Key Takeaways:
- The price of Dogecoin has been out shaded throughout 2022, causing the price to remain stable.
- Despite a couple of bullish interference, the DOGE price failed to sustain above the gained levels and hence dropped heavily.
- With a slight change in the market trend, the token is believed to pull another leg up but only after experiencing a slight pullback to the immediate support.
- The DOGE price closed the previous day’s trade at $0.0883 with a market capitalization of $12.14 billion with a circulating supply of 132.67 billion DOGE.
Dogecoin Price History: 2022 Year in Review
| Month | DOGE Price | % Change |
| Jan | $0.1395 | -23.40% |
| Feb | $0.1231 | -1.53% |
| March | $0.4132 | +11.04% |
| April | $0.135 | -16.19% |
| May | $0.08787 | -33.48% |
| June | $0.06948 | -24.84% |
| July | $0.06964 | +20.38% |
| August | $0.06153 | -14.01% |
| Sept | $0.06074 | -2.81% |
| October | $0.1178 | +112.85% |
| November | $0.1018 | -25.71% |
| December | $08767* | -14.27% |
Additional Read: Top Altcoins 2022
This is How Dogecoin Price Performed in 2022
Source: Tradingview
The year 2022 was considerably bearish ever since the beginning which was further fueled by multiple events. The DOGE price, however, maintained a steep descending trend throughout the year with a lower volume. Moreover, multiple events related to Terra, Celsius, etc compelled the price to remain largely consolidated as bears maintained enough strength to restrict the price.
However, the DOGE price gained huge bullish momentum and surged high slicing through the 200-day MA which it traded below since the beginning of 2022. The volume spiked up creating massive volatility that enabled the price to reclaim the lost levels above $0.1. However, the FTX fiasco dragged the price lower and due to frequent rejections, the rally strength appears to have been hampered largely.
Hence a bearish close for the year 2022 appears to be imminent.
Bitcoin Technical Analysis for 2022
Source: Tradingview
- The DOGE price traded along the descending trend line through out the year while the volume depleted but the volatility remain within decent levels.
- The price rose high but just turned out to be a fake out which is closer to repeat with a significant leg down.
- With the continuation of the bearish trend, the DOGE price could test the lower trend line again and attempt for a rebound.
- If it failed to do so, it may signal a fake out and close the yearly trade close to $0.06 else may rise to $0.12.
Dogecoin Price Prediction 2023
Source: Tradingview
The DOGE price raised significantly high above the trend line after trading below these levels for quite a long time, before the beginning of 2022. However, just before the end, it made a bullish move, yet could be compelled for a bearish close for the year. In such a case, the price may remain consolidated throughout Q1 2023. A notable recovery may be expected during Q2, but it could be mainly consolidated in a slight elevated trend, mainly due to the bears remain passive.
During the second-half of 2023, the bulls may try hard to rise the price high, but eventually the lowered volume may hinder the progress. It could be Q4 2023, wherein the markets may be gearing up for a strong upswing or even a bull run. Hence, much similar to 2020, the prices may rise slowly and by the end of 2023, the upswing could have intensified uplifting the DOGE price beyond $0.2.
Additional Read: Dogecoin Technical Analysis
Dogecoin Price Prediction 2024
Source: Tradingview
The year 2023 could be largely consolidated but in an ascending trend which could have given enough boost to the DOGE price to begin 2024 trade on a bullish note. The year 2024 have every possibility to remain extremely bullish with the DOGE price making to its ATH and also form a new one. However, the price may still be distinct from the $1 milestone as the bears appear to have held a strong grip around the ATH at $0.8.
In that case, the price may face a rejection just before it reached its ATH and undergo a notable pullback. However, the plunge may certainly not be a steep one as it happened before, but may could be enough to push the token in an extended consolidation. Meanwhile, by the end of 2024,could have ignited with a recovery after halting the downtrend. Hence the price levels could be somewhere around $0.5 to $0.65.
Dogecoin Price Prediction 2025
Source: Tradingview
In the longer time frame, Dogecoin continues to be bullish in nature, as the prices then may have significant strength. Therefore, could maintain a firm upswing to reach the desired target at $1. However, the price may surpass its current ATH to form a new one, but just before reaching the milestone and experience a pullback.
During the H2 2025, the bulls could gear up to rise the price high but eventually end up consolidating within a very narrow range. The price could trade within a pre-determined resistance & support levels and accumulate strength to breakout of the consolidation. Further, by the end of the yearly trade, the price may rise beyond $1 and sustain above these levels.
| Year | Dogecoin Price Prediction |
| 2022 | $0.092 to $0.105 |
| 2023 | $0.198 to $0.21 |
| 2024 | $0.35 to $0.56 |
| 2025 | $0.78 to $0.92 |
Read more: Dogecoin Price Prediction 2025
Overview of Dogecoin On Chain Analysis:
Daily Active Address
Source: Santiment
The daily active addresses(DAA) indicates the number of address interact with the platform, regardless of whether they are buying or selling or swapping. It indicates the rising or draining sentiments of the market participants over the time. A rising daily active address implies the rising sentiments among the traders due to which they interact with the platform and perform numerous transactions.
In case of Dogecoin, the DAA maintained a decent levels from past couple of months, regardless of the trend of the price. However, the number has dropped in the recent times which signifies the loss of interest on the token as less transaction are been recorded at the moment. Therefore, the price may be negatively impacted, as the token could be less volatile with reduced volume.
Whale Accumulation
Source: Santiment
The whale accumulation is one of the important indicator which may determine the upcoming price action of the token. The address holding huge amounts of tokens, usually referred as Whales grab a large market share as the markets wrap up the bearish trend. With the announcement of the accumulation, the traders usually be bullish about the token whales hold.
The DOGE whales appear to be pretty bullish on the price and hence have been accumulating heavily of-let. These accumulations suggests the DOGE price could rise high, igniting the rest of the crypto space as it did earlier in 2021.
Dormant Circulation (3 years)
Source: Santiment
Dormant which means to remain stagnant or have not been moved for a long-time, signifying the whale or a long-term holder movement. This would create a sense of FUD or Fear Uncertainty, and Doubt within the market participants. The above chart shows the number of tokens which have not moved in the past 3 years that were transacted in a day.
Should you Invest in Dogecoin in 2023?
Dogecoin has been one of th popular altcoins which have been displaying drastic price variations in either direction. It also has to be noted that, the DOGE price rally in 2021 attracted many celebrities and also was one of the reasons for the beginning of the 2021 bull run. However, the following plunge was also massive which also dragged the entire crypto space onto its knees. Hence, in-depth research and analysing of the right entry & exit points is imperative before investing in Dogecoin or any other cryptos.
Top Crypto News of 2022 that Impacted DOGE Price
- The Dogecoin price was deeply impacted by the failure of the Terra ecosystem which slashed the price by half.
today's attack on Terra-Luna-UST was deliberate and coordinated. Massive 285m UST dump on Curve and Binance by a single player followed by massive shorts on Luna and hundreds of twitter posts. Pure staging. The project is bothering someone. 🌝 on the right path!
— Caetano Manfrini 🔺 (@caemanfrini) May 8, 2022
- The price maintained a steep descending trend, but during the last few days of October, the rounds of Tesla CEO, Elon Musk purchasing Twitter, spike DOGE price high.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
- The Terra and the Celsius collapse created a ripple of fallouts within the markets like 3AC, Voyager Digital, etc with the recent platform to be the popular crypto exchange FTX, creating another wave of fallouts impacting BlockFI, Genesis, etc.
1) I'm sorry. That's the biggest thing.
I fucked up, and should have done better.
— SBF (@SBF_FTX) November 10, 2022
- Further the price led a significant upswing when Elon Musk hinted adding Dogecoin to the payments to Twitter.
— Elon Musk (@elonmusk) November 1, 2022
Additional Read: Top Crypto News Today