We know Elon Musk loves Doge Coin and at Digital Wager Wire, we investigate BetOnline’s End of Year Dogecoin price market and ask – where is Doge heading?
On writing this article for Digital Wager Wire, Dogecoin sits at 9.7 cents in the dollar and that sets the market over/under with Bovada at 8.5 cents with the over a strong favorite at (-200) given it is set already below that current value.
A Brief History of Dogecoin (Doge)
In our previous coverage of Dogecoin at Digital Wager Wire, we found the coin was invented a decade ago by Billy Markus and Jackson Palmer as a bit of fun with a meme-like meaning in the industry. Since which, the coin has acquired itself a cult following, which was suitably enhanced by Elon Musk the CEO of “X” formerly known as Twitter. The polarising figure has used the Doge logo of a Shiba Inu on the social media platform on his timeline more than once which has prompted surges in value on each occasion.
Doges ftw pic.twitter.com/bl0trQ7BdU
— Elon Musk (@elonmusk) July 19, 2023
Owners, Markus and Palmer have often stated they have no connection or affiliation with Musk. They believe the reasons for his involvement are purely Musk’s with the fifty-two-year-old South African rumored to own just under a third of all the Doge coins in circulation, which is said to be just under 100 in total.
Indeed, there have been many accusations that Musk’s influence over the coin’s value is unfair, which certainly drives against the ethic and fun element that Markus and Palmer brought the coin to market with!
Where is Doge Heading?
Doge has been in circulation since December 2013, and just celebrated its tenth anniversary.
Long-term Dogecoin (Doge) is a strong commodity
It is a very stable commodity in the cryptocurrency world, but sadly its price can be open to severe manipulation at times on social media. Long term this is no problem at all because the coin has become very marketable by other strong sources such as the Dallas Mavericks, Watford Football Club, Snoop Dog, Gene Simmons, and Mark Cuban.
Equally short-term Dogecoin is not the most solid investment
The flipside of Dogecoin is that short-term investors, traders, and scalpers look elsewhere for their business. The price is driven by the market forces at the time amongst the members who love to interact on forums and across different social media platforms. Therefore, when there is a lull in activity no one can predict short-term movement, except maybe Elon Musk, although he denies those allegations.
If you are privy to the information that the business mogul is about to take to the platform you would make a killing, but with Musk wielding effectively an ownership for just under 30%, it frightens the day traders away.
The Issue Is We Are Betting on the Next Three Weeks Effectively
For our bet and the end-of-year prediction, here at Digital Wager Wire, we cannot see the value of the coin falling under 8.5 cents, which effectively would be a drop of over 12.5% in the next three weeks.
BetOnline Market – settled on Monday, January 1st, 2024
End-of-Year Dogecoin Price
- Over 8.5 cents – (-200)
- Under 8.5 cents – (+150)
The question is, should we be betting at BetOnline’s (-200) about the Dogecoin price staying above 8.5 cents?
Let’s break down the numbers.
At (-200) Dogecoin would have to stay above the 8.5 cent threshold on at least 66.66% of the time for a bet to be breakeven or better.
Let’s now be conservative in our estimation. On two occasions in the last 12 months we have seen Doge drop by over 12.5% in one hit, so that means effectively the coin will stay above 8.5 cents on 80% plus of the occasions we bet it to in any three-week period.
Here at Digital Wager Wire, our conclusion and advice are to bet that Dogecoin (Doge) will stay above 8.5 cents by the beginning of 2024
Digital Wager Wire Pick: End of Year Dogecoin Price Over 8.5 cents – (-200)
