Dogecoin price prediction – will it rise back?
People are anxious about the latest Dogecoin price predictions. Last month, Doge’s value was skyrocketing to heights near Bitcoin. Then a few days ago, its latest price crash leaves everyone wondering about the future of Dogecoin.
We’ll bring everyone up to speed with the basics of Dogecoin. Then, we’ll share some of the recent events that launched and crashed its price. More importantly, we’ll see if you need some Doge for your portfolio.
Among the thousands of coins in the cryptocurrency market, you’ll find wacky ones like Dogecoin. For Doge fans, it’s been a wild ride with extreme highs and lows. If you’re serious about crypto, you should have a plan beforehand.
Dogecoin History and Background
You might be wondering why there’s a crypto with such a silly name. Well, that’s because it started as a joke. It was a response to the first peer-to-peer digital currency, Bitcoin (BTC).
Billy Markus and Jackson Palmer thought people took the concept too seriously. They found inspiration from the Shiba Inu internet meme. Eventually, they created Dogecoin in 2013.
Many celebrities support the canine coin like Mark Cuban and Snoop Dogg. However, SpaceX CEO Elon Musk is by far its biggest fan. He called himself “The Dogefather” in a recent tweet.
At the time of writing, Dogecoin is the #4 crypto in terms of market capitalization. Sadly, its recent golden days have dulled due to a specific event.
Dogecoin crashed live on Saturday
Elon Musk announced his Saturday Night Live appearance in his Dogefather tweet. Weeks before that, Dogecoin has been smashing new all-time highs.
On April 20, the price of Dogecoin hit $0.40. Online Dogecoin communities became very excited about its growth. Numerous Dogecoin price predictions soon flooded the internet.
Then it reached $0.66 by May 5. The positive outlook for the canine crypto just kept going. Other Dogecoin price predictions claimed it might get $1 or even $5. Then, Elon’s TV appearance finally came.
Doge fans were glued to their monitors. They were waiting for the Dogefather’s words that would boost their fave coin. Suddenly, the price of Dogecoin turned red.
They saw the long green candle in the Dogecoin (DOGE) price chart disappear. Lots of them couldn’t believe how much they were losing.
Why did Dogecoin suddenly fall?
Bearish investors could be one of the main drivers behind the price crash. They may have waited for the price to reach near $0.70, then sold them.
This may not have been planned by a group, though. It’s a common strategy for crypto coins. Many believed the price had gone far enough, so they cashed in before the crash.
Right now, people aren’t sure if this is the real reason why the price fell. It’s hard to predict how cryptocurrency prices will behave due to numerous factors.
Other canine cryptos catching up to moon-bound Doge
The canine coin might be gearing for a comeback. Elon Musk tweeted on May 10 that Dogecoin will pay for the next SpaceX lunar satellite, and it will be the first crypto and meme in space.
Some Doge fans felt thrilled for their fave crypto once again. Still, this hasn’t reflected on its price. At the time of writing, it’s worth $0.47, a far cry from its former all-time-highs.
Worse, other canine cryptos want to take their place. Shib coin (SHIB) has risen to 137% within 24 hours on May 11. As a result, the internet’s currently buzzing with positive Shib news.
Can Dogecoin’s lunar mission take it above the competition? Or will the canine challengers take their place in the rankings? Only time will tell.
Should you still HODL Dogecoin?
Based on recent events, will you still purchase the original meme coin? Others have moved on to other cryptos like the ones we’ve mentioned. Many were disappointed with the SNL fiasco.
On the other hand, some kept believing and still holds on for dear life (HODL). They still think it has the potential to grow further in the future. The recent crash was just a minor setback.
You’re probably wondering whether to purchase Dogecoins or not. Well, you should be clear about your investment goals first. Why do you want to invest in cryptocurrencies?
If you want instant gains, you’ll need time and patience. Learn technical analysis so you can predict the price movements. This lets you sell volatile coins like Doge for a quick profit.
Moreover, it allows you to invest in crypto futures. It’s an investment method that lets you earn huge returns from cryptocurrency price trends. It’s incredibly risky, though, so be careful.
On the other hand, you can set Dogecoin aside in your account. Wait several years, and their price may increase tremendously. This isn’t guaranteed, though.
Countless cryptocurrencies have been promising back then. Now, they’re nowhere to be seen in crypto exchanges. They’re highly unpredictable, so that you may want other altcoins with your Doge.
How to choose the best cryptos
These are the ones that have the potential for long-term gains. Dogecoin may qualify since it will be used in the SpaceX mission. Some even believe it may become legal tender soon.
Still, it would help if you researched Doge and other coins by yourself. Check CoinMarketCap for the real-time status of all cryptocurrencies. Coinbase and other exchange platforms show these too.
Visit their homepages for more information. These will tell you about the crypto’s goals, creators, and use-cases. This will give you a sense of their long-term sustainability in the market.
Moreover, check online forums for the opinions of other investors. They could provide new viewpoints and understanding on cryptos. You should never believe them outright, though.
Cryptocurrencies are the hottest investments in the mainstream nowadays. Still, there are other options you should consider. Diversification lets you minimize risk and maximize profit.
For example, long-term dividend stocks could provide regular passive income. They’re similar to cryptos as well. Stock quotes are just like the prices you can see on crypto charts.
Also, you may want to check fixed-income options like bonds. They give meager returns that are likely to endure even during economic downturns.
Learn more about Dogecoin price predictions
Is Dogecoin a joke?
Its creators originally intended it to poke fun at cryptocurrencies. Eventually, Dogecoin went beyond the joke and stood as the 4th ranking crypto.
What did Elon Musk say about Dogecoin in SNL?
Elon Musk called it a “hustle” on Saturday Night Live’s May 8 episode. Then, Dogecoin quickly lost a third of its value as the show was airing.
Is Dogecoin worth buying?
If you believe that it has long-term uses, then you may want to invest. Otherwise, there are thousands of cryptos you could add to your portfolio.