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Dogecoin (DOGE) price prediction 2023
What does the future hold for the value of Dogecoin (DOGE)? Nothing bright, according to the panel.
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. So we asked our 42-expert panel what’s in store for the coin.
Dogecoin price predictions for 2021
The last 12 to 24 months have been huge for at-home investors, with Dogecoin one of the hottest items for both seasoned investors and newbies testing the crypto waters for the first time.
However, while the one-time hot coin may have seen some high highs in 2021, the future doesn’t look as bright, with Doge’s value expected to end the year almost half its ATH at US$0.42.
Roughly 15% of the panel, or 3 out of 20 panellists, who provided price predictions for Dogecoin expect the coin to crest at the elusive US$1 mark ― a figure that’s long been the target for many people hyping the coin.
University of Saskatchewan PhD candidate Ajay Shrestha is one panel member who believes Doge is capable of hitting this mark but it’s entirely dependent on one well-known inventor, technologist … and tweeter Elon Musk.
“[The price will reach US$1] only if Dogecoin receives continuous support from the Elon Musk FRS. Otherwise, it wouldn’t get such hype,” he said.
Cake DeFi CEO Julian Hosp also believes that Doge will be worth US$1 but says “it will be a pump and dump”.
Senior lecturer at the University of Canberra John Hawkins also thinks that Musk will play a role in the coin’s value but gave one of the lowest predicted values for end of 2021 at US$0.15 saying, “Dogecoin seems largely dependent on Elon Musk’s erratic tweets. It is barely used as a payment instrument and has proved a very poor store of value.”
Beyond 2023: What does the future hold for Dogecoin?
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.
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? We asked our panel for their price forecasts for 2025 and 2030 to find out.
Doge should see its value hit an average value of US$1.21 by 2025 and US$3.60 by 2030, according to the panel average. However, there is one outlier pulling the average price way up.
If we look at the median prediction compared to the average prediction for the end of 2021, those numbers are pretty close with the median prediction sitting at US$0.40 compared to the aforementioned average of US$0.42. Going forward the numbers go in opposite directions.
The median prediction for Doge by December 2025 is US$0.15, a far cry from the average of US$1.21. 30% of the panel sees Doge's worth at US$1 or more in 2025, with Brighton Business School's Senior Lecturer Paul Levy predicting the highest on the coin's value at $10.
Technologist and futurist for Thomson Reuters, Joseph Raczynski offers one of the lowest ranks on Doge, predicting it will lose value.
"Dogecoin will eventually go to $0. There are at least 100 to 200 other crypto projects that should be worth more than Doge. It's amazing to witness what [one] celebrity can do..." he said.
And the chasm between median and average predictions grows for the 2030 speculations, with the median sitting at US$0.04 compared to the average of US$3.60. Again, Levy is the most bullish on the coin, but he admits that the value of these coins is hard to nail down.
"There will be some growth but it is really hard to predict. This cryptocurrency is very much tied to the overall state of turbulence in the cryptocurrency market," he said.
Is Dogecoin a bubble and is it about to burst?
It's safe to say that the panel is out on Doge. 80% of the panel calls Dogecoin a bubble, whereas 10% says that Doge isn't a bubble, with the remaining 10% unsure.
How has Dogecoin's success affected the wider crypto market?
One hot topic of conversation was the effect of memecoins on crypto's validity as a financial product. Our panel was split on the matter: 46% say the "success" of Dogecoin and other memecoins undercut the legitimacy of the cryptocurrency market, while 38% say they've made no impact.
Research Analyst at CrossTower Martin Gaspar believes that the rise of memecoins is problematic, as it shows the public it's possible for something that was designed as a joke to be worth more than coins with legitimate use cases.
"It demonstrates that coins with little use case and development can attain valuations greater than that of legitimate cryptocurrencies," Gaspar said.
Raczynski echoes that sentiment:
"Doge is a joke. It wasn't meant to be taken seriously from the onset, and the raising of its profile does the industry a disservice. While it raises the awareness of cryptocurrency, the fact that it has little underlining direction ― no fixed token rate, no governance plans until recently ― and its pump by a few is unfortunate. This doesn't mean the value won't increase because of market forces".
On the other side of the coin is what Decred's international operations lead Jonathan Zeppettini says: "Doge is a fun distraction that does not have the requisite development momentum behind it to achieve anything of significance."
And for CoinFlip's founder and chief advisor Daniel Polotsky, the Doge phenomenon is nothing new:
"Seemingly irrational human behaviour has been around for centuries; this is nothing new. We have spent $60M on a painting of a black square, and general sentiment has always been a powerful factor in determining investment prices."
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.
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.
Meet our panel
|Sagi Bakshi, CEO, Coinmama||Kate Baucherel, Digital Strategist, Galia Digital||Sarah Bergstrand, COO, BitBull Capital|
|Konstantin Boyko-Romanovsky, CEO & Founder, Allnodes||Jeremy Cheah, Associate Professor of Cryptofinance and Digital Investment, Nottingham Trent University||Justin Chuh, Senior Trader, Wave Financial|
|Paul J. Ennis, Lecturer/Assistant Professor, University College Dublin||Pedro Febrero, Head of Blockchain, RealFevr||Josh Fraser, Founder, Origin Protocol|
|Martin Fröhler, CEO, Morpher||Martin Gaspar, Research Analyst, CrossTower||Ryan Gorman, Co-founder, Trade The Chain|
|James Harris, Director, CryptoCompare||Justin Hartzman, CEO, CoinSmart||John Hawkins, Senior lecturer, University of Canberra|
|Julian Hosp, CEO, Cake DeFi||John Iadeluca, CEO, Banz Capital||Sukhi Jutla, COO, MarketOrders|
|David Klinger, Founder, Coteries Corporation||Paul Levy, Senior Lecturer, Brighton Business School||Vetle Lunde, Analyst, Arcane Crypto|
|Nicholas Mancini, Research Analyst, Trade The Chain||Desmond Marshall, MD, Rouge International & Rouge Ventures||Alex Mashinsky, CEO, Celsius Network|
|Bobby Ong, Co-founder, CoinGecko||Daniel Polotsky, Founder/Chief Advisor, CoinFlip||Forrest Przybysz, Senior Cryptocurrency Investment Analyst, Token Metrics|
|Joseph Raczynski, Technologist & Futurist, Thomson Reuters||Dr Iwa Salami, Senior Lecturer in FinTech Regulation, University of East London||Fred Schebesta, co-founder, Finder|
|Xavier Segura, General Partner, Morgan Creek Digital||Avinash Shekhar, Co-CEO, ZebPay||Matthew Shillito, Lecturer in Law, University of Liverpool|
|Ajay Shrestha, PhD Candidate, University of Saskatchewan||Lee Smales, Associate Professor of Finance, University of Western Australia||Elvira Sojli, Associate Professor, University of New South Wales|
|Aleks Svetski, CEO, Amber||Simon Trimborn, Assistant Professor, City University of Hong Kong||Jean-Philippe Vergne, Associate Professor, UCL School of Management|
|Sathvik Vishwanath, CEO, Unocoin Technologies Private Limited||Imran Yusof, FX/Crypto Market Strategist, Quantum Economics||Jonathan Zeppettini, International Operations Lead, Decred|
At the time of writing, the author holds IOTA and XLM.
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