Blockchain

Ethereum might be the king of smart contracts and the world’s primary hub for decentralized finance (DeFi) and non-fungible tokens (NFTs) activity but onchain data suggests that Bitcoin is ahead in user engagement, interpreted by the number of daily active users, and network activity is at acceptable, healthy levels, reading from the number of daily transactions confirmed. 

Bitcoin Leads Ethereum In Daily Active Addresses

According to Artemis Terminal data on September 15, Bitcoin, despite being predominantly a transactional layer, enabling the peer-to-peer (P2P) transfer of value between addresses, has more daily active users than Ethereum.

This observation is even as Ethereum serves as a conduit of value since assets can be moved, just like in Bitcoin, and a smart contract platform for deploying trustless and automated decentralized applications (dapps). Some, like Uniswap, a decentralized exchange (DEX), process billions worth of transactions every month.

On September 15, Bitcoin had over 800,000 daily active addresses (DAA), more than twice those in Ethereum, which stood at slightly over 378,000. The only time there was a slight change was on September 13, when over 1 million addresses were activated on Ethereum.

Then, the number of DAA on Bitcoin also fell to around 743,000. However, the DAA on Ethereum has fallen sharply while Bitcoin has maintained an upward trajectory since late August. During this time, Ethereum’s DAA has been fluctuating heavily, as evidenced by the rise and fall on Sep 13 and through to today.

Ethereum Processes Over 1 Million Transactions Everyday

Ethereum shines in the number of daily transactions processed. When writing on September 15, the smart contract platform had processed over 1 million transactions while Bitcoin lagged, confirming less than 600,000.

Even at this level, Ethereum has processed less than half of what it did on September 13, when the network processed over 2.3 million transactions. On the other hand, Bitcoin’s daily transactions have been steady, while those of Ethereum have, on average, risen over the past three months, as Artemis Terminal data shows.

DAA and daily transaction count are important metrics that on-chain analysts use to analyze the level of engagement and health of public blockchains.

Over the past 18 months, activity has rapidly shrunk as asset prices fall in the crypto winter. Ethereum’s drop from around $5,000 in late November 2021 to as low as $1,500 in 2022 weighed negatively on DeFi and NFT activity. 

According to DeFiLlama, the total value locked (TVL) of DeFi protocols has stabilized below $50 billion, down from around $180 billion in 2021. Meanwhile, trading volume has crashed by over 90%, dragging the value of NFT-related projects, including Immutable X and ApeCoin. To illustrate, APE is down 96% from peaks.

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In a Friday 15 court filing, Gemini, the US-based crypto exchange platform, has accused Digital Currency Group (DCG) of engaging in “fraudulent activities” and attempting to evade responsibility for the harm caused to creditors. 

The filing directly responds to a statement made by DCG regarding a proposed agreement between DCG, the debtors, and the Official Committee of Unsecured Creditors.

Gemini Seeks Justice For Creditors Affected By The Collapse Of Genesis

According to Gemini, DCG devised a $1.1 billion promissory note to conceal the significant financial losses caused by the collapse of Three Arrows Capital (3AC). 

However, DCG allegedly kept the actual terms of the note “hidden,” leading to misleading representations to Gemini’s creditors. Furthermore, the company claims that DCG borrowed a substantial amount of Bitcoin (BTC) from the company instead of providing much-needed capital.

Gemini also highlights that DCG is now unwilling to repay the more than $630 million it borrowed from the company, which was due several months ago in May. 

In response, as reported by NewsBTC, DCG has proposed a deal that would require Genesis creditors, including Gemini, to extend years of credit to DCG. However, Gemini intends to fight against this proposal, asserting that DCG should pay creditors a just and adequate amount.

Gemini argues that DCG has attempted to “wear down” creditors over the past ten months, hoping they would settle for a significant reduction in the amount owed. 

According to the court filing, Gemini is determined not to succumb to these tactics and will continue to pursue a fair resolution.

Rejection Of DCG’s Proposed Recovery Rates

In the filing, Gemini criticizes DCG’s proposed recovery rates, claiming they are “misleading and deceptive.” The company argues that receiving fractional shares of interest and principal payments over seven years from a risky counterparty is not equivalent to receiving the actual cash and digital assets owned by Genesis. 

Gemini demands that DCG significantly improve the terms of the loans it provides if it wishes to gain the support of the harmed individuals.

Overall, Gemini accuses DCG of being the architect of its subsidiary’s insolvency and “sacrificing” the exchange and its creditors to shield itself from liability. 

The company founded by the Winklevoss twins asserts that DCG’s delay tactics have hindered progress in distributing funds to Gemini Lenders, despite Gemini’s offer of a $100 million premium for a swift resolution. 

It is worth noting that the court filing by Gemini comes after months of negotiations with the crypto lender and DCG and the collapse of the Gemini Earn program, which resulted in lawsuits and severed ties between Digital Currency Group and the crypto exchange. 

Featured image from iStock, chart from TradingView.com

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Since its inception, Ethereum has continuously been compared to Bitcoin with the former being hailed as a better option to the latter in some cases. As the years have flown by, the competition has gotten even fiercer, especially with ETH growing rapidly. Eventually, Ethereum seems to be catching up with Bitcoin, especially in terms of active addresses.

Ethereum Active Addresses Surpass Bitcoin

On Thursday, September 14, on-chain data tracker Santiment revealed a surprising update on the fierce rivalry between Bitcoin and Ethereum. In the X post, the tracker revealed that the number of unique addresses that were transaction on the network had reached its second-highest daily figure of all time.

While this is significant on the part of the blockchain alone, it is also significant in terms of the competition between the two largest assets in the space. To put this in perspective, the 1,089,893 figure reported by Santiment puts Ethereum ahead of Bitcoin in terms of this metric alone.

The last time that the daily unique active addresses on the network hit its new all-time high was back in December 2022. So it has been almost a year since the metric was this high, suggesting a unique driving factor behind it.

This report is also in line with the report from Artemis Terminal that shows that Ethereum was right in front of Bitcoin in terms of daily active addresses.

Artemis reports that on September 13, Ethereum saw a total of 1.03 million daily addresses compared to Bitcoin’s 743,800 addresses in the same time period. However, this figure has since retracted and Bitcoin has pulled in front of Ethereum once more as of September 14.

What Does This Mean?

While Ethereum’s surge on Wednesday was impressive, it does not mean much since the network has been unable to sustain the growth. Also, the surge could be easily explained by the rise in the popularity of the Friend.Tech decentralized finance social media platform based on the Ethereum blockchain.

Friend.Tech had seemingly come back from the death to reach a new all-time high in its number of daily users. Since an ETH address is required to participate in the platform, it is no surprise there was an uptick in the number of ETH addresses active on the network.

The spike in the number of daily active addresses also seems to have had little impact on the price of the cryptocurrency itself. ETH’s price is still struggling to hold above $1,600, with small gains of 0.35% in the last day and losses of 1.15% in the last week.

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Binance crypto exchange announced in late August that it is moving to end support for its beloved BUSD stablecoin. This move comes amid the stablecoin’s run-in with regulators, leading to a halt in its production. And now, the exchange has started moving to begin the end of support for the stablecoin.

Binance Starts Burning Tokens

Binance took to its official X (formerly Twitter) account on Thursday, September 14, to announce that it would begin burning a number of Binance-pegged tokens. Among the five tokens listed to be burned, four were BUSD tokens across different blockchains.

According to the announcement, the Binance-pegged tokens would be burned on the listed blockchains, and then the exchange would release the equivalent amount of tokens that were initially used as collateral on their native networks.

Later today, #Binance will burn a number of idle Binance-pegged tokens.

The equivalent amount of tokens on their native networks, which were used as collateral, will then be released.

Tokens:
TUSDOLD (BSC)
BUSD (MATIC)
BUSD (BSC)
BUSD (BNB)
BUSD (TRX)

— Binance (@binance) September 14, 2023

The BUSD tokens listed across four networks include BUSD on the Polygon (MATIC) network, BUSD on the Tron (TRX) network, BUSD on BSC, and BUSD (BNB). In addition to these, the exchange also revealed that the TUSDOLD on BSC would be burned as well, making it the only token on this list that is not BUSD.

The collateral in this case will be the equivalent of the Binance-pegged tokens that are burned. So if 1,000 BUSD on the MATIC network is burned, then the equivalent on the native blockchain will be released by the exchange.

Fire In The BUSD Camp

The BUSD stablecoin first came under fire in early 2023 when the United States Securities and Exchange Commission (SEC) issued a Wells Notice to issuer Paxos alleging that the stablecoin was an unregistered security. The regulator, through this, made its intention to pursue legal action known.

Following the move by the SEC, the New York State Department of Financial Services (NYDFS) asked the issuer to stop printing new tokens. The NYDFS’s concern mainly bordered on Paxos’ relationship with Binance, and eventually, the BUSD issuer decided to cut ties with the crypto exchange.

Since the initial move by regulators, the stablecoin has suffered in terms of usage and market cap. The stablecoin which was once a top 10 crypto by market cap has since seen its market cap decline to $2.5 billion, making it the 26-largest cryptocurrency as of the time of this writing.

Binance has also announced plans to stop offering support for the stablecoin completely by 2024. Paxos also revealed that it will cease all BUSD redemptions in February 2024, and Binance’s complete withdrawal is expected to come shortly after this.

Nevertheless, the stablecoin continues to maintain its dollar peg quite well. It is still trading at a 1:1 parity with the United States dollar and has rarely dipped below $1 amid the regulatory storm.

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Crypto Michael, a cryptocurrency analyst in the crypto space, has recently shared some insights on the possible market trend of the Bitcoin (BTC) price before the halving commences. These insights were shared in a video uploaded on the analyst’s YouTube channel.

Signs Of A Potential Bull Run

According to the recent revelations by Crypto Michael, Bitcoin might be on the brink of a new bull run. In his video, which has garnered over 2,000 views on YouTube, the analyst suggests that the cryptocurrency shows considerable resilience and potential for a surge.

This optimism stems from various indicators and patterns observed in Bitcoin’s price action. It’s not just Bitcoin’s impending rise that Crypto Michael has highlighted.

The analyst also mentions that the altcoin market is warming up for a possible upward trend. The expert believes the significance of this parallel bullish movement for altcoins cannot be underestimated.

It is worth noting that a comprehensive bull market, including both Bitcoin and its altcoin counterparts, could mean significant gains for diversified crypto portfolios.

$45,000 Ahead Of The Bitcoin Halving?

Diving deeper into his analysis, Crypto Michael predicts a potential Bitcoin price of $45,000 before the much-anticipated halving event next year. A halving is crucial in the Bitcoin network, where miners’ rewards for adding new blocks to the blockchain are cut in half.

This event typically decreases supply and can significantly influence Bitcoin’s price. Historically, the crypto market has experienced bullish trends before and after halvings.

This cyclical behavior has been observed in the past two halvings, with price surges leading up to and following the event. However, the current market dynamics have left investors in a speculative state, pondering if history will repeat itself.

Particularly, Bitcoin has shown a bearish trend over the past month, down by nearly 10%. The asset plunged from its high of $30,000 in late July to as low as trading just above $25,000 on Monday. However, Bitcoin’s price can be seen to show signs of recovery in the past few weeks.

The asset trades above $26,000 at the time of writing, with a price of $26,338 and a market cap of $513 billion today. Notably, Bitcoin’s market cap is currently up by more than $10 billion compared to its recent market cap value of below $500 billion, seen earlier this month.

It is worth noting that while its market cap and price have surged over the past two weeks, the asset’s trading has trended in the opposite direction. Particularly, Bitcoin’s daily trading volume has plunged from the $18 billion seen earlier this month to as low as $10 billion, in the last 24 hours.

Featured image from iStock, Chart from TradingView

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One year has passed since the Ethereum (ETH) Merge, which marked the integration of Ethereum’s proof-of-stake (PoS) Beacon Chain with the Ethereum Mainnet. 

This significant milestone facilitated the transition of the Ethereum blockchain from the legacy proof-of-work (PoW) system to a PoS model, giving rise to Ethereum 2.0.

The completion of the Merge on September 15, 2022, brought about a major shift in Ethereum’s energy consumption, with an expected reduction of 99.95%. Additionally, this transition opened up new possibilities for scaling the Ethereum ecosystem.

The merge involved migrating the entire blockchain to new PoS validator nodes, which require participants to stake or lock up 32 Ether (ETH) to participate in the network.

Importantly, this transition did not impact Ether tokens held by investors, and the operations of Ethereum-based applications remained unchanged. As Ethereum celebrated the first anniversary of The Merge, it introduced its latest testnet called Holesky.

The Future Of Ethereum Development And Testing?

Initially known as Holli, the Holesky testnet is designed to enhance the testing environment on Ethereum. Drawing inspiration from a vibrant neighborhood in Prague, Czech Republic, this new testnet offers various improvements over its predecessor, Goerli. 

According to a blog post from the software development firm Tatum, Holesky is set to replace Goerli as the primary testnet for staking, infrastructure, and protocol development. For testing decentralized applications, smart contracts, and other Ethereum Virtual Machine (EVM)-related functions, the Sepolia testnet remains the preferred choice.

Holesky, on the other hand, serves as Ethereum’s merged-from-genesis public testnet, mirroring mainnet functionalities and enabling precise evaluations through thorough staking trials, infrastructure assessments, and direct protocol developer testing. To ensure rigorous testing, Holesky aims to have twice as many active validators as the main Ethereum network. 

The network starts with a solid foundation of 1 million validators, encouraging teams to run a substantial number of validators, with each team handling around 100,000 validators. These measures contribute to the comprehensive evaluation of the testnet and intended functionality.

According to Tatum’s blog post, by introducing Holesky and refining inflation mechanisms based on the Sepolia testnet, Ethereum continues to evolve and improve its protocols. 

One Year After The Merge

In a recent post on X (Formerly Twitter), the self-proclaimed Ethereum Educator, who goes by the pseudonym “Sassal.eth,” highlighted some notable statistics on the first anniversary of The Merge. 

One significant achievement for Ethereum since the Merge is burning 980,000 ETH tokens, resulting in a permanent reduction of Ethereum’s total supply. Burning ETH involves removing tokens from circulation, contributing to potential scarcity and value. 

Additionally, the Ethereum 2.0 network has seen a significant 11.6 million ETH being staked, which involves locking up ETH as collateral to participate in the proof-of-stake consensus mechanism.

Moreover, according to Sassal, adding 362,000 new validators has strengthened the Ethereum network. Validators are crucial in proposing and validating new blocks, ensuring the network’s security and overall robustness. 

On the other hand, Ethereum’s native token, ETH, has experienced a tumultuous journey in terms of its price performance since the beginning of the year. Despite reaching an annual high of $2,144 on April 16, ETH has been impacted by the overall market trend, resulting in significant losses across various time frames.

Currently, ETH is trading at $1,619, representing a 1% decline in the past 24 hours. Similarly, over the past seven days, the token has recorded a decrease of 0.9%. 

Looking at the fourteen and 30-day time frames, ETH has experienced declines of 1% and 11.3%, respectively, underscoring the prevailing downward trend for the token’s value. 

However, it is worth noting that since the occurrence of The Merge, ETH has witnessed a moderate rise of 7.6% year to date, according to Coingecko data.

Featured image from iStock, chart from TradingView.com 

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Shiba Inu has been constantly garnering favor among crypto investors since its first price surge back in 2021. Even with the price drop over the last year, the meme coin still features as an investor favorite, surpassing the likes of Cardano and Dogecoin in countries with a large crypto investor presence.

Shiba Inu Search Surpass Dogecoin And Cardano

Google Trends has shown that interest in Shiba Inu has surged ahead of that of Dogecoin in Canada and the United States, as well as Cardano. The data which shows the movements over the past 12 months shows points in time where the search for Dogecoin had spiked significantly, leading to a remarkable lead by Dogecoin compared to Shiba Inu and Cardano.

However, as time has passed and periods of brief spikes have been left behind, the trends have indicated that Shiba Inu remains the asset of the three gaining investors’ attention. Since April 2023, SHIB has appeared ahead of both Cardano and Dogecoin with no end in sight for this trend.

In September alone, the interest in Shiba Inu has come out more than double those of Cardano and Dogecoin. Even toward the end of August when the crypto market crashed and interest waned, Shiba Inu went in the opposite direction.

This spike in interest shown in the chart above coincides with the launch of the Shibarium blockchain. The Layer 2 network built atop the Ethereum blockchain was in the works for a long time and when it eventually launched in August, it triggered renewed interest in the SHIB token which currently serves as its official governance token.

SHIB Falls Behind Dogecoin In Profitability

While Shiba Inu is leading in terms of interest, it has not translated to profitability for the meme coin’s holders. The percentage of SHIB holders currently seeing any kind of profit is at only 9% compared to 41% for DOGE holders, according to data from IntoTheBlock.

However, SHIB is still doing well compared to Cardano in this regard whose holder base is almost completely submerged in losses. Data shows that ADA holders in profit are sitting at a sad 4%. When put in contrast with SHIB’s numbers which is still disappointing, the meme coin is seeing twice as many holders in profit.

In terms of price performance, all three have performed similarly when comparing their current prices to their all-time prices. SHIB is down 91.49% from its ATH, while Dogecoin and Cardano are down 91.59% and 91.89%, respectively, data from Messari shows.

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Two years ago, controversial artist Nelson Saiers sparked a debate when he erected a massive inflatable rat outside the US Federal Reserve building in New York; now, the creator takes another jab at a US institution with a new crypto art exhibition.

Crypto Art Exhibition Takes Jab At Scams

According to a release shared with NewsBTC, a crypto art installation was placed in front of the US Securities and Exchange Commission (SEC). This time, Nelson Saiers portrayed a street vendor offering “rug pulls.”

In this latest protest exhibition, Saiers highlighted the crypto-based scam where the team behind a project disappears, leaving their community behind and “holding the bag” for an initial investment. The exhibit aimed to showcase the “ease” of these illegal activities.

Moreover, by setting the crypto art exhibit in front of the SEC, the artist potentially tried to send a message to the regulator: “rug pulls” happened right in front of the institution, seemingly without consequence.

This is the latest, but far from the only art exhibition where Saiers takes a hit on the US SEC and other financial regulators. As mentioned, the artist set an inflatable Bitcoin rat at the Fed’s building in 2020 and 2018.

A few months later, as the crypto market was experiencing a bull run that took the price of Bitcoin into uncharted territory, Saiers called cheap on the Fed with his “Cheap Money is Out-of-Order.” During this exhibition, which saw the sculpture of the Wall Street Bull interfered with a Saiers-made sculpture, the artist criticized the inflationary measures adopted by the financial institution.

Based in New York, Saiers completed a Ph.D. in mathematics and is a former trading group manager for Deutsche Bank AG and Chief Investment Officer for Saiers Capital. In art, Saiers is known as the “Warhol of Wall Street.”

As of this writing, Bitcoin trades at $26,200 with sideways movement across the board. The cryptocurrency has been unable to break above or below its current trading range and will likely continue this trajectory until late September.

At that time, macro-economic forces will likely come back into the picture, stirring volatility into the market. In particular, the spot Bitcoin Exchange Traded Fund (ETF) narrative, mainly in the hands of the SEC, is bound to influence the price of the number one crypto by market cap.

Cover image from Unsplash, chart from Tradingview

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A recent study has revealed that Japanese investors are choosing to invest in Ripple’s XRP over the world’s flagship cryptocurrency, Bitcoin.  

XRP Over Bitcoin And Ethereum

In contrast to the treatment Ripple and the XRP token are receiving in the US, Japan seems more welcoming to the crypto asset, according to a research paper by the Department of Economics and Finance at the City University of Hong Kong. 

According to the report, XRP is preferred over the biggest cryptocurrencies by market cap, Bitcoin and Ethereum. It referenced a survey conducted by the Japanese crypto exchange BITMAX, with 25% of the 1,498 respondents who took the survey choosing XRP as their favorite cryptocurrency, while 26% and 9% chose Bitcoin and Ethereum, respectively. 

While this survey may be considered insufficient to prove Japanese investors’ preference for the XRP token, it suggests that the token has quite the following in the country. Interestingly, XRP enjoyed the highest spot trading volume in February last year, with “nearly 1.36 billion units” traded during that period. 

The report attributed Japan’s fondness for the token to the country’s customs and “the confidence that Japan’s largest venture capital fund has in Ripple.” The venture capital firm in question is SBI Holdings, with the company being one of Ripple’s early partners. SBI allegedly invested close to $300 million in Ripple in 2017.

SBI Holdings A “Primary Driver Of Ripple’s Success”

The report labels SBI holdings as the “primary driver of Ripple’s success” in Japan. This assertion may not be far-fetched, especially considering SBI’s role in helping Ripple break into the Japanese market.

In 2016, the financial services company partnered with Ripple to create SBI Ripple Asia with the goal of providing cross-border payment services to banks in the Asian region. Using Ripple’s distributed ledger technology (DLT), these banks can process cross-border transactions in “40 currencies and more than 70 countries.” 

SBI Ripple was to service banks in countries like Japan, China, South Korea, and other Southeast Asian countries. This move undoubtedly paved the way for Ripple and its XRP token to penetrate the Asian market (Japan in particular) early enough, especially when non-cash payments were on the rise in those countries.

Ripple and XRP’s adoption in the Asian region is also expected to grow further as SBI Remit (a subsidiary company under SBI Holdings) recently expanded the SBI Ripple Asia partnership with the introduction of an XRP-based international remittance service for banks in the Philippines, Vietnam, and Indonesia.

This move aligns with Ripple’s goal to disrupt the global financial system as the crypto asset will be used as a bridge currency for foreigners who want to send money to their families back home. Impressively, Ripple’s Ledger can process these transactions faster and more affordably than the traditional financial system. 

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Dogecoin has been one of the most surprising and discussed cryptocurrencies since its launch in 2013. Its meme-inspired origins and 2021 hype led to spectacular price rises. This Dogecoin price prediction article analyzes factors impacting the coin’s value and predicts its future trajectory.

What is Dogecoin?

Dogecoin (DOGE) is a cryptocurrency that started as a joke based on the popular Doge meme in 2013. Software engineers Billy Markus and Jackson Palmer created it satirizing the hype surrounding cryptocurrencies.

But what began as a parody became one of the largest cryptocurrencies. DOGE runs on its own blockchain with miners validating transactions. Key features include:

Meme-inspired

The Shiba Inu dog from the Doge meme is its mascot. This makes it more approachable for mainstream investors, as does its low price compared to other assets.

Large supply

Over 140 billion DOGE have been mined so far compared to Bitcoin’s limit of 21 million.

Low price per coin

Due to the high circulation supply, DOGE trades at a fraction of a dollar making it attractive for first-time investors.

Faster transactions

DOGE offers faster payments than Bitcoin with 1 minute block times.

Tipping currency

The DOGE community utilizes it extensively for tipping and donations, especially on Reddit and Twitter.

While DOGE lacks the sophistication of platforms like Ethereum, its brand awareness makes it appealing as a payment option. Major companies like AMC Theatres and the Dallas Mavericks basketball team accept DOGE payments.

Factors Impacting Dogecoin Price

Several key factors influence DOGE’s notably volatile prices:

Celebrities and Billionaires

Public figures like Elon Musk and Mark Cuban endorsing DOGE carry outsized influence, drawing in retail investors and moving its price.

Media Hype

Attention from mainstream media outlets drives up interest and prices rapidly as seen in early 2021. But it works both ways, with DOGE falling out of favor just as fast.

Meme Power

As a meme-based asset, DOGE trends on social media significantly impact its price as hype spreads or fades. The community plays a central role.

Development Activity

While work has slowed, some upgrades like lower fees have the potential to improve DOGE adoption if development regains momentum.

Broader Crypto Market

Like most altcoins, DOGE price depends heavily on Bitcoin’s price action. When Bitcoin crashes, memecoins like DOGE usually crash harder.

Competitors

An endless stream of new memecoins like Shiba Inu and Pepe compete for investors’ attention and dollars, which impacts DOGE market share.

Historical Dogecoin Price Timeline

Looking at major developments in DOGE’s history sheds light on patterns governing its volatile price.

2013 – The Joke Begins

Dogecoin was created as a “joke currency” by programmers Billy Markus and Jackson Palmer in December 2013. The price remained extremely low, trading for a tiny fraction of a penny during the first year.

2014-2016 – Gaining Attention

In 2014, DOGE gained more mainstream attention during the Doge meme’s resurgence, with its market cap reaching over $60 million by end of 2014.

Dogecoin was used extensively for charitable fundraisers and tipping on Reddit/Twitter. But the price remained under one cent between 2014-2016.

2017 – Bull Run Ride

When crypto markets boomed in 2017, DOGE saw massive gains fuelled by speculation, rising from $0.0002 and peaking at $0.018 in January 2018 – a 9,000 percent rise in 2 months!

But it crashed soon after, dropping 90% in just over a month following the broader crypto downturn. Still, DOGE had proven it couldn’t be ignored.

2018-2020 – Slump Despite Growing Adoption

During the 2018-2020 bear market, DOGE struggled to gain traction again. Its price declined gradually losing over 90% of its value and falling below $0.002 in early 2019.

However, real-world payment adoption grew with providers like CoinPayments, LivingRoomOfSatoshi, and Bitpay supporting DOGE payments on e-commerce sites.

2021 – Rocketing to Fame

The 2021 bull run, especially Elon Musk’s repeated endorsements of DOGE, sent it rocketing from under one cent in January 2021 to an astonishing high of $0.7 in May 2021 – a truly unbelievable 40,000% return in four months!

Other key drivers included:

Mainstream media coverage during the price surge. DOGE graced the covers of Newsweek and Time Magazine.
Increased crypto adoption, especially among retail investors using platforms like Robinhood
Major brands like Snickers and Slim Jim referenced DOGE on social media, amplifying the hype.
Mark Cuban’s Dallas Mavericks began accepting DOGE as payment.
Exchange listings like eToro adding DOGE stoked investor interest.

Like past cycles, such parabolic rises proved unsustainable. DOGE dropped steadily after the frenzied peak, closing the year at around $0.15. Still an impressive overall return for 2021.

2022 – Price Crash Despite Celebrity Involvement

The 2022 crypto bear market hit DOGE hard, causing it to shed over 90% of its value, dropping below $0.05 by June 2022.

Attempts were made to revive interest, including Elon Musk’s announcement that SpaceX would accept DOGE payments for merchandise purchases. Mark Cuban’s basketball team continued accepting DOGE as payment.

But macroeconomic headwinds have kept prices depressed close to all-time lows, highlighting the weakness of memecoins during downturns.

Recent Dogecoin Price Action

2023 hasn’t been much friendlier to Dogecoin, with the cryptocurrency unable to make it above the $0.10 level and is back trading at $0.06 and is at risk of new lows.

Short-Term Dogecoin Price Prediction for 2023

DOGE outlook remains ambiguous for 2023 as the crypto markets struggle to regain footing after the FTX fallout. The meme coin remains locked in a downtrend, with the next level of support back down at under a penny. While this might feel impossible, Bitcoin retested its former 2017 all-time high, which is at the same precise point as the 1.618 Fibonacci extension target. If Dogecoin can hold the current lows, it could retarget the 0.618 or 0.382 retracement level. 

Medium-Term Dogecoin Price Prediction 2024 – 2025

If Dogecoin can break out of its downtrend and prevent further collapse, the next logical target is the 1.618 upside Fibonacci extension. If you notice, DOGE touched this target in the previous two bull markets. In 2021, DOGE extended even further to the 2.414 Fibonacci. The 1.618 Fib extension would put Dogecoin above $3.60.

Long-Term Dogecoin Price Forecast 2030

Predicting the future of a meme cryptocurrency is challenging. However, using a linear mean trajectory drawn through each cycle, we can estimate that Dogecoin could be anywhere between $1.50 and $5 by the time 2030 rolls around. This model assumes no catastrophic failure of the blockchain.

Dogecoin Price Predictions – Conclusion

Despite gaining immense popularity and value during the 2021 hype, Dogecoin lacks the real-world utility and institutional investment of leading cryptocurrencies like Bitcoin and Ethereum.

Unless Dogecoin evolves beyond its meme-based appeal through protocol development and real use cases, it appears set to remain as a highly speculative asset prone to boom and bust cycles based on hype.

While another frenzy-driven price surge cannot be ruled out, Dogecoin’s sustainability as a long-term store of value remains doubtful according to most analysts. Traders and investors should tread cautiously with appropriate risk management.

Dogecoin Price Prediction FAQs

Here are some frequently asked questions about DOGE price prediction targets:

What was Dogecoin’s lowest price?

During its initial days in 2013-2014, DOGE hit lows of $0.0001-0.0002 on crypto exchanges. Its recent low was $0.044 in June 2022.

What was Dogecoin’s highest price?

DOGE hit an all-time high of $0.7376 during the 2021 frenzy phase in early May, rising astronomically from $0.005 in January 2021.

How high can DOGE realistically go?

Considering its past performance driven heavily by hype and celebrity endorsements, DOGE may potentially reach up to $1 temporarily during frenzied market conditions, but has poor fundamentals for sustaining high valuations long-term.

Can DOGE crash to zero?

While unlikely due to its enduring popularity as a memecoin and brand recognition, Dogecoin crashing to near-zero cannot be completely ruled out without renewed development and adoption efforts.

Why is DOGE so volatile?

Extreme volatility is built into Dogecoin’s DNA as a meme asset heavily dependent on social media hype and investor speculation rather than fundamental utility value.

When will Dogecoin’s price stabilize?

DOGE price is likely to remain volatile until (and if) it can mature beyond its “joke coin” origins and develop greater real-world utility and stable demand.

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