Apple's Crypto Calculation: Why Dogecoin Could Be A Risky Bet

Apple has had a rocky relationship with cryptocurrencies over the years. In 2014, it removed the Blockchain wallet app from its app stores, leading to accusations of monopolistic behaviour. However, Apple reintroduced the Blockchain app six months later, and there are now more than a dozen different crypto wallets available in the app store. While Apple has not directly invested in Dogecoin, its support for crypto wallets and its own forays into the financial sector suggest that it could be open to exploring opportunities in the digital currency space.

Dogecoin's price history and future predictions

Dogecoin, which was created in 2013, has experienced a turbulent price history, with its value fluctuating significantly over the years.

In 2018, investors seeking cheap altcoins fuelled Dogecoin's market capitalisation to quickly double, reaching over $1 billion. The cryptocurrency then experienced a surge in value in 2021, largely driven by Elon Musk's tweets, leading to an all-time high market cap of around $70 billion in May 2021. However, Dogecoin's market cap fell by the end of that month. Despite this, Musk's continued support helped it recover throughout 2022, and its value increased again in 2024, due in part to the temporary rebranding of Twitter with the DOGE icon.

Dogecoin's price has historically been influenced by social media activity and endorsements from celebrities and influencers, including Elon Musk, Snoop Dogg, and Gene Simmons. In addition, Dogecoin's price movements have been linked to those of other cryptocurrencies, particularly Bitcoin.

As of June 19, 2024, Dogecoin's price was $0.121, with a market cap of $17.7 billion, ranking it ninth by market cap out of all cryptocurrencies.

Looking ahead, analysts have offered varied predictions for Dogecoin's price in the coming years. For the remainder of 2024, some sources suggest that Dogecoin could reach a peak of around $0.13, while others provide more optimistic forecasts of up to $0.22 or even $0.45.

For 2025, predictions range from a conservative estimate of $0.10 to a more bullish outlook of $1.07, with some sources suggesting the possibility of Dogecoin breaching the $1 milestone.

By 2030, predictions vary widely, from a low of around $0.20 to a high of $3.035.

It is important to note that cryptocurrency is a highly speculative asset class, and price predictions should be treated with caution.

The role of Elon Musk in Dogecoin's success

Dogecoin, the world's most famous meme coin, has Elon Musk all over it. When the token first came to prominence in 2021, it was partially because Musk kept tweeting about it, even giving a nod to Dogecoin during his SNL appearance that year. This gave Dogecoin some much-needed public visibility and clout, and it has since gone on to be very successful.

Musk's love for Dogecoin does not come as a surprise for anyone who follows his Twitter feed, which punctuates news of rocket launches and electric car updates with memes and offbeat references to online culture. Musk has also called himself the "Dogefather" and said that Dogecoin is his favourite cryptocurrency because "it has the best humour and it has dogs".

Each time Musk has tweeted about Dogecoin, its price has spiked. When he did it again in 2024, the cryptocurrency shot up in value by $2 billion in the space of minutes. Musk's support for Dogecoin has continued over the years, with the billionaire even funding its development.

Musk has also made sure to incorporate Dogecoin into his electric vehicle and space missions. At Tesla, Dogecoin can be used to purchase select merchandise, and Musk has hinted that it could be accepted as a payment method in the future. SpaceX has also accepted Dogecoin as payment for the rescheduling of the DOGE-1 lunar mission.

The fact that Musk is still supporting Dogecoin so openly years after it hit the scene grants it some level of legitimacy. After all, if Dogecoin's biggest supporter hasn't jumped ship, then clearly there is still hope for it. This support also means that Musk could potentially have Dogecoin be a part of his business ventures.

Dogecoin's utility and future potential

Dogecoin is one of the most well-known "meme coins" and was the first dog-themed token. It was created by Billy Markus and Jackson Palmer in 2013 and quickly gained fame as a fun spoof of Bitcoin. The logo features a Shiba Inu dog, inspired by the "Doge" internet meme.

Dogecoin has expanded its use cases to include online purchases, tipping, and trading on various cryptocurrency exchanges. It is now accepted by several well-known brands and online retailers, including Gamestop, Airbnb, AirBaltic, and Gucci.

Dogecoin's utility is expected to increase further in the future. Developers are creating tools that will allow businesses to integrate the Dogecoin network into their tech stack, enabling customers to pay for goods and services with Dogecoin. Additionally, Dogecoin plans to transition to a proof-of-stake consensus process, which is expected to be welcomed by the crypto community.

Dogecoin's price has experienced significant volatility since its launch. It reached an all-time high of around $0.73 in May 2021, largely due to Elon Musk's tweets and social media buzz. However, it has also experienced sharp declines, such as after Musk's appearance on Saturday Night Live, where he made jokes about the token.

Looking ahead, Dogecoin's price is expected to continue fluctuating. Some analysts predict that Dogecoin will reach new all-time highs in the coming years, with potential surges to $0.80 by the end of 2025 and even $1 by 2030. Others are more conservative, forecasting prices between $0.07 and $0.14 by the end of 2024.

Overall, Dogecoin's strong community, widespread adoption, and potential for future growth make it an attractive investment option for those willing to take on the risk.

Apple's relationship with cryptocurrency

Apple has had a somewhat shaky relationship with cryptocurrency over the years. In 2014, Apple removed the Blockchain wallet app from its app store without providing an explanation, leading to criticism and comparisons to Standard Oil and Ma Bell. This incident highlighted Apple's dominance in the application market for its devices and sparked calls for breaking up the company. However, six months later, Apple reintroduced the Blockchain app, and today there are several crypto wallets available in the app store.

Apple has also been criticised for the lack of transparency and stability of crypto apps on its platform. In 2024, the prominent crypto application Bitget vanished from the Apple App Store, causing concern among its millions of users. This incident was part of a larger pattern of crypto apps, including MetaMask and Trust Wallet, briefly disappearing from the App Store without explanation. Such episodes have intensified the discourse around the security and reliability of these platforms for crypto enthusiasts.

Despite these tensions, there are indications that Apple is warming up to the cryptocurrency space. In 2019, Apple released a "Cryptokit" for its mobile operating system, allowing developers to create public and private keys that can be stored in and managed by Apple's Secure Enclave. This foundation could potentially enable iPhone users to exchange cryptocurrencies in the future. Additionally, Apple's move into the financial services business with the release of the Apple credit card in 2019 suggests a willingness to expand into the financial sector.

Analysts have also speculated that Apple could play a significant role in legitimising Bitcoin and driving mainstream adoption. According to RBC Capital Markets, Apple's large user base could help trigger a unified stance on crypto from both the government and the public. However, as of February 2021, there was no indication of an "iCryptocurrency" or a specific Apple cryptocurrency on the way.

In summary, while Apple's relationship with cryptocurrency has had its ups and downs, there are signs that the company is exploring opportunities in this space. Apple's dominance in the tech industry and its large user base could potentially have a significant impact on the mainstream adoption of cryptocurrency.

Dogecoin's security and storage

Dogecoin can be stored in a variety of wallets, each with its own security features and user experience. The most common types of wallets are desktop, mobile, and online wallets.

Hot wallets, or online wallets, provide quick and easy access to Dogecoins but are more vulnerable to hacking and malware attacks. Cold storage options, such as hardware wallets or paper wallets, keep Dogecoins offline and are ideal for long-term storage and large amounts.

When choosing a Dogecoin wallet, it is important to prioritize security features such as two-factor authentication, encryption, and backup options. Additionally, finding a wallet that fits your user experience needs is crucial for a seamless and convenient cryptocurrency management experience.

• Ledger Nano: A hardware wallet that stores your private keys and signs transactions offline, making them resistant to malicious attacks. It offers several layers of security, including secure element chips and a PIN code.
• Dogecoin Wallet by Freewallet: A digital hosted wallet that provides a high level of security for your assets. It includes security features such as a PIN code lock, 2-factor authentication, fingerprint login, and email confirmation for each transaction.
• Coin Wallet: A high-security and privacy-protected storage option for Dogecoin. It allows users to buy Dogecoin with a credit or debit card, Google Pay, Apple Pay, or exchange with existing crypto.

It is important to regularly update and maintain your Dogecoin wallet to ensure optimal performance and security. This includes keeping the wallet software up to date and implementing best practices such as strong passwords and two-factor authentication.

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