Dogecoin Price Prediction 2019: Same Story, Same Target, Different Time (May 19th Update)

Mid May Update: Technicals


The 4h timeframe portrays a nascent bullish reversal – DOGE clearly bottomed out at 34 sats after forming a quadruple bottom before shifting gears and heading back up. It is now sitting at 40 sats and trying to reach the breakout zone of 46 satoshis. The price is gliding along the EMA20 and it did a bullish cross with the MA50. The short term key moment is when the price reaches the Fib236 level and MA200 at 46 sats – if it gallops through it, the next stop is at 60 satoshis and Fib50.

If it fails to reach or break the 46 sats, another leg lower to the 34 sats support is on the cards.


Another confirmation of the intermediate trend reversal is the doji candlestick formation on the daily chart that happened couple of days ago. Also, volume is picking up while CCI and RSI are both only entering the “normal” range from the oversold areas. On the other hand, all moving averages are above the price action in the bearish setup, so DOGE needs to burst through them before a real bull initiation is proclaimed. The other thing we need now for the Dogecoin rocket to launch is bitcoin to go sideways, at least for couple of days.



Trading volume is worrisome – reported volume in the last 24hrs is $33m and “Real 10” (trading volume on the exchanges that provably prevent wash trading) volume is almost non-existent and amounts to only $330k since DOGE is not listed on many legit exchanges. This means that DOGE’s liquidity is highly inflated and has very low liquidity. As you evaluate investments, and consider your overall portfolio, liquidity should be an important factor. Basically, liquidity is the ability you have to convert any asset into other coin or fiat quickly. It is also an ability to buy or sell a security without affecting the asset’s price.

On the other side, DOGE comparatively has a solid buy support, according to Buy support is measuring sum of buy orders at 10% distance from the highest bid price. This way we can eliminate fake buy walls and whale manipulation and see the real interest of the market in a certain coin. DOGE currently has a sound $2.4m of buy orders measured with this method, which sets DOGE buy support/market cap ratio at 0.80%, an above average value. Bitcoin and Ethereum have a 0.27% and 0.28% ratios, respectively. This novel metric indicates there are a lot of manipulations, inflated liquidity and fake orders on all crypto trading pairs, including DOGE pairs.

Mid May Update: Fundamentals


User Activity is comprised of Project Utilization and Network Activity



Dogecoin has been ranked as the B category – basic with overall 701 points as of May 5th. By far the strongest metric that contributed to this great score is user activity that got 924 points, followed by market maturity with 644 and developer activity that had only 539 points. This data indicates that Dogecoin is actively used as is right now but the improvements and new developments on the network are not being worked on which is not a good sign.


  • Aside of Elon Musk joking on Twitter about being a CEO of Dogecoin, nothing worth jotting down happened in Doge ecosystem in the last month or so.


General Market Movements and Sentiment Shift



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So why does the token exist then?

– To make the project founders rich.


Needless to say – stay clear of such projects.

Our DOGE Price Prediction for 2019


In general:


When Bitcoin goes up swiftly, it will likely:

  1. Suppress or depress altcoins as money flows into Bitcoin;
  2. Or, take altcoins along for the ride

In cases when Bitcoin plunges, it will likely:

  1. Depress altcoins as money flows into fiat;

When Bitcoin moves sideways, it will likely:


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DOGE-BTC Price Correlation



Based on the correlation analysis, BTC and DOGE have a strong positive relationship. The correlation coefficient of their prices is 0.44, which was calculated based on the previous 100-days’ price dynamics of both currencies.



Vitalik Buterin, co-founder of Ethereum said:


Dogecoin Future Outlook


If we are honest, there is not much going on for Doge aside of this welcoming and ardent community. It is unreasonable to expect a long-term Dogecoin survival if that is the only hinge for the project.

Why will Dogecoin succeed?

Reasons for Dogecoin to go up and rise in price are scarce. It is still one of the favorite jokes around, even Elon Musk joins the fun occasionally but we simply do not see the grounds for Doge long-term success. Its use case is already taken up by bitcoin and other more serious projects. Dogecoin could hybernate its way into the future as a sentimental value that early adopters keep cherishing and using for meme and joke purposes.

Why will Dogecoin fail?

The biggest threat to Dogecoin is one of their biggest advantages: their use case. This is a joke coin – never meant to stay alive this long, nor to reach these market caps and market exposure. Eventually, the joke will stop being funny and the project will get delisted and effectively killed by the exchanges.

Will Dogecoin ever reach $1?

Every option is a possibility but with different probability of happening. Should bitcoin enter a bull run similar to the one from 2017, Doge can surely climb up to its previous all time high, but reaching $1 is a holders pipedream and borderline fantasy.

Is Doge dead?


All of this summed up means one thing: Dogecoin might live through couple of orchestrated and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.

Price will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect DOGE will do them either. The price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership.

Dogecoin can’t be killed

Ever since its founder Jackon Palmer departed the community in 2015, the development has waned and prophecies about imminent Dogecoin death started floating around. However, as one of the Doge developers told CoinDesk back in 2017, it is pretty hard to “kill a cryptocurrency”.

“Cryptocurrencies are “a bit zombie-like”, Nicoll said. “It’s very, very hard to kill a cryptocurrency.”

Some might call a valueless cryptocurrency ‘dead’, but that would be missing any educational or entertainment value the token might provide. For instance, Nicoll said even after the 2014 fork, shibes were moving the old version of the coin around for about five or six months.

“It was a functional currency, but you couldn’t use it at shops or on exchanges. We don’t know why they were doing it, but they were having a whale of a time,” he said.

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But how do you really kill it? The proverbial headshot for a ‘zombie coin’, according to Nicoll, would require removing the original code from GitHub, making it exceedingly hard to recreate it since very few people keep copies of source code material. Yet the nature of open-source software means that, in that rare instance, copies of the code could still be floating out there somewhere on the internet.”

The bright side

Dogecoin was originally created as a joke, referencing a meme about a funny-looking Shiba Inu dog that gained wide popularity on the internet.

Doge is already being used by places that accept crypto like Bittrefill, som small businesses use Doge too

Doge is one of the most active chains, it’s even arguably the most active chain when you divide the market cap by transaction activity –

Among top altcoins it has the best average active addresses for the past three months

Doge is already ahead of the curve and is functional as it is, so an often outcry for ostensible lack of development is not grounded in solid logic. Why change a winning team? The protocol is working, developers deploy minor tweaks as necessary to keep the train running, community is using it with no issues so the so much sought development is inessential. There is also a false comparison made by some crypto fans – fixing a broken protocol is a must if you want to survive (looking at you Ethereum), changing a working protocol is not only non-essential but also uninvited. The discrepancy in development activity is a logical consequence of such state of affairs.

Since its creation, the cryptocurrency’s popularity and value has achieved stratospheric heights. A passionate online community has developed over the years with many loyal supporters of the coin. The community has done some incredible things with Dogecoin, from utilizing the cryptocurrency to raise fundsfor the Jamaican bobsled team to go to the Sochi Winter Olympics to funding a project to build a well in rural Kenya to provide access to drinking water.

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In the sidebar of their subreddit there is a list of charity events in which community takes part.

It has the ongoing DogecoinSocksForTheHomeless Which has been ongoing for well over a year now. Dogecoin Folding The longest ongoing charity related thing for Dogecoin. There is also DogePizza which is more sporadic than the previous two.

Common misconception about the lack of development

One of the core devs tackled this misleading information that tends to spread around in crypto press (we also falsely reported about lack of development on Dogecoin Core client in one occasion):

“Actually I can, and I can back it up factually.

Dogecoin 1.10 release 11/10/2015

Dogecoin 1.10 recent changes Master branch changes – 1/21/2018

Dogecoin 1.10.1 release 4/24/2016

1.10 has only been out barely 3 years, it turned 3 on the 10th of this month.

1.14 has been out in public testing since 2/4/2018 1.14 public Alpha

1.14 is also into beta testing now 1.14 Beta 11/16/2018

I understand math is a hard thing, however given that many assets in the space have a developmental standard which Dogecoin does (this is an actual programming, and coding standard for public released programs and software that is generally space wide) Using a website that tracks only the primary branch, ignoring ongoing work is a flaw. Especially as some assets in the crypto space not only do not do work on their master branches, but will direct users and use their active branches as the developmental launch platform post release instead of migrating it to the master branch to retain transparency in relation to the codebase in full from launch.”

Use cases emerging

Biggest ace in the sleeve for Doge future is its current most frequent application as a tipping currency. With websites like Litebit, Anycoin, Suchlist, keys4coins, dogegifts, clockworkcrypto and an official Reddit tip bot (there is talk of a Telegram tip bot as well), more and more ways of spending your DOGE are popping up by the day.

Check out our list of most used litecoin wallets.

Dogecoin is very much in line with the United States’ “tip culture”, and with the rise of reward culture on the Internet in the world, Dogecoin will also be widely used. Compared to expensive Bitcoin, the threshold for Dogecoin is even lower, and it’s much cuter. Dogecoin could become the most popular “tip cryptocurrency” in the U.S. Internet.

Despite the bear beating the Doge during this extended period of crypto slaughter, 1 Doge is still worth 1 Doge and much wow is not going anywhere!


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