Dogecoin Price Predictions: Where Will the Hard-Hit DOGE Crypto Go Next?

  • Dogecoin (DOGE-USD) is falling slightly today after it rose earlier in the day.
  • A number of large trades occurred yesterday, causing DOGE to rise.
  • Several websites offered mixed Dogecoin price predictions today.
Dogecoin price predictions - Dogecoin Price Predictions: Where Will the Hard-Hit DOGE Crypto Go Next?

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Dogecoin (DOGE-USD) is falling slightly today after it rose earlier this morning. The crypto climbed after a number of large trades yesterday, but the rally lost momentum throughout the morning. Meanwhile, multiple websites are offering long-term Dogecoin price predictions today.

Large Trades

There were 943 trades of Dogecoin that were worth $100,000 or more yesterday. That represented a large increase from the 505 such transactions that were made just one day before, on Saturday.

Meanwhile, “the total miner reserve” of Dogecoin has tumbled 32% so far this year. The mining reserve has reached its lowest point since the end of 2013.

According to Decrypt, “Miner reserve is a metric that refers to the total coins held in miner-affiliated wallets which haven’t been sold yet.” The crypto’s value has tumbled nearly 60% so far this year.

Dogecoin Price Predictions

After the crypto’s steep retreat in the first six months of 2022, a number of websites have mixed predictions on its long-term outlook.

Gov Capital expects the crypto to end the year at 7.1 cents. Wallet Investor is much more bullish, providing a one-year target of 15.9 cents. DigitalCoinPrice expects Dogecoin to have an average price of 10 cents in 2023. The website’s minimum price target for next year is 9.6 cents, and its maximum price target is 11 cents.

 Dogecoin’s History

Dogecoin was launched as a joke, but after the cryptocurrency received some support from Tesla (NASDAQ:TSLA) CEO Elon Musk, it rose rapidly in 2020 and 2021 before tumbling this year. Musk recently stated that he would remain a backer of Dogecoin, sparking a rally.

On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Larry Ramer has conducted research and written articles on U.S. stocks for 15 years. He has been employed by The Fly and Israel’s largest business newspaper, Globes. Larry began writing columns for InvestorPlace in 2015. Among his highly successful, contrarian picks have been GE, solar stocks, and Snap. You can reach him on StockTwits at @larryramer.

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