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Crypto community with 85% historical accuracy sets Dogecoin price for July 31

The price of Dogecoin (DOGE) is rising in unison with the crypto market, and top altcoins by market cap, slowly gaining ground after the United Stated court’s decision on Ripple’s lawsuit this week. Notably, DOGE just reached a monthly high this Saturday (July 15th) and is currently trading at $0.07327 per coin. As of writing, the cryptocurrency has experienced a price increase of 21.92% in the last 30 days.

To determine the popular memecoin’s value for the end of the month, Finbold turned to the price estimates of the crypto community at CoinMarketCap, which has an 85.43% historical accuracy on predicting the end-of-month price for Dogecoin based on estimates made over the last six months.

In this line, based on 286 votes as of July 15, DOGE is estimated to trade at an average price of $0.0822, expecting around 12% of price appreciation for the next two weeks, from the cryptocurrency’s current price.

Dogecoin (DOGE) price estimations. Source: CoinMarketCap

Estimations are made as per community voting on CoinMarketCap, which has shown an average of 85.43% accuracy in the last six months.

Dogecoin (DOGE) price estimations accuracy. Source: CoinMarketCap

However, it is crucial to recognize that past performance does not guarantee future results. While the community’s track record is noteworthy, it is essential to consider other factors that can influence the price of DOGE in the future.

Dogecoin (DOGE) price history and volatility

As of July 2023, Dogecoin is the most popular and valuable memecoin in the cryptocurrency market, supported by a faithful community that varies from enthusiastic meme lovers to accurate traders and known investors like the billionaire Elon Musk.

The price trajectory of DOGE has undeniably captivated the attention of numerous investors in its history, as it continuously presented a good performance, despite the critics. Currently, DOGE sits among the most valuable crypto assets ranking as the 9th largest cryptocurrency on CoinMarketCap, with over $10 billion USD in market capitalization.

July has been a good month for this crypto asset so far, which is managing to make higher highs and higher lows in its monthly price chart.

Dogecoin (DOGE) overview. Source: CoinMarketCap (registered on JUL 15, at 09:30am UTC)

This memecoin also has a high volatility history, being capable of presenting huge changes in price in a short period of time. Upwards or downwards. Elon Musk has already being accused of pumping DOGE with public actions, such as changing the Twitter logo to a Shiba Inu dog — which represents the cryptocurrency — or making provocative tweets related to Dogecoin.

The current surge happens amid a moment of high enthusiasm in the crypto market, where investors start to put high expectations on altcoins, after the United States court ruling favorably on the SEC vs Ripple’s lawsuit.

Most altcoins are surging as Bitcoin Dominance falls below 50% of the entire market’s capitalization on CoinMarketCap, after weeks of BTC receiving all the protagonism on price performance versus its competitors.

Musk also likes to present Dogecoin as one of these real competitors to the market leader, as an alternative to fiat currencies. Additionally, when Musk expressed the idea of accepting DOGE for Tesla merchandise in December 2021 and January 2022, the memecoin saw significant price spikes.

Beyond its meme status, Dogecoin’s core intention was to be a more accessible peer-to-peer digital currency than Bitcoin, a potential that Elon advocates.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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