DOGE price prediction: Can Dogecoin reach double digits by 2025?

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DOGE price prediction: Can Dogecoin reach double digits by 2025?

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 DOGE price prediction: Can Dogecoin reach double digits by 2025?
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Highlights

  • Dogecoin is apparently one of Elon Musk’s favorite cryptos, which makes DOGE a close watch over the coming years
  • A range of factors are set to influence the price of Dogecoin in the long-term
  • Though DOGE is trading below its peak price, positive sentiments can appreciate the price

After having pulled off a comeback in the first week of February, cryptos seem to have entered a subdued phase again. BTC and Ether, the two biggest assets, have lost value over the past one week. And so have other major cryptocurrencies except a few like Ripple’s XRP.

In this light, what is the future of Dogecoin, arguably the most popular meme currency? Hereunder are the two factors that may shape the medium-to-long term price of this meme token, followed by Dogecoin’s price prediction by 2025.

Web 3.0

Things are moving faster than anticipated with regard to the “decentralized” internet. Recently, a house in Florida sold for US$650,000, and the change of ownership was recorded as a non-fungible token (NFT).

Reportedly, YouTube may also take a plunge into NFTs. Big brands like Adidas, Samsung and Nike have already jumped on the Metaverse bandwagon.

Web 3.0 is what it is. The use of distributed ledger to shift power from centralized tech giants to real users is what Web 3.0 envisages.

In the decentralized internet, crypto assets may find their real utility. Proponents claim that the economics of Web 3.0 would depend on tokens instead of traditional currency.

Dogecoin is labeled a meme coin, but DOGE is said to have found use in platforms like Reddit for tipping purposes. Not just DOGE, other cryptos like Bitcoin may also shine if Web 3.0 brings the intended shift to the world wide web.

Also read: Bitcoin price prediction 2025: Can Web 3.0 catapult BTC to $300,000?

DOGE price prediction: Can Dogecoin reach double digits by 2025?

Acceptance as a form of money

We know that Elon Musk is an ardent supporter of DOGE. He tweeted last month about Dogecoin as a form of money that can buy Tesla merchandise.

Also read: Elon Musk’s crypto holdings & how they’ve performed in 2021

Last year, airBaltic, a Latvian carrier, announced that it would accept Dogecoin and a few other cryptos from fliers. There is a buzz in the market that McDonald’s may also allow people to use Dogecoin as a form of payment. The buzz was fueled by Elon Musk’s response to a recent tweet by the fast-food giant.

Though volatility in Dogecoin prices is the big deterrent in its use as a medium of exchange, companies may allow limited use. Over the next couple of years, if DOGE makes it to more retail outlets, it may even outshine crypto tokens like Ether.

Also read: What is Polymath’s Polymesh & POLY crypto’s price prediction?

Dogecoin price prediction 2025

DOGE peaked to nearly US$0.7 in May last year, but the price remained under US$0.35 in the latter half of 2021. This year so far, a limited rally was observed last month when Mr. Musk tweeted that he was looking forward to DOGE’s acceptance by McDonald’s.

If in the remaining months of 2022, more companies announce that they would accept DOGE, the price could rally to at least US$5 by the year’s end. If the momentum sustains, and on the other front, Web 3.0 makes strides with token-based economics, Dogecoin’s price might reach US$25 by 2025.

Dogecoin price movement

Data provided by CoinMarketCap.com

Also read: What is Crypto.com’s CRO coin & its price prediction by 2030?

Bottom line

Predicting the price of Dogecoin over the next few years is difficult given the cryptocurrency market’s volatility. But Web 3.0 and acceptance as money would be the key drivers of DOGE’s price.

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