Dogecoin (DOGE) Price Predictions (2024-2025)

Will $DOGE go to the "moon"? Maybe with the help of Elon...

Dogecoin (DOGE) has been relatively stagnant this “bull run” in crypto with a slight run-up followed by sideways chop.

Some think that $DOGE is poised for spike in value that exceeds its top during the previous cycle – whereas others think there are too many other memecoins competing now.

What does crypto Twitter (X) think (investors, traders, analysts) of $DOGE?

• KALEO: “As bullish as I am on Bitcoin, I have an insanely high conviction DOGE will outpace it.”

• Altcoin Sherpa: “Weekly reminder that $DOGE is going to do something stupid later this year and there’s nothing you can do about it. Still one of the safest trades you can take this cycle IMO.”

• Zer0: “Study what happens with $DOGE when $BTC goes into Price Discovery. It chills around -80% of its previous ATH and starts ripping once Bitcoin spreads its wings.”

• CEO: “This $DOGE chart looks extremely promising. Will history repeat itself?”

• Mags: “$DOGE is going to $1 and beyond.”

• Elja: “Is $1 possible for $DOGE? The chart says so.”

• WIZZ: $DOGE season is closer than you think.”

• Ali Charts: “Market sentiment for Dogecoin is as bearish as it was in early February, just before DOGE skyrocketed by 200%.”

• Tyler: “The giant winners this cycle: $PEPE, $DOGE, $WIF, $BONK.”

• Lemon: “It seems now that everyone is calling again #DOGE at $1 now comes the real pumping.”

• Borovik: Dogecoin is still only 15 cents. Last cycle it reached 74 cents, which is a 5x from here. The prophecy says doge is going to $1.”

• DonAlt: Suggested that it “isn’t too unlikely” for Dogecoin to reach $1 from current levels (in a chat with TechnicalRoundup on YouTube).

• Bluntz: “DOGE finally looks ready to rip higher again.”

• CrediBULL Crypto: “Major memes like $DOGE, $PEPE, $WIF and others are either forming or have already formed multi-month distribution tops and will see significant drawdown before their next major legs to the upside.”

Although most of crypto Twitter is relatively quiet about $DOGE this cycle due to the attention garnered from the BTC & ETH ETFs – crypto veterans think that it’s a matter of time before retail pours back into Dogecoin ($DOGE).

Recent Dogecoin ($DOGE) News (Mar-Jun 2024)…

June 2024 (Early)

• Ripple CEO (creator of XRP) Brad Garlinghouse spoke at Consensus and stated that the leading meme token Dogecoin (DOGE) has probably been a bad thing for the industry because he thinks it has no significant utility. (R)

May 2024

• Dogecoin on Kalshi? The CEO of Kalshi prediction market states that they’re going to do more prediction markets for crypto assets – including Dogecoin. (R)

• Death of Kabosu: The rescue dog (Shiba Inu) named Kabosu who inspired Dogecoin (DOGE) died on May 24 at the age of 18. (R)

• SCOTUS vs. Coinbase: The SCOTUS is ruling against Coinbase in a Dogecoin (DOGE) online sweepstakes dispute. The controversy was related to a 2021 Dogecoin sweepstakes which had conflicting rules compared to the crypto exchange’s user agreement. (R)

• Trump donations: Donald Trump’s 2024 presidential campaign is accepting donations in Dogecoin (DOGE) – in addition to Bitcoin, Ethereum, Solana, XRP, and Shiba Inu. (R)

• Robinhood vs. SEC: 164 million DOGE ($25 million) were transferred out of Robinhood after the firm’s crypto branch received a Wells Notice from the SEC. News of this transfer had minimal impact on the price of $DOGE. Vlad Tenev (CEO of Robinhood) stated that the SEC was abusing its power and using the Wells Notice as a scare tactic.

March 2024

• Dogecoin derivatives (Coinbase): Coinbase submitted a filing with the CTFC to offer Dogecoin derivatives starting on or after April 1^st. Coinbase suggests that Dogecoin’s inflationary mechanism makes it ideal to act as the currency of the internet because it promotes spending rather than holding. (R)

• Buy a Tesla with Dogecoin? Elon Musk was asked (while speaking at Giga Berlin): “When can you buy a Tesla with Dogecoin?” He responded: “Well at some point, I think we should enable that.” (R)

Feb 2024

• Record-setting interest on Dogecoin futures: Dogecoin futures reached record-setting open interest at $1,000,000,000. Most options contracts were taken out at Binance, ByBit, OKX, and BingX. The positions were mostly “longs” (69.88%) whereas fewer are “shorts” (30.13%). This caused the price to increase ~15.39% in 24 hours.

Dogecoin (DOGE) Price Predictions on Reddit (2024)

Keep in mind that most of the individuals on Reddit making Dogecoin (DOGE) price predictions don’t really have any underlying rationale – they are just throwing numbers out there and hoping for the best.

1. “$1 is reasonable but not $10.”

2. “Price target starting range is $0.46.”

3. “I think $0.27 to $0.30 for 2024.”

4. “Between $0.79 and $1.02.”

5. “I think it’ll hit an ATH of $0.80.”

6. “I’m thinking $0.93 after the pump.”

7. “I’m guessing between $0.40 and $1.”

8. “I think we can see it hit $0.50, but not sure about much higher.”

9. “Realistically I think between $0.80 and $1.”

10. “For 2024 I think it’ll range from $0.30 to $0.60.”

That said, most of these price predictions for 2024 don’t seem farfetched when considering the broader macro movements (BTC, ETH, other memecoins, etc.).

Fairly surprised that not too many unrealistic price predictions being thrown out on r/dogecoin – the people have smartened up and are still fairly pessimistic from the bear market.

In fact, some predictions that I didn’t include think that Doge will range from $0.10 to $0.20 for the year… which seems excessively bearish given the BTC/ETH price action and inflows.

What do betting/prediction markets suggest for Dogecoin ($DOGE)?

There are various specific inquiries related to Dogecoin on prediction markets in 2024.

Prediction markets agree that a Dogecoin (DOGE) ETF is unlikely to be approved in 2024 (Polymarket odds: 6% & Manifold odds: 1.6%).

Metaculus has an ultra-specific prediction for the price of Dogecoin on January 1, 2025 – and most think Dogecoin will be valued at <$1 on this date. (A better question would’ve been: Will Dogecoin hit $1 at any point from now until January 1, 2025?)

~53% of the 16 traders on a Manifold Market think that Dogecoin will exceed $0.30 before December 31, 2025 (this seems like a reasonable bet – as you have from now until 2026).

~43% of the 9 traders on Manifold Market think that Dogecoin will exceed $0.69 in 2024.

GPT-4o thinks that, based on the predictions below, Dogecoin could realistically reach $0.70 to $0.80 in 2024 (this estimate balances the broader skepticism of DOGE with short-term optimism).

Metaculus

Will meme-based crypto Dogecoin (DOGE) be valued at $1 per coin or higher on January 1, 2025? (R)

• Odds: 5% (507 predictions)

Polymarket

Doge ETF approved in 2024? (R)

• Odds: 6% ($248,908 bet)

Manifold Markets

Will Dogecoin exceed $0.30 before Dec 31, 2025? (R)

• Odds: 53% (16 traders)

Will Dogecoin be worth more than $0.69 in 2024? (R)

• Odds: 43% (9 traders)

Doge ETF approved in 2024? (R)

• Odds: 1.6%

Will Twitter/X accept Dogecoin as a payment method before EOY 2024? (R)

• Odds: 13%

Will Elon literally send Dogecoin (wallet or key) to the moon before 2069? (R)

• Odds: 75%

Will Elon Musk make another comment about Dogecoin on X/Twitter in 2024? (R)

• Odds: 31%

Note: Obviously a smarter approach might involve analyzing: (1) total predictions made; (2) track records of predictors (aggregate on each side & individuals); (3) total wager; (4) track records of individuals with high wagers; (5) total amount wagered (aggregate & individual).

Reasons Dogecoin may not be as compelling this cycle…

1. Memecoin competition: Last cycle $DOGE was the clear memecoin king and its only competition was from $SHIB. This cycle way more memes across chains (ETH, SOL, BNB, AVAX,  have gained major traction including: $PEPE, $WIF, $FLOKI, $BONK, $DOG, $BOME, etc. Because people want exposure to other memes, the flows into Dogecoin may be significantly less than prior cycles.

2. Lack of Elon: Elon hasn’t been regularly tweeting/X’ing about Dogecoin this cycle. He did discuss Dogecoin briefly when asked if it would be possible to purchase a Tesla with DOGE in the future – and he was open to the idea. That said, regular commentary from Musk on Twitter/X is more influential for the price action.

3. Lower risk investments (BTC/ETH): There are plenty of other crypto projects to invest in that have higher odds of performing well this cycle with better risk-adjusted return potential. These include: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and BNB (BNB).

4. No retail FOMO: The present data suggests that retail investors aren’t really involved in crypto to the magnitude of last cycle. There is far less retail FOMO (everyone thought Dogecoin “to the moon” similar to $GME & $AMC) in 2024 for Dogecoin… last cycle it was trending everywhere (Elon, Mark Cuban, daily news cycles, SNL, X/Twitter, Coinbase, TikTok, Instagram, etc.).

5. Inactive DOGE Army on socials: Last cycle the DOGE Army was everywhere promoting Dogecoin “to the moon.” It was impossible to ignore the enthusiasm that everyone had for the playful memecoin Ponzi. This cycle they’re either dormant waiting to be activated or mostly dead (not sure which until alt season heats up).

6. Fewer active traders: Various low-cap memecoins have overtaken Dogecoin in number of weekly active traders this cycle. (R) It’s possible that Dogecoin will eventually gain momentum if/when retail apes into the market, but other memes are compelling.

7. Almost all whale $DOGE holders: A single wallet address has over $4 billion in Dogecoin. 13 addresses combine for nearly $6 billion in Dogecoin. 137 addresses combine for nearly $5 billion in Dogecoin. (It’s also possible that there are fewer total whales with multiple wallets for their holdings). Some may be afraid to invest in $DOGE as a result of the wallet skew towards whale holders. (R)

8. Most $DOGE investors in profit: As of April 2024, it was estimated that ~85% of Dogecoin holders are in profit. That means there may be significant sell pressure with upward momentum. This could be holding some people back from loading up on $DOGE.

9. Fewer total $DOGE whales (?): Despite the fact that whales make up a majority of Dogecoin holders in June 2024, it’s possible that there are fewer total whales this time around. Other whales may think that there are smarter investments elsewhere: BTC/ETH ETFs, AI-related tokens, Solana summer, and/or other memecoins (PEPE, Trump/Biden, various celeb tokens, etc.).

10. Unclear correlation with BTC & ETH: Dogecoin correlated strongly with Bitcoin and Ethereum in May 2021 (reaching its ATH) – pumped by a combination of BTC/ETH, Musk endorsement, and the social media retail wave. On subsequent major pumps for BTC & ETH, Dogecoin fell short of doing much (just slight bumps up from being down low). It has never pumped like it did in May ’21. Some may think it’s a one-hit-wonder.

Why Dogecoin may be one of the best investments of this crypto cycle (2024-2025)…

1. Longevity & stickiness: Dogecoin was first traded back in 2013 at a price of $0 on crypto exchanges. It was created as a joke by Billy Markus and Jackson Palmer, evolved into a token used for charity (Dogecoin Foundation), and eventually became a popular speculative retail investment with some actual utility (e.g. peer-to-peer payments). It has survived all the “cycles” and is still in the top 10 (insane to think about).

2. Meme super-cycle & DOGE is king: Some believe that because: (A) we may be in a meme super-cycle and (B) DOGE is king of the memecoins – that it may be a matter of time before it pumps in a major way (akin to 2021 or even higher).

3. High floor (vs. present): Although Bitcoin has spiked in price and some alts like Solana, BNB, and Ethereum have followed suit – Dogecoin has mostly chopped sideways since the “bear market” (Jun ’22 to Oct ’24). It’s up a little bit to ~$0.15 now so even if it was a complete failure this “bull market” it’s unlikely that it would go to $0 – it’s battle tested with a high market cap.

4. Market cap & trustworthiness: People know that Dogecoin isn’t a “rug pull” (exit scam in which money is raised via token sales then the team suddenly disappears). Doge has been around for too long… people know it won’t suddenly die out.

5. Whale DOGE holders are crypto exchanges (?): The Dogecoin Project suggests that most “whales” holding Dogecoin are crypto exchanges (e.g. Coinbase, Robinhood, Binance, etc.) rather than individual entities. This means they’re unlikely to “pump and dump” or attempt to frequently manipulate the price of DOGE.

6. Potential for DOGE Army reactivation (?): Last cycle there was the GameStop ($GME) stuff, $AMC stuff, then eventually it shifted to crypto ($DOGE). This cycle there has been the $GME stuff and now it seems like $AMC… perhaps a matter of time before $DOGE again? The DOGE Army may be like dormant cicadas waiting to reactivate and mobilize when crypto gains more momentum. The Doge Army is the biggest vs. other memecoins.

7. DOGE is for everyone: Dogecoin is one of the only tokens that captures the mindshare of billionaires (Elon & Cuban), strategic investors, traders, degens, dumb people, smart people, TikTok, YouTube, Twitter/X, etc. Doge is a crypto for the common man and the billionaire.

8. Actual utility: Although Dogecoin is a “meme token” – it still has utility (unlike most other meme tokens). Dogecoin has active developers, its own dedicated wallet, can be sent peer-to-peer (P2P) and/or for tipping with low fees and rapid transaction speed. Dogecoin is even accepted at some online stores that are integrated with the Dogecoin blockchain.

9. High potential upside: Dogecoin has mostly been “chopping sideways” since the bear market – and increased slightly in price to $0.15 but is nowhere near its prior ATH ($0.73). Even if Dogecoin makes it halfway back to its prior ATH, that’s over a 2x relative to current price.

10. Elon Musk rumors: Some think that Elon Musk may start accepting Dogecoin (DOGE) as a form of tipping or payment on Twitter/X. Musk publicly stated that he’d like to make it so that people can buy Tesla with Dogecoin as well. (It’s also possible that Musk goes the route of Telegram and creates his own token for X though too.)

11. Psychology (perception as “cheaper” & $1 target): Many people perceive Dogecoin as being a “better deal” than other major cryptocurrencies due to the fact that each coin is a lower price than say Ethereum or Bitcoin. Your average person thinks that more coins for their money is a smarter investment. Many are also locked into the idea that Doge will eventually hit $1 price target.

12. Convenience (buying): Dogecoin is easier to buy than most other memecoins. You don’t need to use a bunch of swapping platforms (e.g. UNI, JUP, RAY, CAKE, etc.) to get the token – its already available on Coinbase, Binance, Kraken, etc. It’s even available on Robinhood (easiest for most people).

13. DOGE Futures: Dogecoin futures contracts became available on Coinbase in April 2024 as a result of its enduring popularity – and this is mostly what caused its recent price spike of ~17%. Dogecoin futures are also available on Binance, KuCoin, etc.

14. DOGE ETF potential (?): Many believe that the recent approvals of Bitcoin and Ethereum ETFs could pave the way for a DOGE ETF. Dogecoin is one of the largest cryptos by market cap, never had a presale, and has never been considered a security. It is also a fork of Bitcoin with similar code and has been approved for futures contracts. This narrative that it could get ETF approval may lead to bullish price action.

But Dogecoin (DOGE) doesn’t have “utility”? (Who cares?)

Dogecoin actually does have some utility (not that I’d ever use it for anything): tipping & microtransactions, charitable donations, purchasing goods & services (select places), peer-to-peer transactions, etc.

What are you doing with your cryptocurrency that’s so useful? Are you able to do as much as you can with Dogecoin (DOGE)? If not, you may want to reconsider your investments.

Most cryptocurrencies have zero significant utility. You’re buying them hoping “number go up” – and the underlying “tech” happens to make your investment more psychologically convincing.

There are 2 things you need to consider: (1) tech is useless if nobody uses it: even if it’s the best tech in the world & (2) a lot of crypto tech is far worse than standard tech (jumping through extra hoops cuz “decentralized tho”).

Everyone drank the “tech” Kool-Aid last cycle hyping Theta as the YouTube killer, a bunch of chains as Ethereum killers (Cardano, Avalanche, Polkadot, Algorand, Fantom), Litecoin as “digital silver,” ICP as the new internet, etc. – mostly just heaping piles of BS.

Dogecoin may not have much utility, but it has a lot more stickiness and social value than these other chains – hence its ability to sustain a top 10 ranking for so long.

My thoughts on Dogecoin (DOGE) & price prediction for 2024-2025…

Realistically: $0.30 to $0.40 in 2024 – and potentially beyond $1+ if Elon Musk starts frequently Doge-posting and the Dogecoin Army mobilizes.

Last cycle Dogecoin ($DOGE) was the most dominant memecoin along with Shiba Inu ($SHIB) and there weren’t really many others that captured mainstream mindshare/attention.

Elon Musk was the major catalyst that caused $DOGE to blast off like a Starship megarocket. If he somehow integrated Dogecoin as a tipping mechanism on X/Twitter – it would be a top 5 token.

There is strong competition from other memecoins this cycle (most notably: $PEPE on ETH) – especially on Solana and Elon hasn’t been gassing up Dogecoin lately… retail hasn’t developed enough FOMO.

Obviously making price predictions for any crypto asset is challenging given that the economy and stock market could decline unexpectedly – causing $DOGE to drop back to $0.05.

Assuming BTC & ETH continue their respective upward trajectories – it is likely that Dogecoin will eventually blast off like a SpaceX rocket. Whether it will reach the Moon or Mars is for you to decide.

My logic for Doge is as follows: BTC & ETH spike in price -> inflows trickle to altcoins (altcoins inflate in value) -> retail FOMOs into the crypto market -> retail’s favorite meme token is Dogecoin.

What I like about Dogecoin currently is that it has a relatively high floor: chopping sideways from $0.05 to $0.08 during the 2022-2023 bear market.

So even if Dogecoin performs poorly during the bull run, it’s unlikely to drop off a cliff to irrelevance (i.e. nothingness) – and the upside is potentially “banana zone” type gains.

Many high profile traders think Dogecoin is the safest bet this cycle… and I respect their logic and understand why they think this.

From its current price, Ethereum is likely a safer bet with lower downside – assuming you’re focused on risk-adjusted return potential (mostly due to ETFs).

Solana may also be a bit safer than Dogecoin this cycle from current price.

That said, it’s reasonable to make a case for Dogecoin being a top 5 play this bull cycle.

Historically Doge has had an extremely narrow window for its price rally (1-3 months) before it came crashing back down to bearish levels – so I’d set auto-sell price targets and lock in some gains so you don’t fumble the bag.

What do you think the price of Dogecoin (DOGE) will reach this cycle (2024-2025)?

Do you think Dogecoin will reach a new ATH at some point in 2024-2025? (Explain)

Or do you think that Dogecoin has become less relevant and inflows will be less substantial due to the fact that there are now infinitely more memecoins with strong competition from the likes of $PEPE?