If the start of 2021 is any indication, this could be a big year for the cryptocurrency industry. Many popular crypto assets are growing in value by significant amounts. However, what about some smaller altcoins? While they may not be as large as Bitcoin, that doesn’t mean they aren’t going to achieve success during the upcoming year.
In particular, this guide is going to look at Dogecoin, also known as DOGE. We are going to not only look at what we believe lies ahead for DOGE in 2021. We will also look a little bit closer at what it is and how it is currently performing.
Whether you are interested in the DOGE to BTC price, or want to use fiat currency to purchase some Dogecoin, read on and learn more about where we believe the price could go.
What is DOGE?
Launched in 2013, Dogecoin was created as an affordable cryptocurrency. Those with any budget can afford to invest in or purchase it. While DOGE was initially a bit of a joke as it was well-known via memes, it has since become incredibly popular. It now has a strong online community.
The transactions are processed quickly and the fees for making transactions are also very low. It can be used to pay for a variety of goods and services online. Besides, it is often used by those on social media as a great way to tip people for high-quality content. Also, another unique thing about Dogecoin is that there is no limit to how many tokens can be issued. Many other crypto assets have a fixed limit.
The Current Performance of DOGE
As of early January 2021, DOGE is worth about $0.01 USD. The current price is the highest it has reached since early 2018. So, Dogecoin is currently performing very well. The cost of a single DOGE token is incredibly low. But, it is important to remember that this was the whole point of its creation.
Although the price of a single token is small, the market cap for DOGE as a whole is $1.2 billion USD. This puts it in the top 35 of all cryptocurrencies in terms of total market capitalization. There is also a supply of almost 130 billion DOGE tokens. This number increases annually as about 5.5 billion tokens are issued every year.
Price Prediction for 2021
So, where is DOGE expected to go now that 2021 is upon us? Well, in line with the rest of the industry, many people are quite bullish about DOGE’s price for 2021. Individuals and resources, along with their predicted data, believe that Dogecoin will increase in price this year.
The exact predicted price will vary depending on who you speak to. It is believed that Dogecoin could reach up to $0.03 if things continue to go well. This is partly due to the upward trend observed in the industry now. But also, DOGE is rising in the ranks of well-known assets and is widely used, instead of simply being held.
Of course, there are also those who believe that the price will fall. But with a strong and supportive community of users and investors, Dogecoin has a good base. It often attracts new participants who hear about it and want to be involved, without having to make a huge investment.
We hope that this article has helped you gain a better understanding of the direction that the price of DOGE could go in 2021. Of course, it is impossible to predict what will happen in the future as crypto is quite volatile. Still, we believe that Dogecoin should see an increase in 2021 as the market continues to grow.