This meme token is hoping to experience strong investor enthusiasm as it did three years ago.
We've all seen this movie before. The cryptocurrency market, once down and out, is now a favorite among investors. The entire asset class is worth $2.5 trillion today, up roughly 200% from the start of 2023.
Dogecoin (DOGE -5.49%), one of the more speculative digital tokens out there, is benefiting tremendously. Its price is up 80% just in the past month.
This dog-inspired meme cryptocurrency has cooled off somewhat, as it sits about 17% below its 2024 high (as of March 21). But that hasn't prevented some of Dogecoin's most bullish supporters from hoping the token can reach $1 during the next several years. Is it possible for this crypto to soar almost 600% between now and the end of 2030?
It's all about hype
Dogecoin's previous all-time high was achieved in May 2021, when the token reached a price of just under $0.74. During that raging bull market, even stock market investors were registering strong excitement, as the so-called meme stock craze took over. This spilled over into the cryptocurrency market as well.
Dogecoin has benefited from various hype cycles that cause its price to soar in short order. Whether it's a public mention by Tesla founder and Chief Executive Officer Elon Musk or the announcement by Mark Cuban that the NBA's Dallas Mavericks accept Dogecoin as a method of payment, investors quickly drive up the price. That's until the optimism quickly fades.
This helps explain why despite its rise this year, Dogecoin is still about 80% off its peak price. It's worth pointing out that since the start of 2023, this token has underperformed the broader crypto market by a wide margin. One of the most speculative digital assets is likely falling out of favor, at least when compared to a few years ago. This trend doesn't bode well for its future price performance.
What about the fundamentals?
I think the only way that Dogecoin can reach $1 in the next six or so years is if it gains status as a popular portfolio addition in the same way that Bitcoin has. Dogecoin, which isn't that much younger than the world's most valuable cryptocurrency, was built as a joke to mimic Bitcoin as a payments network running on a proof-of-work system.
The difference in their trajectories over the past decade is that Bitcoin has become a legitimate financial asset and store of value, especially in the eyes of regulators in Washington and asset managers on Wall Street. The approval by the Securities and Exchange Commission (SEC) of Bitcoin spot exchange-traded funds is a case in point. A lot of capital is set to continue flowing to Bitcoin.
There's another key distinction between Bitcoin and Dogecoin that can't be ignored. It's well known that the former has a fixed supply cap of 21 million, a level of scarcity that aids in its appeal from investors.
The latter, on the other hand, was created by its founders to be intentionally abundant. There are currently 144 billion Dogecoin tokens in circulation, a figure that increases by 10,000 every minute. For Dogecoin's price to skyrocket, demand would need to outpace rising supply. That's a tall task.
In my view, then, there are no fundamental reasons to be long-term bullish about Dogecoin. In fact, it's very unlikely the token will rise 600% to reach $1 by 2030.
If you were interested in buying Dogecoin for whatever reason, I believe it would be nothing more than a speculative decision. That's not a smart move to make with one's hard-earned savings.
Neil Patel and his clients have no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Tesla. The Motley Fool has a disclosure policy.
FAQs
For Dogecoin's price to skyrocket, demand would need to outpace rising supply. That's a tall task. In my view, then, there are no fundamental reasons to be long-term bullish about Dogecoin. In fact, it's very unlikely the token will rise 600% to reach $1 by 2030.
What could Dogecoin be worth in 10 years? ›
According to our DOGE price prediction, the meme coin might hit a maximum of $1.07, by the end of 2025. With a potential surge, the price may go as high as $3.035 by the end of 2030. What is Dogecoin used for? Dogecoin was developed as a digital form of payment system, similar to that Bitcoin or Litecoin.
How high will Dogecoin go in 2030? ›
Dogecoin (DOGE) Price Prediction 2030
| Year | Price |
|---|
| 2025 | $ 0.15461 |
| 2026 | $ 0.162341 |
| 2027 | $ 0.170458 |
| 2030 | $ 0.197326 |
1 more rowAccording to recent analysis by Changelly, DOGE is forecast to hit the $0.5 mark by December 2026.
How likely is Dogecoin to hit $1? ›
All it has to do is make progress toward greater adoption in the way Bitcoin has. That might give Dogecoin bulls reason to be optimistic, but we have to try and assess the probability of this actually happening. To be frank, I believe there's close to zero chance Dogecoin accomplishes those things and reaches $1.
What will Dogecoin be worth in 2050? ›
DOGE price predictions 2050
According to CoinCodex analysts, the DOGE price would be $1.61 in 2050, assuming the S&P 500's average yearly growth rate of 11.8%. If Bitcoin's average growth rate is used as the benchmark, the price of Dogecoin would reach a whopping $19.4 by 2050.
What is the prediction for Dogecoin in 2040? ›
DOGE price predictions 2040
Coincodex's prediction for Dogecoin's price in 2040 spans from $0.170 to $2.62, factoring in various growth scenarios, including 5% and 10% yearly growth rates, the historical ROI of the S&P 500, and Bitcoin's average yearly growth over the past five years.
Could Dogecoin reach $20? ›
Yes, Dogecoin can reach $20 in the nearest future regardless of its fluctuating value. Though you might be tempted to say it is impossible considering its current price of [ccpw id=”971″], you will have a change of mind once you consider its recent bull run.
Can Dogecoin reach $10? ›
While Dogecoin (DOGE) taking a back seat in the recent altcoin surge, the meme-favorite cryptocurrency is back in the spotlight. Analysts are drawing parallels between its recent subdued performance and the notable 2021 bull run, sparking speculation that DOGE could be on track to hit $10 in the upcoming bull market.
Can DOGE reach $5 dollars? ›
Can DOGE Hit $5 in the Near Future? The likelihood of DOGE hitting $5 in the near future remains a subject of speculation, given that the coin has yet to cross the $1 mark since its conception in 2013. The highest level ever reached by DOGE was $0.7316 on May 8, 2021 (over two years ago).
Holding 10,000 Dogecoin Could Make You A Millionaire, Predicts Crypto Analyst. Since 2021, Dogecoin (DOGE) has consistently been one of the largest cryptocurrencies in the market. The token has attracted tens of billions in investment and is up more than 27,000% since its launch.
Will Dogecoin reach $2? ›
A new price prediction from Coinpedia estimates that Dogecoin could trade between $2 to $3 by the end of the decade in 2030. That's another six years from today and a much longer wait for investors of the meme coin.
Is Dogecoin worth holding? ›
Dogecoin is a risky asset class, like most cryptocurrencies, but unlike many other projects it has only limited utility. It remains to be seen if Dogecoin will ever get back to its prior peak. That said, buying the dip can be an effective long-term strategy alongside diversification and dollar-cost averaging.
Will DOGE reach $100? ›
The prediction of a $100 DOGE relies on "hyperbitcoinization," a scenario in which Bitcoin surpasses traditional money. While that is unlikely to happen by 2028, it could happen well into the future. With this in mind, a $100 DOGE is a possibility, though perhaps not on the timeline indicated by the analyst.
How much will 1 ethereum be worth in 2030? ›
Ethereum (ETH) Price Prediction 2024-2040
| Year | Minimum Price | Maximum Price |
|---|
| 2027 | $11,892.81 | $14,527.55 |
| 2028 | $18,352.16 | $20,942.91 |
| 2029 | $26,883.31 | $31,829.82 |
| 2030 | $38,664.13 | $47,066.29 |
8 more rowsBitcoin (BTC) Price Prediction 2030
| Year | Price |
|---|
| 2025 | $ 72,872.94 |
| 2026 | $ 76,516.59 |
| 2027 | $ 80,342.42 |
| 2030 | $ 93,006.39 |
1 more row