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Dogecoin (DOGE) price prediction 2021

Will Dogecoin be a good boy or a naughty one this year and beyond?

Launched in 2013, Dogecoin is something of a legend in cryptocurrency circles. What started out as little more than a joke based on a popular Internet meme soon gained traction, and several years later the coin featuring an iconic Shiba Inu mascot still features in the list of the world’s top 50 cryptocurrencies by market cap.

But if you’re thinking of buying DOGE, you’re probably looking for the answer to one very important question – is Dogecoin about to jump in price, or has this joke finally reached its use-by date?

To find the answer, you’ll need to examine the many factors contributing to the price movements of this peer-to-peer crypto coin.

Disclaimer: This information is not financial advice or an endorsement of cryptocurrency or any specific provider, service or offering. Cryptocurrencies are highly volatile and high risk. Do your own research and seek financial advice before buying. Please check with providers if their services are available in your state.

Quick facts

Dodge Coin logo

Coin nameDogecoin
SymbolDOGE
Algorithm typeScrypt
MineableYes
Launch dateDecember 6, 2013

Dogecoin price prediction

Cryptocurrencies are complex and speculative, and they’re also well known for being extremely volatile. With this in mind, there are myriad factors that can potentially drive the price of a coin upwards, or drag it in the opposite direction.

If you’re thinking of buying any Dogecoin, some of the key factors that might influence its price are listed in the table below.

What could drive Dogecoin’s growth?

  • Availability. If you’re new to cryptocurrency and looking to build a portfolio of coins and tokens, Dogecoin is easily available on a wide range of exchanges. This can potentially increase demand and enhance the public perception of the currency’s legitimacy.
  • Novelty value. In the complicated and intimidating world of cryptocurrencies, Dogecoin is fun, friendly and approachable. It pokes fun at all the hype and buzzwords that surround many crypto projects, and one look at its website makes it clear that this project doesn’t take itself too seriously. There’s a strong culture around popular online memes, and Dogecoin does have a strong base of parochial supporters.
  • Established coin. The fact that Dogecoin was launched in 2013 and is still around in 2018 shouldn’t be sneezed at. That’s a long time in the world of cryptocurrencies and helps DOGE achieve legitimacy and credibility that other coins don’t have.
  • Tipping and community support. Dogecoin can be used to reward other Internet users quickly and easily. It’s quite common to see Reddit and Twitter users “tipping” small amounts of DOGE to the authors of entertaining or insightful posts. Not only does this reward people for creating good content, but it also helps spread awareness about this unique digital currency.
  • The dogethereum bridge. In February 2018, Dogecoin was featured in TrueBit, one of Ethereum’s ongoing scalability projects. In a test nicknamed the “dogethereum bridge”, Dogecoin was sent to Ethereum’s Rinkeby testnet and became a distinct asset on that separate blockchain.

What could hold Dogecoin back?

  • Lack of widespread acceptance. The more merchants and people who accept DOGE as a form of payment, the greater the demand for the currency. However, unless Dogecoin can find support on a much wider range of platforms, this could place a limit on any price rises.
  • Plenty of competition. The cryptocurrency sphere is becoming increasingly competitive, and professional, expertly-designed currencies are being created all the time. You’ll need to ask yourself whether a meme-based currency has what it takes to compete with these other coins and tokens.
  • Lack of ongoing development. In an interview with CoinDesk in March 2017, Dogecoin Co-Founder Jackson Palmer (who left the Dogecoin team in 2015) said: “New features aren’t being implemented into Dogecoin because there’s no active development anymore. Eventually, it will become outdated. And with that, the network will organically wind down.” While Palmer is no longer involved with Dogecoin, his statement does raise serious questions about the currency’s longevity.
  • Joke status. Can a coin that started out as a joke really be considered as a serious investment? In the increasingly serious and professional world of cryptocurrency, Dogecoin is something of an anomaly. While it’s experienced a wild ride and exceeded all expectations, is the joke finally coming to an end?
  • Large supply. Dogecoin was originally meant to have a maximum supply of 100 billion coins, but the set limit on the number of coins that can be produced has since been lifted. According to CoinMarketCap at the time of writing (3/22/18), the circulating supply of Dogecoin was 113,670,063,569 DOGE. This neverending supply will likely prevent the price of DOGE reaching astronomical heights.

Where to buy Dogecoin

Name Product Deposit methods Fiat Currencies Cryptocurrencies
eToro USA LLC Cryptocurrency Trading
Wire transfer, Online banking
USD

24
cryptocurrencies

Disclaimer: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.

Copy the trades of leading cryptocurrency investors on this unique social investment platform. Non-US residents can read our review of eToro's global site here.
Robinhood Cryptocurrency Exchange
Bank transfer, Cash, Debit card
USD

17
cryptocurrencies

Trade a handful of leading cryptocurrencies with this easy to use mobile app.
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

267
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in random tokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 700 tokens including derivatives, yield farming and lending products.
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

246
cryptocurrencies

Finder Exclusive: Get up to 10 USDT in trading fee rebates for signing up and making a deposit, and up to 30 USDT in trading fee rebates after buying with fiat. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Coinbase Digital Currency Exchange
Bank transfer (ACH), Credit card, Debit card, PayPal, Bank transfer (SEPA)
USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP, BGN & 10+ more

63
cryptocurrencies

Buy and sell major cryptocurrencies on one of the world's most renowned cryptocurrency exchanges.
Webull Cryptocurrency Exchange
Bank transfer (ACH), Wire transfer
EUR, GBP, USD, CHF, JPY, CAD, HKD, INR, CNY, AUD

8
cryptocurrencies

Trade a handful of leading cryptocurrencies on this mobile app with as little as $1 per trade, plus access to stocks and ETFs.
Crypto.com App
Credit card, Cryptocurrency, PayPal, TransferWise, SEPA
USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more

125
cryptocurrencies

Get 0% fees on credit/debit card purchases for 30 days after signup.
Buy 80+ cryptocurrencies, earn up to 8% on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.
Gemini Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, CAD, EUR, GBP, SGD, HKD

41
cryptocurrencies

Trade bitcoin, Ethereum and more at a US-based exchange where payments can be made in USD.
SoFi Cryptocurrency Exchange
SoFi Cryptocurrency Exchange
Bank transfer
USD

21
cryptocurrencies

Instantly purchase a handful of leading cryptocurrencies with the SoFi app, which also insures your coins against potential hacks or theft.
FTX.US Cryptocurrency Exchange
Bank transfer (ACH), Cryptocurrency, Wire transfer
USD, AUD, EUR, CAD, GBP, SGD

19
cryptocurrencies

Enjoy the local version of the FTX exchange which offers a range of leading cryptocurrencies, up to 10x leverage, access to global liquidity and benefits for FTT token holders.
Binance.US Cryptocurrency Exchange
Bank transfer (ACH), Bank transfer, Cryptocurrency, Debit card, Wire transfer
USD

49
cryptocurrencies

Get a US$15 bonus when you trade US$100 or more of any supported crypto. T&Cs apply.
Trade with USD on Binance.US, the American dollar onramp of the world’s largest cryptocurrency exchange. Non-US residents can read our review of Binance's main exchange here.
Huobi Cryptocurrency Exchange
AdvCash, Cryptocurrency, SWIFT, Wire transfer
GBP, USD, AUD, EUR, INR, BRL, KHR, CAD,CNY, NZD & 15+ more

219
cryptocurrencies

Huobi is a digital currency exchange that allows its users to trade more than 190 cryptocurrency pairs.
Coinbase Pro
Bank transfer, Cryptocurrency, Debit card, PayPal, Wire transfer
USD, EUR, GBP

69
cryptocurrencies

Formerly known as GDAX, Coinbase Pro is a US-based exchange which offers fiat currency payment options, including wire transfer, ACH bank transfer and SEPA.
ShapeShift Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Banxa
-

50
cryptocurrencies

Quickly swap between more than 40 cryptocurrency assets or use your credit card to instantly buy bitcoin.
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Dogecoin’s competition

There are several coins and tokens that could be seen as Dogecoin competitors, so you’ll need to consider their performance when predicting DOGE price fluctuations. Competitors to consider include:

  • Bitcoin (BTC). The world’s biggest and most famous cryptocurrency needs no introduction. Though it’s currently battling scaling issues, no other coin comes close in terms of market cap or widespread recognition.
  • Litecoin (LTC). The silver to bitcoin’s gold, Litecoin also offers fast transactions and minimal fees. Created in 2011, it’s a top five coin in terms of market cap at the time of writing.
  • Steem (STEEM). The cryptocurrency that powers the platform Steemit, Steem is used to reward the creators of popular content.

Beyond 2021: What does the future hold for Dogecoin?

If you could travel back in time to the launch of Dogecoin in late 2013 and tell the coin’s founders that DOGE would still be alive and kicking in 2018, they’d probably have laughed at you. However, this much-loved currency has become something of an icon in the crypto community and experienced some remarkable highs along the way, headlined by reaching a market cap of more than $1 billion in January 2018.

But while Dogecoin has exceeded even the most optimistic Shiba Inu’s wildest expectations, many commentators believe that its wild ride must soon come to an end. When you consider the origins of this cryptocurrency, it’s hard to see how it can be expected to compete against the expertly designed and professionally backed coins and tokens available on cryptocurrency markets today.

Think about it. If you were new to cryptocurrency and looking to buy a stake in just one coin, which would you choose – the project with a hard-working development team, strong financial support and a clear vision for the future or the joke coin based on a viral Internet meme?

That said, Dogecoin does have a strong and vibrant community of parochial supporters who simply do not want to see the coin die. Its popularity for use in social media tipping and micropayments is a big advantage, while its widespread availability and emphasis on simplicity make it easily accessible to the masses. Throw in the fact that it offers fast transactions and minimal fees, and it’s clear that Dogecoin is a practical currency for everyday use.

But are those factors enough to help it survive in an increasingly competitive world? You be the judge.

Bottom line

Dogecoin holds a unique and cherished place in cryptocurrency folklore. It’s fun and unintimidating but also provides impressive practicality behind its light-hearted exterior. However, there are some serious question marks around whether or not it can not only survive but also thrive in the crowded and increasingly professional world of cryptocurrency.

If you’re thinking of buying any DOGE, make sure you carefully consider the factors that could drive its value up or down before making a purchase.


Images: Shutterstock

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

At the time of writing, the author holds IOTA and XLM.

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