Dogecoin (DOGE) price – EUR & USD

The price of Dogecoin (DOGE) has historically fluctuated between $0.00008547 (May 7, 2015) and $0.7376 (May 8, 2021). Dogecoin is a pure currency designed primarily for microtransactions on the internet. Despite Dogecoin’s rise as one of the top 10 cryptocurrencies in recent years, it remains highly volatile. It doesn’t seem realistic for Dogecoin to become a globally significant means of payment.

Dogecoin (DOGE) Price: The Historical Development

The price of Dogecoin (DOGE) has historically fluctuated between $0.00008547 (May 7, 2015) and $0.7376 (May 8, 2021). Dogecoin’s price history started in December 2013. This information is based on data from CoinMarketCap.

Dogecoin was launched in 2013 and became tradable on crypto exchanges in December 2013. The price of one DOGE coin was just over $0.0002. It has always been a so-called penny coin, meaning a cryptocurrency with a very low unit price, which is one of the most important features of all meme coins.

Dogecoin’s first price increase was in January 2014, when it rose to about $0.0016. However, investors’ joy was short-lived, and Dogecoin’s price moved mostly horizontally for the next three years.

The first significant price increase occurred in June 2017. For the first time in the history of cryptocurrencies, the entire altcoin market came to life in the spring of 2017. Ethereum led this run. Many altcoins made significant gains during this time, and Dogecoin benefited from this trend.

On January 18th, 2018, Dogecoin’s price rose to nearly $0.02. After that, the entire crypto market collapsed, and most coins dropped more than 95% from their peaks in 2018. Dogecoin was also part of this group.

The graphic below shows Dogecoin’s historical price development.

dogecoin price

Dogecoin investors had to wait for three years to witness another bull market. In the spring of 2021, there was a massive crypto boom, and Dogecoin was one of its biggest drivers. Dogecoin’s value rose from about $0.01 to a price of $0.73 in less than half a year! This means an almost 75-fold increase.

In the spring of 2021, Dogecoin gained momentum from GameStop mania and Elon Musk’s tweets. The world’s richest man is a known Dogecoin enthusiast, and Dogecoin’s value has skyrocketed over 100% due to his tweets.

In the spring of 2021, there was talk of Dogecoin rising to one dollar. This never happened, but the price rose to $0.73. At the same time, Dogecoin became momentarily a top 5 cryptocurrency.

The price of Dogecoin fell to just under $0.06 in the bear market 2022. The bottom of the price was seen at the end of October. This represents a drop of just over 90 percent from the May 2021 peak.

While DOGE’s price fell more than the biggest cryptos in the market, many other coins in the same size class fell 80-90 percent from their 2021 highs. Thus, Dogecoin easily kept its place as a top 10 coin. Many expected it to collapse significantly lower, but meme coin lovers firmly held on to their coins.

2023 was a surprisingly weak year for Dogecoin. Many well-known cryptocurrencies rose by over 100 percent during the year, but Dogecoin was still clearly in the red in October 2023! The year did not see any significant Dogecoin pumps, usually occurring at least once yearly. The main reason for this was probably Elon Musk’s declining interest in Dogecoin.

Dogecoin’s price for 2023 ended up around 29 percent plus, thanks to the rally in November and December. If Dogecoin’s price development does not improve in 2024, the currency will fall out of the top 10 positions and probably out of the top 15 list.

What gives Dogecoin its value?

Dogecoin is a pure currency designed primarily for microtransactions on the internet. Similar cryptocurrencies include Litecoin and Bitcoin Cash. Dogecoin is not a smart contract platform that enables decentralized functions.

This aspect can be seen as a disadvantage regarding demand since DOGE does not have inherent use cases for decentralized apps, nor is it an official currency of any country. Therefore, the value of Dogecoin primarily rises through speculation.

However, this dog-themed coin has an ace: Elon Musk, the world’s richest man. His Twitter endorsements have brought new potential to Dogecoin.

The value of Dogecoin tends to rise every time Elon Musk tweets about it. Sometimes, a simple picture Musk tweets featuring his own Shiba Inu dog is enough to drive up the price!

Are there any other factors driving the value of Dogecoin besides Elon Musk? The most significant factor influencing its price is the general market sentiment. In the bigger picture, Dogecoin’s price moves in line with the overall cryptocurrency market. Dogecoin needs the “momentum” of the entire market to make significant price surges.

In the future, Dogecoin may find real use cases through platforms like Twitter or other apps. However, such use cases do not exist, so there is no specific reason to own Dogecoin. Simply serving as a means of payment is not enough, as any other cryptocurrency fulfills the exact definition.

Therefore, Dogecoin is a highly speculative coin whose value is influenced not only by general price speculation but also by billionaire Musk’s social media comments. To learn more about the history and technology of Dogecoin, you can read our beginner’s guide.

Dogecoin price fluctuates wildly

Despite Dogecoin’s rise as one of the top 10 cryptocurrencies in recent years, it remains highly volatile. This is quite surprising considering its market capitalization of over 10 billion.

As a cryptocurrency’s market capitalization grows, more money is required to influence its price. Therefore, Dogecoin’s price moved more quickly and dramatically when it was ranked in the 20-30 range and had a market capitalization of a couple of billion.

Now, moving the price of Dogecoin requires enormous sums of money. However, volatility has not disappeared. What is the reason for this?

The reason is likely the volatile reputation of Dogecoin and the actions of many pro-investors who have built news-reactive bots. When Elon Musk mentions Dogecoin in any context, these bots immediately buy the coin.

This rapid increase in demand causes the price of DOGE to rise quickly, attracting retail investors. The snowball effect is in motion. However, investors often quickly realize it was a false alarm and not based on any fundamental reason. Subsequently, the price of Dogecoin crashed as soon as it rose.

If you invest in Dogecoin, monitoring its price daily is important. Otherwise, you might miss good buying and selling opportunities. To learn how to buy Dogecoin (DOGE), follow this link: How To Buy Dogecoin.

Can Dogecoin become Twitter’s currency?

It doesn’t seem realistic for Dogecoin to become a globally significant means of payment. However, it could gain widespread popularity through an unexpected link. Could Dogecoin even become Twitter’s official currency? How would the price of Dogecoin rise after such an announcement?

Although Twitter is not as popular in Finland, it is one of the top five websites worldwide in terms of traffic. If Dogecoin were reported to be the official currency of Twitter, the price of Dogecoin would likely skyrocket.

How is this possible? Because the world’s richest man, Elon Musk, acquired Twitter in the fall of 2022. He is also known as a friend of Dogecoin. The Dogecoin price has already seen some small increases following Elon Musk’s Twitter deal, but there is currently no official information about the potential use of Dogecoin as a currency.

Regarding speculative coins like this, it’s important to remember one rule of thumb: If you’re waiting for news, you’re already too late. Bots and algorithms scanning news 24/7 will immediately buy Dogecoin if any news related to its use as a Twitter currency flashes online.

For speculators, it is necessary to make purchases before the Dogecoin price skyrockets during quieter market periods. However, we do not recommend this type of investment. It is important to understand its logic when considering such a move.