Billy Markus and carries the same proof-of-work technology as Litecoin. Dogecoin has managed to earn a big group of supporters, including Elon Musk, who has over time, openly showed support by tweeting about it and significantly driving the crypto’s price up. 

One of the things that make Dogecoin unique is the fact that it is inflationary, unlike others like Bitcoin. This is particularly because there is no cap for the number of coins that will be in circulation. While crypto may not perfectly serve as a good store of value, it is great for making purchases and payments. This is particularly because it is inflationary as there is no limit to its creation.

Dogecoin, compared to other established cryptocurrencies, is considered more efficient in making payments. This has been enabled by its quick and easy mining. Dogecoin boasts a loyal community of supporters, which is one of the reasons behind its success.

How many Dogecoins are in circulation?

As of May 2021, there were a total of over 130 billion Dogecoins in circulation. This makes it the cryptocurrency with the highest circulation, only Stellar is close behind with 105 billion in circulation.

The numbers result from the lack of an upper limit on the number of DOGE in circulation at any given time. While there's no cap on the total number of Dogecoin in circulation, there's a cap on the rewards per block. The rewards remain at 10,000 per block and this has made it possible to maintain the stability of the coins in circulation and mining.

Dogecoin Price Prediction for 2021 | DOGE Coin Price Expectations

While the cryptocurrency has no cap to its supply, users are interested in knowing how it will perform. The main question is, will the Dogecoin price go up?

Currently, Dogecoin’s price stands at $ 0.1926. experts predict that the cryptocurrency will experience both highs and lows before the year ends, but then the price volatility will not be high.

By the end of July, the cryptocurrency is expected to be $0.19, with a maximum and minimum price of $0.16 and $0.26, respectively.

In August, the price is predicted to remain $0.19 with a maximum of $0.20 and a minimum of $0.13. Dogecoin’s price is expected to close at $0.16 in September, with a maximum and minimum price of $0.19 and $0.15, respectively. 

October’s price forecast for DOGE is $0.15, with a maximum and minimum price of $0.16 and $0.14, respectively. In November, the price is expected to rise to $0.17, with the maximum price being $0.18 and a minimum of $0.15. 

At the end of the year, in December, the price is forecasted to rise to $ 0.19, with the maximum price soaring up to $ 0.20 and the minimum price reaching $ 0.17 further.  

Will DOGE price reach $1 in 2021? The answer is no. judging from the past performance of the coin and the predicted performance over the next couple of months, the price will gradually go up and will take some time before it reaches $1.

While the price of crypto is expected to rise steadily, there is still a need to watch out for volatility. Already, Dogecoin, alongside other cryptocurrencies, is experiencing volatility due to the covid-19 pandemic.

Dogecoin has been experiencing impressive growth over the months, and investors should consider making a bet on it. More so, more people are becoming aware of cryptocurrency, which is a positive event for its liquidity. The optimism surrounding crypto has made it an attractive long-term investment option for some investors. 

Dogecoin 2021 market current conditions

On top of the price forecasts, an overview of other elements of the crypto’s status will shed more light on its performance. 

The current supply of Dogecoin is 130 billion. The trading volume of the cryptocurrency is $4.5 billion in 24 hours, and the market cap stands at $24.7 billion. The trading volume and the market cap speak volumes on the popularity and the liquidity of the cryptocurrency.

The coin’s market dominance is 1.19%, and the market rank is 8.

Is 2021 a good time to invest in Dogecoin

Considering the market status of the cryptocurrency and other factors, is it wise to invest in DOGE in 2021? If you are a long-term investor, then crypto is a good option, and here is why.

1. Dogecoin has strong support

One reason why you should be looking in this direction when it comes to investment is the kind of support the crypto has. Wallstreet is behind it, as much as an official endorsement is yet to be made. Regular mentions of the crypto have been made there, and it is a good sign.

More so, Elon Musk is pro-DOGE, and things like Twitter mentions by him are enough to drive up the prices. Ranked as a seasoned and rich businessman, the fact that he supports this crypto is a good sign; he knows what he is doing.

2. Dogecoin is inflationary

Contrary to what most people might assume, the inflationary nature of crypto is not really a disadvantage. Let us go back to why cryptocurrencies were being introduced in the first place. The main idea was to replace fiat currency with decentralized money.

Note that while Bitcoin has been a great success in the crypto market, it has failed in replacing fiat currency. Bitcoin is more of a store of value than it is a medium of exchange. The reason behind this is its deflationary nature. 

What this means is being inflationary, Dogecoin will perform well on this front. Inflationary currencies like DOGE encourage spending. This plays a role in increasing the trading volume of the crypto and its liquidity.

Conclusion on the Dogecoin price expectation

Dogecoin is a cryptocurrency of the first hour with a very good market capitalisation performance. This alone makes it attractive to investors. It's clear that Dogecoin is a good investment for 2021 as its future looks bright. It also has the support of people who're important in the investment world.

Since Dogecoin is an inflationary cryptocurrency, its adoption will increase over time and it could end up being the currency of choice for most people for everyday transactions.

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