In this article, we’ll help you move beyond wondering if DOGE is dead or not. By looking at the facts regarding the state of the entire crypto market and by considering Dogecoin’s historical price action, you can build your own conviction regarding this seasoned meme coin and be able to answer if DOGE is dead or not.
We can already point out that the thought regarding a $1 DOGE is much more realistic than Dogecoin being “dead.” After all, this popular meme coin has already proven itself against tests of time and all the ups and downs of the crypto cycles. In case you forgot, DOGE has been around since 2013 and continues to hold its position among the top ten cryptocurrencies by market cap.
Still, we want you to have a proper understanding of why it is way more likely that Dogecoin will reach $1 than it is for the coin to die. As such, we’ll look at the main factors why DOGE is down so much. By looking at its historical price data, you’ll even learn that now might be one of the best times to load up on DOGE if you are considering investing in this meme coin.
Plus, in this article, you’ll also learn about a new on-chain tool called Moralis Money, which can help you time your entries to make profitable altcoin trades, including with DOGE.
Factors Why Dogecoin is Down
Before we move any further, we want to ensure you know what DOGE is. So, if you can’t answer the “what is Dogecoin (DOGE)?” question with confidence, explore our past article covering that subject.
The main reasons why DOGE is down have nothing to do with Dogecoin directly. Instead, they are just a response to current crypto market conditions. As such, the reasons why Dogecoin is down are essentially the same as why crypto is down, and you can see the list of these reasons below.
This is a variety of main reasons why crypto markets, and, consequently, DOGE is down:
- Ongoing and even on-time events that have hit all markets over the last years:
- Inflationary fears
- Rising interest rates
- The fallout from the Ukraine conflict
- Pandemic crisis residue
- Supply chain bottlenecks
- Bank rumblings
- Crypto regulation
- Tech industry downtrends
- Crypto bear market following Bitcoin’s four-year cycles
- Unfavorable crypto regulations
- Occasional issues with Bitcoin miners (electricity blackouts, mining bans, etc.)
- Hacks, scams, tech issues (negative impacts on a micro level)
So, just like the entire crypto market, DOGE is currently in the final stages of the ongoing bear market. Though, the lowest point of this cycle might have already been in. As such, we could start seeing those “Will Dogecoin Reach $1?” headlines sooner than you think.
Is DOGE Dead? Analyzing Historical Price Data
A quick glance at the above chart and the fact that DOGE remains the eighth-largest crypto by market cap should tell you that DOGE is not dead. Sure, if you’ve been holding a bag of DOGE since May 2021, it must be excruciating to see its worth reduced by 90%, but that doesn’t mean the token is dead.
First of all, you need to keep in mind that Dogecoin is still primarily a meme coin. So, as long as a community of people believes in this coin and even uses it, DOGE is not going anywhere. Moreover, while the official Dogecoin Twitter account (@dogecoin) may not have been very active in May and June 2023, its community doesn’t sleep.
For instance, there’s a Dogecoin Reddit group (subreddit r/dogecoin) with 2.4 million members, and they are still quite active:
So, now that we’ve established that the “is DOGE dead?” question is nothing but fear, let’s take a closer look at this meme coin’s price action.
It’s worth pointing out that DOGE had its first massive rally back in 2017. However, we will focus on Dogecoin’s price action in the ongoing crypto cycle. The latter started in May 2020 with the last Bitcoin halving and will officially end with the next Bitcoin halving, which will take place in April or May 2024.
By looking at the above logarithmic DOGE-USDT chart, you can see that the asset marked its local low at $0.00113 in March 2020 (the “pandemic” crash). However, since that low, Dogecoin has gone on an impressive run. Of course, since it is a highly volatile altcoin, it had several 50%-plus pullbacks along the way. Yet, in total, the coin printed a 640x-plus increase in 420 days, reaching as high as $0.74.
DOGE in Red with the Rest of the Crypto Market
Dogecoin reached its current ATH in the same period that the total crypto market, excluding Bitcoin, reached its first peak. That was just a couple of weeks following BTC’s first crossing of the $60k level. Furthermore, while many alts and even Bitcoin managed to gather enough steam for another rally to ATHs towards the end of 2021, DOGE didn’t. After all, mainly due to Elon Musk’s tweets, the meme coin always played its own tune (that still rhymed with the rest of the market).
Following the ATH, DOGE crashed hard – more than 75% in just 77 days, and found local support at $0.16. From there, the meme coin went on another 100%-plus rally but couldn’t go above $0.35. The token stayed above $0.19 for the rest of the last bull market. However, as Bitcoin and all other alts marked the end of the bull run (end of November 2021), DOGE went down as well.
Like many other reputable altcoins, DOGE suffered a significant price decrease in the ongoing bear season. It reached its current lowest point ($0.04914) after its ATH in June 2022. Since then, Dogecoin has mainly been moving sideways, with some exceptions (a 150%-plus pump in October 2022). The $0.069-ish level served as strong support until the beginning of June 2023, when the SEC announced it was going after Binance and Coinbase.
However, even though this bad news printed a large red weekly candle, DOGE didn’t mark a new lowest point of this cycle. In fact, for now, the price managed to stay above the significant support level at $0.057-ish. And we believe it is highly likely that $0.04914 will remain Dogecoin’s lowest point of this bear market.
The Future of DOGE – Will Dogecoin Reach $1?
Before we look at a DOGE price prediction, we need to look at the facts.
- Fact #1: Dogecoin still has a large and relatively active community.
- Fact #2: DOGE has become more than just a meme coin – devs created special “Doge” wallets (e.g., Dogecoin Core) and are working on improving the cryptocurrency’s performance.
- Fact #3: Dogecoin has been around since 2013 and has pumped rather hard during every past bull market.
- Fact #4: Elon Musk can tweet about DOGE at any time and ignite another rally.
- Fact #5: Dogecoin has overall outperformed Bitcoin.
So, will Dogecoin reach $1? Possibly.
Is DOGE dead? Well, if you wish to consider our point of view, dive into the following section.
DOGE Price Prediction – Will Dogecoin Make a Comeback in the Next Bull Run?
With everything covered so far in mind, you shouldn’t be surprised that we believe DOGE has a good chance of returning to its ATH levels. However, in the crypto realm, everything is possible, and nothing is certain. As such, consider our opinion as speculation. Moreover, we back our convictions with technical analysis (TA) and with the above-outlined facts.
So, with the “is DOGE coin dead” question in the rearview mirror, the leading meme coin is likely to stay above the $0.048-ish support line in the final shakedowns of the ongoing bear market. Though if Bitcoin takes another downturn, DOGE will probably retest the $0.041-ish region.
As the market turns, Dogecoin will start climbing again. However, as per this coin’s past behavior, its move won’t come in the form of a steady rise. Instead, we can expect several pumps and dumps along the way, with certain weekly or 14-day periods of larger growth, especially if Elon Musk decides to express his interest in DOGE via any of his infamous tweets again.
Plus, since every cycle tends to take the entire crypto market to new heights, DOGE could also print its new ATH. Since its existing ATH is $0.74, we dare to say that Dogecoin will reach $1. However, we don’t expect that level to be reached before the second half of 2024.
In fact, according to Fibonacci retracements, DOGE could even go up to $3.
The best way to spot the next Dogecoin move before it happens (aside from Elon’s tweets) is to monitor real-time, on-chain data for DOGE. After all, on-chain activity always precedes price action!
How Token Alerts Can Help You Spot the Next DOGE Move
The best and simplest way to analyze what is happening on-chain for each altcoin is by using Moralis Money. Here’s the token page from Moralis Money for DOGE on BNB Chain:
It’s important to note that Dogecoin runs on its own blockchain (Litecoin’s fork); however, the coin is also available on BNB Chain. The latter gives you proper insights into on-chain activity. For instance, if the net number of experienced buyers is increasing, that’s a good sign that the price is likely to increase.
We encourage you to use the interactive widget above and get comfortable with all the available features, details, and tools. Additionally, such a token page like the one for DOGE exists for most altcoins on Moralis Money. Essentially, they enable you to research altcoin opportunities.
Moralis Money also has a new Altcoin Alert feature launching soon, where you can set up alerts for various on-chain changes. Consequently, without even looking at the data, you can get notified if a coin is gaining/losing on-chain momentum.
You can also use one of the three Moralis Money features, Token Alerts, to keep an eye on the best altcoin opportunities. The latter allows you to run a unique on-chain query on autopilot to automatically detect new altcoin opportunities as they appear. For example, you can use Moralis Money Token Alerts to spot Dogecoin once it starts gaining on-chain momentum:
Find the Next Dogecoin Using Moralis Money
As mentioned above, individual Moralis Money token pages are just a bonus feature offered by this on-chain tool. The core power of this tool comes in spotting the best altcoin opportunities at any given time by running on-chain queries.
So, it doesn’t really matter what your answer to the “is DOGE coin dead?” question is. After all, your main goal is to make profits with alts. As such, start using Moralis Money to generate dynamic lists of token opportunities.
The fastest and simplest way to get going is to use one of the preset filters on the homepage:
However, since preset filters are available to all users, you want to get comfortable running your unique filters sooner rather than later. As such, make sure to access the Token Explorer page, select metrics, values, and timeframes, and run your queries:
Once you find filters that return good results, save them using the above-demonstrated sequence. Then, you’ll be able to start running them on autopilot.
Whenever new altcoins match your parameters, you’ll receive an email notification with further details. By clicking on the links for each token, you’ll land directly on the respective Moralis Money token page:
Visit Moralis Money or use the interactive widget below to put the above instructions to practice today! It’s time to move beyond the “is DOGE coin dead?” and “will Dogecoin reach $1?” questions and discover new crypto opportunities today!
It could be a new meme coin, like MESSI, CR token, INEDIBLE, DUMMY, etc., or upcoming DeFi projects. Whatever the case, the altcoin trading alert feature offered by Moralis Money can help you spot new opportunities on autopilot!
Make sure to lock in the Pro plan to access all the lower timeframes!
Is DOGE Dead, or Will Dogecoin Reach $1? – Summary
So, is DOGE dead? Also, will Dogecoin reach $1? At this point, you can confidently answer these questions! Plus, although we can expect a $1 price prediction for DOGE, you now know that predicting future prices is quite tricky. TA can be a great tool; however, it is far from perfect and can be way off, especially with meme coins.
Additionally, there’s another wild card affecting DOGE: Elon Musk’s tweets. As such, any price predictions for this meme coin are highly speculative.
You also discovered a powerful tool allowing you to detect altcoin opportunities early. So, whether you want to ride the $1 DOGE rally or any other altcoin’s price swing, Moralis Money is the answer! Moreover, thanks to the instructions provided in this article, you now know how to start spotting altcoin opportunities with minimum fuss. In fact, you even learned how to automate the process!
So, to sum things up:
- Is DOGE dead? No.
- Will Dogecoin reach $1? In our opinion, the chances of that happening in 2024 or 2025 are quite high.
- Move beyond DOGE and start finding the best altcoin opportunities at any given moment!
- Lock in Moralis Money Pro before the next price increase!
