The price of DOGE, the native cryptocurrency of Dogecoin, has been struggling for some time, although currently, some positive forecasts are circulating.
The latest predictions on the price of DOGE (Dogecoin)
The price of the cryptocurrency Dogecoin has lost 2.5% in the last 24 hours.
Note that Bitcoin and Ethereum have lost more than 4%, so paradoxically DOGE has held up better between yesterday and today compared to the main criptovalute.
However, the loss rises above 5% in the last seven days, in line with BTC and ETH.
Its trend in 2024, however, has been different.
In fact, it started the year just a little below where it is now, so the gain accumulated since December 31, 2023, is limited to a meager 6%, compared to, for example, Bitcoin’s +33%. It is, however, in line with Ethereum’s +5%.
Until over the middle of February, its price was always around $0.09, that is, just below the current level.
However, it recorded a real boom in March, rising in a few weeks up to $0.22.
That +144% in about a month then completely dissolved, first with a return to $0.13 in May, then with a further drop to $0.10 in July, and then with the return to $0.09 in August and September.
In other words, the flare-up in March was just a flash in the pan.
It is worth noting that the current level is still below the 2022 peak just before the collapse of FTX, so Dogecoin has not yet fully recovered those losses. It tried, but it failed.
Compared to the historical highs of 2021, it is still down by 87%.
The positive forecast
In the short term, there are no very positive forecasts for the price of DOGE.
On Changelly instead, a long-term forecast is reported that is definitely positive.
It should be highlighted that this is not a particularly reliable forecast, but it is in line with the expectations of many.
According to what is read on Changelly, 2024 should not close with a Dogecoin price much higher than current levels.
However, by 2025 they foresee essentially a doubling, which would still keep it very far from the historical highs.
The forecast becomes positive only if we move into the next cycle, the one that should be triggered by the Bitcoin halving of 2028.
The hypothesis of Changelly is that in 2029 the price of DOGE could reach new all-time highs beyond 0.8$, while in 2021 it was limited to 0.7$.
To tell the truth, for several years now many have been expecting it to end up at $1, but at the moment this seems like a bold hypothesis.
The reliability of this forecast
There is, however, an aspect of this forecast that raises doubts about its reliability.
Dogecoin is a memecoin famous mainly for its volatility.
Observing the chart of its price over the years, it is clearly noticeable that there is not a single long-term trend that continues linearly without hitches.
In fact, two large rises are clearly noticeable, followed by two drops, the first very large, the second smaller.
If observed on a logarithmic scale, a first decline is noted, followed by a rise and a period of correction and lateralization, followed by a second rise and another period of correction and lateralization.
In Changelly’s forecasts for the next five years, such a trend is not seen at all. On the contrary, the forecast indicates a single long-term trend that should continue linearly without significant hitches, and this strongly contrasts with past historical reality.
Therefore, the reliability of Changelly’s forecast is in great doubt.
Other predictions on the price of Dogecoin (DOGE)
To tell the truth, however, there are also other forecasts according to which in the coming years Dogecoin could return to the highs of 2021 and even try to reach the fateful threshold of 1$.
However, these are always forecasts whose reliability is highly questionable, because they are not based on solid fundamentals and concrete logic.
In fact, it is more about expectations than predictions, and like all expectations, they are somewhat unreliable because they are often just the result of investors’ hope.
The influence of Elon Musk
The boom in the price of Dogecoin in 2021 was due to the support of Elon Musk.
Not only has Musk not contributed to the pump of DOGE’s price for years now, but lately, some of his statements regarding Dogecoin, although positive, have not been able to make its price rise again.
Dogecoin is a memecoin created as a joke years ago, and it is still based on Proof-of-Work. In short, it is not an evolving crypto project, and it does not even have a deflationary nature like Bitcoin.
At this point, not only is it difficult to imagine that its market value could rise again in the short term, but it is also reasonable to have doubts about the long-term sustainability of this crypto project.
