It’s value increased in 2021 as the cryptocurrency markets recovered, gaining popularity on social media and spurring the creation of additional coins with Shiba Inu dog themes.

In order to provide a framework for governance and support for the development of the project’s community, the Dogecoin Foundation was established in 2014. Elon Musk unusually favors DOGE over other cryptocurrencies.

Furthermore, even in the context of cryptocurrency markets, the price of coin fluctuates wildly because social media communities are to blame for notable price peaks and subsequent crashes that garner mainstream media attention.

Doge Price Prediction:

The Dogecoin ticker, which represents the blockchain’s native cryptocurrency, has had a difficult month thus far. In response to weaker-than-expected US inflation data on Tuesday, Dogecoin struggled to maintain its upward momentum, failing to break through $0.095 after hitting resistance at its 21 and 50-Day Moving Averages.

The dog meme-inspired cryptocurrency has since fallen back under $0.09 once more on Wednesday as a result of the US Federal Reserve’s latest policy announcement, which was more hawkish than the market had anticipated in terms of the need for additional interest rate increases.

DOGE/USD is currently trading at around $0.089, down about 2.3% on the day on Wednesday, about 4.0% this week, and about 16% this month. Thus, price projections are still cautious.

The bulls were hoping for a “Santa Rally” to save the day, but it is currently looking much more likely that Dogecoin will replicate its December in 2021, where it lost over 20%, rather than its December in 2020, when it surged 24%.

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