In this forecast, we will put out our own and market’s opinion (both from popular algorithms and experts) on Dogecoin future while discussing Dogecoin price forecast for 2019 and beyond.
Since this year is almost done, Dogecoin price prediction 2020 is way more interesting, so we made sure to include that section as well, just make sure to scroll all the way to the end.
Now, let’s get straight to it.
Before we delve deep into the Dogecoin price prediction and answer questions if Dogecoin is a good investment or not, why will Dogecoin succeed or fail or while will Dogecoin price rise or drop, let’s quickly do a review on Dogecoin and its to date history.
Our DOGE Price Prediction for 2019
Dogecoin is currently out of the top 30 coins in the cryptocurrency market ranked by market cap. Even though market capitalization has been proven time and again, as a lacking measurement for a coin’s success, it is still the benchmark when it comes to cryptocurrencies.
Dogecoin, as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, Dogecoin can hope for one as well. Since that is very unlikely, don’t expect much to change for Dogecoin price-wise in this year. So 2019 will be a year of boring sideways action with minor bitcoin ignited jumps and slumps.
It seems that Dogecoin price will end the year in a tight bear grip, just like the rest of the cryptocurrency market. Next year doesn’t look to bright either in our opinion.
DOGE-BTC Price Correlation
The vast majority of trading that occurs in the crypto markets are between BTC and altcoin trading pairs. Since most altcoins do not pair with fiat currencies (and only a few are paired with stable coins like USTD), Bitcoin is the next best option. Therefore, when Bitcoin is stable, it forms as the ideal base currency for buying altcoins (which is why altcoins tend to do well when Bitcoin goes sideways).
Correlation is measured on a scale from -1 to 1. Values above 0 shows the degree to which altcoin is moving in the same direction as BTC prices (either up or down in tandem), and values below 0 shows the degree to which altcoin moves in the opposite direction of BTC prices (so when BTC goes down, altcoin goes up, or vice versa). Values around 0 shows that when BTC price moves, altcoins stays steady, or alternatively that when altcoin moves up or down that the BTC price is staying steady.
Based on the correlation analysis, BTC and DOGE have a strong positive relationship. The correlation coefficient of their prices is 0.44, which was calculated based on the previous 100-days’ price dynamics of both currencies.
What all of this aims to convey is, Dogecoin price is highly dependent on bitcoin price action. Individual price analysis for a particular coin makes sense only in a narrow set of circumstances. Technical analysis is even more lacking for a long-term forecast of a coin’s future.
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The majority of projects will fail — some startups are created just to gather funds and disappear, some would not handle the competition, but most are just ideas that look good on paper, but in reality, are useless for the market.
Vitalik Buterin, co-founder of Ethereum said:
“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”
Dogecoin Projections 2020 – 2025
As a result, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will DOGE be among those 5%?
If we are honest, there is not much going on for Doge aside of this welcoming and ardent community. It is unreasonable to expect a long-term Dogecoin survival if that is the only hinge for the project.
Dogecoin (Doge) Price Predictions by Market and Experts
#1 WalletInvestor Dogecoin Price Prediction
By the end of 2019, Dogecoin may certainly reach $0.00263 according to the algorithm from walletinvestor.com that does automatic technical analysis on all coins on the market.
#2 CoinPredictor.io Dogecoin Price Prediction
Another relatively popular site for price predictions forecasts that in December Doge price will be around $0.00026.
#3 Theoofy.com Dogecoin Price Prediction
We will wrap market and experts price predictions with this one that sees Doge by the end of 2019 it’s around the $0.0147 mark.
Dogecoin Price Prediction 2025
According to some crypto prediction algos, in a 5-year span, Dogecoin is expected to reach $0.04 mark. Dogecoin price prediction by Coinswitch implies that the Dogecoin price is up for a long-term gain and in 2025, the Dogecoin price is forecasted to stand at around $ 0.044.
Check out our guide on the next big cryptocurrency.
Dogecoin Price Prediction 2030
Even though this is a Dogecoin prediction article, making a Dogecoin forecast for 2030 is a ridiculous thing to do. There is no price chart or price analysis that can make a reliable Dogecoin projection for such distant future. If it lives long enough to see 2030, though, Dogecoin might actually be a very sought after commodity.
Dogecoin Price Prediction 2040
2040 is two decades away, making a Doge price prediction even more preposterous and senseless task. For fun, let’s say future price of Doge will be $2.
Why will Dogecoin succeed?
Why will Dogecoin fail?
Will Dogecoin ever reach $1?
Is Doge dead?
All of this summed up means one thing: Dogecoin might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.
Price of Dogecoin will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect DOGE will do them either. The price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership.
Dogecoin can’t be killed
Ever since its founder Jackon Palmer departed the community in 2015, the development has waned and prophecies about imminent Dogecoin death started floating around. However, as one of the Doge developers told CoinDesk back in 2017, it is pretty hard to “kill a cryptocurrency”.
“Cryptocurrencies are “a bit zombie-like”, Nicoll said. “It’s very, very hard to kill a cryptocurrency.”
Some might call a valueless cryptocurrency ‘dead’, but that would be missing any educational or entertainment value the token might provide. For instance, Nicoll said even after the 2014 fork, shibes were moving the old version of the coin around for about five or six months.
“It was a functional currency, but you couldn’t use it at shops or on exchanges. We don’t know why they were doing it, but they were having a whale of a time,” he said.
But how do you really kill it? The proverbial headshot for a ‘zombie coin’, according to Nicoll, would require removing the original code from GitHub, making it exceedingly hard to recreate it since very few people keep copies of source code material. Yet the nature of open-source software means that, in that rare instance, copies of the code could still be floating out there somewhere on the internet.”
Use cases emerging
Biggest ace in the sleeve for Doge future is its current most frequent application as a tipping currency. With websites like Litebit, Anycoin, Suchlist, keys4coins, dogegifts, clockworkcrypto and an official Reddit tip bot (there is talk of a Telegram tip bot as well), more and more ways of spending your DOGE are popping up by the day.
Dogecoin is very much in line with the United States’ “tip culture”, and with the rise of reward culture on the Internet in the world, Dogecoin will also be widely used. Compared to expensive Bitcoin, the threshold for Dogecoin is even lower, and it’s much cuter. Dogecoin could become the most popular “tip cryptocurrency” in the U.S. Internet.
Despite the bear beating the Doge during this extended period of crypto slaughter, 1 Doge is still worth 1 Doge and much wow is not going anywhere!
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com