Hardly any current currency has shaped the crypto market like Dogecoin (DOGE). It was the first memecoin in the world to complete a lifetime and is still considered the flagship of the “dog tokens”. In the last few days, DOGE is in the headlines again because the price was able to grow quickly in the short term.
We want to see how long the dogecoin bull run will last and how the initial memecoin might fare in the coming years. We are also focusing our attention on an interesting newcomer that is about to hit the canine crypto scene very soon.
Dogecoin: +45% in three weeks – why is the DOGE price rising?
While recent price increases in bitcoin brought a sigh of relief to the entire crypto market, one crypto currency in particular gained value: Dogecoin. On July 26, 2022, the most quoted dog coin was USD 0.06, on August 16 the price was USD 0.087.
Many traders are speculating about the price growth of more than 45% in three weeks and discussing whether the short-term bull run could last longer. To do this, it is important to understand what factors are responsible for the current upward trend.
One reason for DOGE’s surge could be a tweet from self-made billionaire Mark Cuban, who told his 8.8m followers that he believes Dogecoin is a more viable currency than ADA.
You didn’t read or look at what I said. That was the mistake. I didn’t say there were more applications that can run on doge. I said there was more for doge. I can buy pretty much anything anywhere that accepts crypto. It is more usable as a currency than ADA.
— Mark Cuban (@mcuban) August 11, 2022
Furthermore, on August 14, DOGE price managed to cross the resistance line at $0.075, which led to a price bounce. Priced above $0.081, Dogecoin may now be looking for support at $0.08, which could stabilize recent gains.
Everyone should also be aware of the influence of Elon Musk on the course of Dogecoin, after all the Boss Tesla and SpaceX were partly responsible for the price explosions of the meme token. And while Musk didn’t specifically tweet about his favorite cryptocurrency, he caused a stir on social media with the rumor that he wanted to buy English Premier League club Manchester United.
So, I’m buying Manchester United welcome
— Elon Musk (@elonmusk) August 17, 2022
The billionaire confirmed shortly afterwards that the tweet was of course just a joke. Still, the attention surrounding the “father of Dogecoin” may have helped DOGE’s price rally.
Does Dogecoin’s Uptrend Last?
Dogecoin is one of the most unpredictable cryptos on the market because individual tweets have a huge impact on the price and the community rarely raises the price just for fun. It is therefore difficult to assess whether the upward trend will continue for a longer period of time.
On the one hand, the entire crypto market is currently recording price gains. As Bitcoin has been able to increase in value in the last few weeks, the prices of numerous altcoins and especially the prices of memecoins such as Dogecoin or Shiba Inu have also risen.
On the other hand, the world economy is currently collapsing due to various crises. Inflation, the Ukraine war, lack of resources and rising prime interest rates are not only a problem for companies, but also for investors. The crypto sector could also suffer from declining economic growth for a few more months, which would mean an early end to the DOGE bull run.
Dogecoin forecasts give hope for price explosions
Price forecasts give a rough idea of how cryptocurrencies like Dogecoin might develop in the future. In doing so, we first take a short-term look at how the bull run may play out in the coming months, as well as the longer-term price projections for years to come.
The analysts from Kursprognose.com assume that DOGE could trade at €0.083 on average by the end of August. With that, the short-term forecast supports the current rise of Dogecoin and believes that the price could climb another 14% in the coming days.In fact, the uptrend could reach a peak in October 2022 if the experts at Kursprognose.com are to be trusted. In the month of autumn, DOGE is unlikely to succeed in cutting the €0.1 mark, although the price is expected to drop to €0.07 by the end of the year.
In the long term, Kursprognose.com’s price estimate is heavily influenced by the memecoin’s high volatility. Although a price reduction of -60% is expected by the end of 2023, the value of DOGE should be back at €0.09 (+22%) in December 2024.
According to the forecast, Dogecoin will not exceed the €0.1 mark until the spring of 2026. However, long-term price forecasts are highly speculative, as the highly volatile DOGE price in particular cannot be accurately predicted.
The experts from Kursprognose.com do not give an outlook for the year 2030, but the portal PricePrediction.net Dogecoin forecast for 2030 is ready. The analysts expect the value of DOGE to increase year after year until it could reach the $1 mark in 2028.
By 2030, experts hope that Dogecoin could average $1.86. If this prediction were to happen, today’s investors would have a chance to gain over 2,400%.
However, course forecasts should only be perceived as a rough direction of travel from DOGE and not assumed to be a guarantee that the price will rise. Because of the unusual price fluctuations, you always take a big risk with buying Dogecoin.
TamaDoge Insider Tip: The Next Big Memecoin?
While many investors are speculating about what could be the next big cryptocurrency meme after Dogecoin, Shiba Inu, BabyDoge and Co., TamaDoge is having an amazing pre-sale. Within a few days, the new Ethereum-based project raised more than USD 5.4 million in capital by selling the native TAMA tokens – the goal of 6.5 million USD is not far off.
Many presale buyers believe that TamaDoge could be a axial infinity of canine cryptocurrencies. With TAMA Coins you should be able to mint dog NFTs at the beginning of next year, which you can take care of, breed and further develop.
In the Tamaverse you not only have the opportunity to meet other players with their virtual four-legged friends, but also fight for a place on the leaderboard in different game modes. As you play you will be rewarded with coins which can be used for trading in the TamaDoge NFT Petstore.
It remains to be seen how far TamaDoge will prevail in the P2E market. However, the roadmap and the success of the ongoing pre-sales are very promising, which is why TAMA could be interesting for risk-averse traders.