Dogecoin Price Today (February 7): Best Analysis and Forecast
|Photo: Blog Tienao|
Despite having no real basis as a financial asset, cryptocurrency Dogecoin recently reached a market cap of more than A$12 billion. Dogecoin, a cryptocurrency that takes its name and logo from a Shiba Inu meme that was popular several years ago, does not have a cap. Launched in 2013, there are now 100 billion Dogecoin in existence, with as many as five billion new coins minted each year.
But how can a currency with a seemingly unlimited supply have any value at all? And why did Dogecoin’s price suddenly surge more than 800% in 24 hours on January 29? At the time of publication, the “memecoin” was worth about 5.6 billion Australian dollars on the stockmarket, Scroll expressed.
Dogecoin price after Tesla CEO Elon Musk's Tweets
|The cryptocurrency started as a joke in 2013, but following Mr Musk's tweets proceeded to soar by approximately 64 percent in the next 24 hours – peaking at $0.05394 (39p). Now, after Tesla TSLA +0.3%boss and tongue-in-cheek "dogecoin CEO" Elon Musk sent the dogecoin price sharply higher this week, Kiss frontman and rock star Gene Simmons has jumped on the dogecoin bandwagon, Forbes sited.|
|Photo: Yahoo Movies|
Dogecoin has over the last week come to particular prominence about Reddit users turned their attention to cryptocurrency after driving incredible in the shares of American video games retailer GameStop, which has since come crashing down.
Several other of the main cryptocurrencies also saw gains on Thursday, with bitcoin (BTC) growing almost 25 percent and Ethereum (ETH) up more 30 percent. However, dogecoin has since slumped in value, with its worth plummeting precipitously only hours after its peak. Elon Musk returned to social media with a series of tweets about cryptocurrency Dogecoin (Image: Twitter)
CoinDesk data shows one dogecoin is currently valued at $0.045416 (33p), as of 11am on Friday, February 5. Februay 4 was far from the first time Elon Musk has tweeted his apparent support for dogecoin. The SpaceX head, who currently boasts 43 million followers on Twitter, only recently changed his bio to "CEO of Dogecoin" and then later in the same day to "Former CEO of Dogecoin”.
Mati Greenspan, crypto expert and quantumeconomics.io CEO, believes this dogecoin mini-bubble is evidence “the effects of his [Elon Musk] attention seem to be wearing off.”, Express reported.
Dogecoin Rides a Crypto Rollercoaster
Like other cryptocurrencies, Dogecoin is characterised by high price volatility. The value of Dogecoin has soared by 774 per cent against the US dollar in the year to date. A year ago, the coin was trading at $0.002493 falling to $0.001582 in March 2020, according to Coindesk data. In July DOGE almost doubled from $0.002286 to $0.004543 in the space of a few days. It then slipped to $0.002961 and had trended down to $0.002503 by early November 2020.
Dogecoin started 2021 on a bullish note, doubling on January 2 from $0.005405 to $0.011427, and was trading at $0.007432 on January 27, before the most recent rally took it to an all-time high of $0.07818, Capital cited.
Dogecoin price Predictions
According to an online forecasting website Wallet Investor, DOGE could double again from the $0.05 level to reach $0.10 later this month. However, its Dogecoin price prediction then puts the cryptocurrency at $0.0343 by the end of March, trending up to $0.0390 by the end of December 2021. Its long-term forecast indicates the price could reach $0.0417 at the end of 2022, $0.0441 at the end of 2023 and $0.05096 in January 2026.
Cryptocurrency aggregator Coinswitch predicts that DOGE could move up by more than $0.005 in the coming month or two, noting that it has been adopted as a means of payment by online stores such as eGifter, AllGamer.net and others. Taking a longer-term view, by 2025 Coinswitch expects Dogecoin to range between a low of $0.0281 and a high of $0.0450.
The Dogecoin forecast from digitalcoinprice.com is more bullish, predicting the price will average $0.073692 in March and reach $0.081293 by the end of 2021.
Over the longer term, the forecast puts the price at an average of $0.152755 in 2025 and $0.238451 in 2028.
|Photo: Storm Gain|
Cryptocurrency markets are prone to rapid, sharp price changes, so if you decide to open a position in Dogecoin, you should be prepared for the high volatility in the price along the way even if the long-term outlook is bullish.
If you are looking for how to invest in Dogecoin, you can buy the coin on the cryptocurrency exchanges and store it in a digital wallet. Alternatively, if you are not interested in long-term investment commitments but still want to try to profit from Dogecoin’s volatility, you can trade the DOGE/USD crypto-to-fiat currency pair with contracts for difference (CFDs) at Capital.com.
Trade Dogecoin to US Dollar - DOGE/USD CFD
CFDs allow you to open a long position if you expect the to rise or go short if you expect the Price to fall. As a leveraged product, CFDs are designed to maximise gains, which can be large on volatile products like cryptocurrencies. However, you should be aware of the high risk involved as CFD trading also magnifies losses if the asset price moves against your position.
Read more about crypto CFD trading in our comprehensive guide. Keep following Capital.com for Dogecoin price analysis to help inform your trading decisions.
|Current exchange rate in GBP||0,00|
|Current exchange rate in USD||0,00463|
|Market cap in GBP||436 510 562|
|Market cap in USD||590 271 591|
|Change in the last 24h||16.38%|
|Change in the last 7 days||43.19%|
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