The year 2021 has been a promising year for cryptocurrencies generally. In the first two months of the year, the price of most cryptos increased tremendously while many retained their prices. Bitcoin was in the news for its sudden increase in price until early this month when Dogecoin rose to be the focal point of every cryptocurrency talk. The token rose up to about 4.5 cents after having remained at 0.5 cents for the first part of the year.
Because of the sudden surge in the price of Dogecoin, many people have been considering investing a good amount of money into the coin. However, if you are also part of this group, you should learn a few things about the coin before you make a decision.
In this article, we will be looking at what this coin really is, how it has performed over the years, and what Dogecoin price prediction for 2021 looks like. All these will come together to help you make a better decision about the coin – whether there is a green light or you should altogether ditch the idea.
What Exactly Is Dogecoin?
Dogecoin is an altcoin cryptocurrency named after the Japanese dog, Shiba Inu meme called Doge. The coin was initially created by Jackson Palmer who created the coin as a mere joke and named it after the popular Doge meme. But because of the popularity of the meme at that time, the “joke” quickly turned into a project with a thriving community behind it. People started to use it as a means of transferring value – thanks to its fast speeds and low fees.
Although it started as a joke, its growth has not been any joke – it has gained a fair share of popularity in the crypto market. Its popularity has even attracted the interest of some celebrities like Elon Musk, who also had talked about the coin several times on Twitter. In fact, the crypto community has affectionately named him the “CEO of Dogecoin” despite having no association whatsoever with the altcoin.
What Does Dogecoin Price History Looks Like?
Looking back at the price history of this coin, it is evident that Dogecoin is one of the oldest altcoins out there. The coin first experienced its tremendous rise in price in 2018 when it reached $0.018773. But after that time, it crashed into a long-term downtrend that makes the future of the coin very uncertain.
However, in 2019, things began to change for the better for Dogecoin alongside other top crypto tokens as they began to see a resurgence. In July 2020, the coin jumped to $0.004543, which was about double of the $0.002286 it was before that time. And early this year, thanks to the Dogecoin’s bullish movement, the price of the coin moved from $0.005405 to $0.011427 on January 2. By February 8th, 2021, the coin experienced the highest price ever, which was $0.82605
Nevertheless, in the last few weeks, there has been a downward trend in the price of Dogecoin which has caused a minor pullback. That is expected anyway. Currently, the price of the altcoin fluctuates around the previous high of $0.051793 it enjoyed in January 2021.
Price Prediction and Experts’ Forecast
While no one can be so certain about the future of dogecoin, experts have given their forecasts about how the coin is likely going to behave in the months to come. Looking back at how the coin started, it is obvious that it has experienced good growth along the line. Its rise from $0.000232 in 2013 to its current price of $0.05 has shown a 21000% rise.
Furthermore, with the way celebrities like Elon Musk, Snoop Dog, and Gene Simmons are endorsing dogecoin, the infatuation may result in a continuous increase in price down the line. Experts predicted that by the third quarter of this year, the price of dogecoin might increase up to $0.0613386 in the beginning and close at $0.0619104.
In October, the price would likely be around $0.079470 and $0.0798154 by November. Several expert forecasts also showed that more bullish might join the bandwagon towards the end of the year to push the price to about $0.087006 per coin. That means some crypto traders who are already asking “will dogecoin price hit $1?” will have to wait and see what would happen to the coin. However, it is certain that the coin might not reach $1 because of the existing altcoin market cap on the cryptocurrency.
It Is Wise To Invest In Dogecoin Now?
This actually depends on your personal decision about the coin based on the information we have provided in this article and some others you can gather about the coin. If you will be making your mind to invest in Dogecoin, you have to understand the potential outfalls and what the potential upside and downside might be.
Is Dogecoin A Good Investment?
Yes. Based on the recent increase in the price of the coin and more people getting involved in its awareness, one can conclude that it will make a really good investment as it is expected to appreciate in value at a reasonable rate and bring in great profit in the next couple of years to come. However, dogecoin still can’t be compared to some other top cryptos like Bitcoin, Etherium, Litecoin, EOS, and Ripple.
Why Did Dogecoin Recently Fell in Price?
In the last couple of weeks, the reputation of the coin was harmed when TikTok users attempted to pump and dump the cryptocurrency. This did some harm to the price of the coin. The sellout left a toll on the community behind the coin and that caused the interest they had earlier had in the coin to fizzle out.
Will Dogecoin Go Up Again?
Yes, based on experts’ predictions and technical analysis charts, dogecoin is expected to increase in price in the month of May. But this is cryptocurrency space, nothing is certain there.
Where Can I Find More Information About Dogecoin And Also Buy?
If you want to learn more about this popular altcoin or want to buy some and start your investment right away, you can check out a site like Anycoin Direct. The platform provides enough information about Dogecoin while also guiding you by the hand on how to go about buying Dogecoins for yourself.
