DOGECOIN started as a joke cryptocurrency but interest in the coin has grown since it launched.

We explain how the cryptocurrencys value is predicted to change in future, and whether it could hit $1 in 2021.

Dogecoins

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Dogecoins price spiked in May before falling again

Remember that buying cryptocurrencies is always a risky business, and you should only invest what you can afford to lose.

They are extremely volatile, and your cash can fall as well as rise in the blink of an eye.

Newer coins such as Dogecoin are even more volatile than other cryptocurrencies.

Its important to only invest in things you understand, and some products and cryptocurrency services can be very complex.

Before investing you should do your research as cryptocurrency firms arent regulated like other financial companies.

This means that you wont have any protection if things go wrong and you could lose all of your money.

Whats the Dogecoin price?

Dogecoins price is $0.331 at the time of writing, up 8.72% on the previous 24-hour period.

However it is down compared to the highs it reached earlier this year, when Dogecoins price soared to $0.70.

The surge came after celebrities including Elon Musk and Snoop Dogg publically backed the coin.

However, Musks appearance on Saturday Night Live in May sent Dogecoins value spiralling.

Dogecoins price was over $0.70 on the Saturday of the show, but shortly after Musks mention of the cryptocurrency, the price fell, hitting $0.47.

It then went on to fall to lows of $0.25.

Dogecoin was first launched back in 2013 and has the image of a Shiba Inu dog as its logo.

The image became a popular internet meme called doge, and it features the dog surrounded by text in the comic sans font with words like much wow.

Software engineers Jackson Palmer and Billy Markus originally created Dogecoin as a joke based on this meme.

It has been marketed as the fun version of bitcoin but has gained in value and attracted more serious interest since then.

Dogecoin price predictions for 2021

Its almost impossible to predict whether Dogecoins price will fall or rise this year as cryptocurrencies are so volatile.

The market is unpredictable as it affected by a number of factors, including regulatory crackdowns and comments by high-profile individuals such as Elon Musk.

Sarah Coles, a personal finance analyst at investment firm Hargreaves Lansdown, told The Sun: Forecasting what’s going to happen next to meme coins is like predicting what’s likely to set off the next tantrum in a room full of toddlers.

Because it has no underlying value, it’s not generally used for transactions, and is a terrible store of value, the price is driven by highly unpredictable sentiment.

So while people may point to patterns in the past and make guesses as to whether they will happen again, in reality, it’s impossible to say with any degree of certainty.

As with those toddlers, any one of them could kick off at any time.

But that doesnt stop some crypto fans from forecasting what they think will happen to Dogecoins price.

Wallet Investor predicts that dogecoin will hit $0.585 in the next year.

Meanwhile, Digital Coin Price is predicting that it will hit $0.641.

Changpeng Zhao says ‘even memes have value’ after Elon Musk promotes Dogecoin

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