While we can’t predict dogecoin’s price with utmost certainty, it is prudent the most likely direction. Apparently, the coin started a joke, or rather a crypto meme. But its growth has not been any joke. Currently, it ranks 10th globally. The rise from $0.000232 in 2013 to the current price of 0.05 represents a 21000% rise.
Recent endorsement from high-profile individuals (like Elonmusk) has swayed the “joke” cryptocurrency. Elon Musk’s series of tweets is one of the highest drivers of the dogecoin price increase. Gene Simmons also recently revealed that he owns DOGE while snoop posted an altered album, Snoop Doge. If the celebrities continue this infatuation of dogecoin, then its price will continue to increase.
Will Dogecoin reach $1 in 2021
The bullish movement of the dogecoin will continue through April.
According to Tradingbeasts’ Dogecoin Predictions, at the beginning of April, dogecoin is likely to reach $0.0595023. The minimum price will be around $0.0509205, while the maximum is expected to gravitate towards 0.0748831. At the end of the month, the price is expected to reach $0.0599065.
After Dogecoin breaks its resistance at 0.05 it has continued to rally up now over 0.3, so there’s a high tendency that Dogecoin will rally up until it touches $1, but not financial advice. But analyzing the fact whether or not Dogecoin will reach $1 in 2021 gives us a score of 99/100%.
The Dogecoin price movement on charts is a mixture of bullish candles and a ranging market. Around mid-February, the dogecoin chart formed a descending triangle followed by a stable trend. If the price breaks the resistance, we could see price movement upwards. A break to the downside could slump to a $0.045 zone. This zone has support from a previous price gap.
Final Verdict
Dogecoin emerged in 2013 as a joke. It was created by Jackson Palmer and Billy Markus to satirize the growth of altcoins by making the doge internet meme into a cryptocurrency. While it was birthed as a joke, it actually led to some practicality as its large supply and low price facilitated efficient micro-tipping content on social media. It is a derivative of Luckycoin which forked from Litecoin and uses a Scrypt algorithm. Dogecoin has 1-minute block intervals making it faster than other blockchains. There is no cap to the supply of coins and thus the coin can inflate infinitely.