Dogecoin (DOGE) is rising in price, along with other cryptocurrencies. DOGE recently reached a monthly high of $0.07327 per coin, and is up 21.92% in the last 30 days.
CoinMarketCap’s price estimates from the crypto community were used to forecast the memecoin’s value by month-end. Their predictions have demonstrated an 85.43% historical accuracy in forecasting Dogecoin’s end-of-month price over the last six months.
As of July 15, based on 286 votes, DOGE is projected to have an average price of $0.0822, indicating an anticipated 12% price increase in the next two weeks from its current value in the cryptocurrency market.
Dogecoin (DOGE) price estimations. Source: CoinMarketCap
Estimations are community-driven through voting on CoinMarketCap, boasting an average accuracy of 85.43% over the last six months.
Dogecoin (DOGE) price estimations accuracy. Source: CoinMarketCap
While the community’s track record is impressive, it’s important to remember that past performance does not guarantee future results. Considering other influential factors is crucial when assessing the future price of DOGE.
Dogecoin Price History
As of July 2023, Dogecoin stands as the leading and most valuable memecoin in the cryptocurrency market, boasting a dedicated community comprising meme enthusiasts, skilled traders, and prominent investors like billionaire Elon Musk.
DOGE’s price trajectory has consistently fascinated investors, showcasing strong performance despite criticism. At present, DOGE holds the position of the 9th largest cryptocurrency on CoinMarketCap, boasting a market capitalization of over $10 billion USD.
July has proven to be a positive month for this crypto asset, exhibiting a pattern of higher highs and higher lows in its monthly price chart.
Dogecoin (DOGE) overview. Source: CoinMarketCap (registered on JUL 15, at 09:30am UTC)
This memecoin has a history of high volatility, experiencing significant price fluctuations in short time frames, both upward and downward. Elon Musk has faced accusations of influencing DOGE’s price through public actions, such as changing the Twitter logo to the Shiba Inu dog, which symbolizes the cryptocurrency, and posting provocative tweets about Dogecoin.
The current surge occurs during a period of heightened enthusiasm in the crypto market, with investors placing high expectations on altcoins following the favorable United States court ruling on the SEC vs Ripple’s lawsuit.
Altcoins are experiencing a surge as Bitcoin Dominance dips below 50% of the overall market capitalization on CoinMarketCap. This shift comes after weeks of Bitcoin taking the spotlight in terms of price performance compared to other cryptocurrencies.
Musk promotes Dogecoin as a genuine competitor to the market leader and advocates it as an alternative to fiat currencies. Notably, when he suggested accepting DOGE for Tesla merchandise in December 2021 and January 2022, the memecoin experienced substantial price surges.
Beyond its meme status, Dogecoin was originally intended to serve as a more accessible peer-to-peer digital currency compared to Bitcoin, a potential that Elon Musk supports and advocates.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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