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Dogecoin price prediction: all the way up to $1 in 2021?

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 Meme-inspired Dogecoin cryptocurrency has again become the talk of the cryptocurrency markets, rocketing by more than 500% since the start of April.

The value of DOGE had previously spiked in January before retreating, and dipped in mid-April after a rally, then rose again to reach a fresh all-time high of $0.45. The coin’s volatility is often driven by social media, where there are currently expectations that the price could climb further to reach $1.

This Dogecoin price analysis looks at the cryptocurrency’s recent performance and the latest price predictions.

Dogecoin surges with cryptocurrency volatility

The DOGE cryptocurrency was not intended to be a serious investment asset when it started off as a joke. The coin launched in 2013 as a parody of the explosion in cryptocurrency altcoins that were promoted as alternatives to Bitcoin (BTC). Software engineers Billy Markus from IBM (IBM) and Jackson Palmer from Adobe (ADBE) adopted the popular Doge meme, featuring a shiba ina dog, for fun.

The co-founders had ceased being directly involved in the Dogecoin project, but its resurgent popularity has encouraged them to return to the project and develop an upgrade to the protocol – which was last updated in 2019 – that they intend to roll out in the next year.

While the protocol was launched for fun, it has found applications in transferring small amounts of money quickly with low trading fees. Social media users can tip content creators with Dogecoin from a secure wallet while protecting their privacy.

DOGE is an especially volatile cryptocurrency, with users on TikTok and Reddit often attempting to collectively drive up the price.

Tesla founder Elon Musk has posted a series of tweets in recent months talking up Dogecoin, and he has been joined more recently by brands such as Snickers chocolate and Slim Jim beef jerky.

Source: https://capital.com/dogecoin-price-prediction-all-the-way-up-to-1-usd

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