Dogecoin (CCC:DOGE-USD) is, depending on who you ask, either a complete joke or a crypto underdog (no pun intended). The infamous meme-token benefits from its mid-2010’s iconography and celebrity backing. Now, with the altcoin wave becoming bigger as mainstream options like Bitcoin (CCC:BTC-USD) continue to stall out, Dogecoin price predictions are heating up.
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Altcoins have taken over the crypto world in recent weeks. The surge in popularity of altcoin options has taken nearly 25% of industry share from the monolithic Bitcoin — the playing field is slowly but surely evening out. The industry cap hit $2 trillion on Monday, and while Bitcoin possesses the lion’s share with $1.1 trillion, the other $0.9 trillion rests with altcoins.
Of all the altcoin options, Dogecoin has some of the most name recognition.
Beginning as a joke and blossoming into a play with near $8 billion in market capitalization, the dog-minted coin is being seriously evaluated by analysts and investors alike. Many see growth opportunities for DOGE, and some InvestorPlace contributors say there is reason to believe in explosive gains in DOGE’s future. But, this growth is highly contingent on the Dogecoin user base allowing changes to the platform, as well as some heavy funding to legitimize DOGE as a currency.
Whether DOGE continues its slow-but-steady gains or makes the necessary changes to rocket upward is to be discovered, but the outlook seems positive for investors either way.
Dogecoin Price Predictions Place DOGE Near $1
Taking altcoin trends and Dogecoin appeal into account, many have put their price on DOGE. However, predictions for the coin have varied quite a bit. Let’s take a look at some of these Dogecoin price predictions:
- FX Empire predicts DOGE to be worth nearly 10 cents by the end of the year if it continues its bullish trend.
- WalletInvestor predicts slightly smaller gains for Dogecoin, forecasting a price of just over 7 cents by year’s end.
- Much more bullish Coinpedia has gone so far as to suggest a $1 price for DOGE by the end of 2021.
- European Business Review doubles down on this very bullish prediction, also placing the coin at $1 by December.
DOGE is up 8% so far today, and is valued at just over 6 cents.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.