In 2013, the meme coin DOGE was first introduced as a joke. It was supposed to be a Bitcoin parody, but it garnered considerable support from global investors who liked its ‘fun’ element.
Not many people believed that early Dogecoin investors could become millionaires, but that is how the crypto market functions.
It is difficult to predict the movement of the financial assets because the markets follow their own direction.
Elon Musk, the CEO of Tesla, also vocally supported Dogecoin and announced that he had also invested in the largest meme token by market cap.
Today, DOGE is the darling of the crypto market and it has been out for 10 years. What is next for the meme token?
5 years from now
Currently, Dogecoin is trading at a price of $0.07, which is a significantly low from its all-time high value of $0.73 that it had reached back in May 2021.
However, price forecasts have predicted a rather rosy picture for the meme coin in the next five years. The price prediction shows that in 2028, Dogecoin’s price could climb to a maximum high of $0.49.
As far as the minimum price is concerned, it is expected to reach $0.44. This would be a rise of almost 600% in the next five years from its current price.
The calculation
In order to forecast the price, technical indicators are used, which include the moving average (MA), the moving average convergence divergence (MACD), Bollinger Bands (BB), relative strength index (RSI) and average true range (ATR).
But, this price prediction shows that it is unlikely for Dogecoin to reach the $1 mark before the decade ends.
The estimates indicate that the maximum high that DOGE could record by the end of 2030 is $0.63, which is still less than its all-time high.
The factors
This could likely be disappointing for the Dogecoin community, which is expecting the meme coin to hit the $1 mark soon.
But, there are other factors that also need to be considered because of their impact. There is significant competition in the market where the meme token is concerned.
In addition, even though Elon Musk continues to offer support to DOGE, the crypto market turmoil has made people wary.
The last few times that Musk has mentioned Dogecoin did give the token a boost, but it did not last for long.
Unless Twitter integrates the Dogecoin payment option on its platform, as has been rumored, it is unlikely that DOGE will be able to move closer to its $1 target.
