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While it launched as a joke, many consider Dogecoin a serious investment. Surprisingly, Dogecoin reached a high of 70 cents in 2021, but the crypto industry's largest "meme coin" by market capitalization, Dogecoin price has plummeted over 9% overnight. DOGE is now trading at around $0.088 following the latest drop. Bears have been in control of the token for the past week, too; in the past seven days, Dogecoin has fallen almost 16%, per CoinGecko. This led many to believe that it is impossible for the cryptocurrency to reach the $1 mark. This article features the Dogecoin price analysis and what is the future of everyone's favorite meme coin.
Coinglass reports a total of $6.34 million in DOGE liquidations, the majority of which occurred on crypto exchange Binance. Roughly half of those liquidations ($3.79 million) were liquidated in the last 12 hours.
All eyes are on Tuesday's meeting with the House Financial Services Committee, during which Sam Bankman-Fried of FTX and Alameda Research is expected to testify to unpack how his crypto exchange collapsed last month.
"I still do not have access to much of my data — professional or personal," he said last week in a conversation with House Chairwoman Maxine Waters. "So there is a limit to what I will be able to say, and I won't be as helpful as I'd like. But as the committee still thinks it would be useful, I am willing to testify on the 13th."
Meme coins have gained in popularity since 2020 after Elon Musk started hyping up Dogecoin. Since then, many meme coins have come up, and investors expect 100 to 1000x gains from them.
In such an increasingly saturated market, the big players are likely to be the ones that survive and thrive. This easily makes Dogecoin one of the cryptocurrencies likely to benefit the most as meme coins gain traction.
Since hype is part of the factors that drive up cryptocurrency prices, Dogecoin could benefit from a cryptocurrency bull rally in 2023. Many new investors view meme coins as a pathway to wealth, and Dogecoin has an advantage as the king of meme coins.
Elon Musk has become one of the most important figures in crypto. Even Bitcoin seems to respond to what he says, as was evident in its price drop in May 2021 when he questioned its energy efficiency.
However, the power of Elon Musk in the crypto market has most been felt by Dogecoin. The hype saw it outperform most cryptocurrencies in 2021 and rally by over 12,000%.
Elon continues to be heavily involved with Dogecoin. In 2021, he nicknamed himself the Dogecoin Father and even reignited developer interest in Dogecoin. However, his biggest sign that he supports Dogecoin was the move to make some of Tesla's merchandise purchasable in Dogecoin.
The Dogecoin price analysis for December 2025 ranges from $0 to $10 with the average being $1.21. The highest prediction came from Brighton Business School's senior lecturer, Paul Levy, who valued DOGE at $10. By comparison, "The median prediction for Doge by December 2025 is US$0.15," the company noted, adding that "30% of the panel sees Doge's worth at US$1 or more in 2025."
Some experts are pessimistic about the future price of Dogecoin. Joseph Raczynski, technologist and futurist for Thomson Reuters said: "Dogecoin will eventually go to $0. There are at least 100 to 200 other crypto projects that should be worth more than DOGE." He opined: "It's amazing to witness what [one] celebrity can do."
Dogecoin has gained much popularity over the past months, largely due to celebrity endorsements, such as Tesla CEO Elon Musk, who is also known as the "Dogefather." Musk recently revealed that he personally owns dogecoin. Many new investors jumped into dogecoin as the price ballooned more than 10x during April and May from about $0.06 to over $0.72. The price at the time of writing is nearly $0.20.
The Dogecoin price pumped over 8% after Elon Musk announced he was resuming his bid to buy Twitter. But as Dogecoin prices sharply corrected from $0.066 down to $0.061, not everyone believes that DOGE will return to the all-time high of $0.73 again. This week The Motley Fool published an article saying that Dogecoin 'isn't the one to buy for anyone betting on recovering crypto. The leading investment advisor said: "Dogecoin relies on hype because of its weak fundamentals, and eventually, hype stops working." It put the blame on low real-world utility and built-in inflation.
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