With the price of Dogecoin (DOGE) fluctuating in recent weeks under the influence of overall cryptocurrency market sentiment, investors and traders are wondering if the meme token will improve by the end of the year. and will reach the $1 mark.
According to data released on July 26, July retrieved from CoinMarketCap, DOGE is currently trading at $0.06104, which is $0.939, or 93.896%, from the key psychological level of $1 that many expected the Meme coin would reach by the end of 2022.
In addition, DOGE has lost 5.91% on this day and has fallen 9.80% in the last week, while its market cap is currently at $ 8.11 billion, far from away from the $85 billion market cap it reached at its all-time high on May 5, 2021.
Expert expectations of DOGE
The long-term price forecasts of 33 experts in the crypto and Web3 fintech industry will bring the token’s price closer to $0.16 or $0.84 below the hopeful $1 level by the end of the year, according to the results of the latest finder. Price forecast report on 19. July.
Back in January, before the big crypto routine, these experts believed that the price of DOGE would reach $0.92 (closer to the $1 mark) a little later – by the end of 2030. However, these predictions are no longer so optimistic and now stand at $0.54.
By the end of 2025, these experts expect DOGE to rise to $0.32, contrary to their earlier predictions from January when they predicted it would reach $0.57.
No value without benefit?
According to Finder founder Fred Schebesta, DOGE has a special place in the crypto world as the original meme coin. As he explained:
“This should not be underestimated in the world of cryptocurrency, where breaking traditional methods of valuation is a popular pastime. Investors can probably sit quietly and know that Doge will forever be the original, although there will be more and others will come and go. Perhaps it is not unlikely that the market will remember this from time to time. “
On the other hand, Vanessa Harris, chief product officer at the tokenized Web3 advertising platform approval, believes that meme coins such as DOGE and Shiba Inu (SHIB) were a product of the year 2021 when they attracted the attention of first-time crypto investors, and will inevitably be abandoned in the future. According to her:
“In 2022, we will see the shine fade as the lack of true utility from Memecoins prompts investors to look for more fruitful investments. The dog coins may not survive in the top 100, but they will always have a place in our hearts for the memes and camaraderie that inspired them.”
To increase its value, the Dogecoin Foundation recently released the Dogecoin Trailmap, which details the plans to increase the token’s utility. However, 53.6% of the 28 respondents told Finder The January survey assumes that DOGE will not be able to rename itself from a meme coin to a utility coin.
In comparison, 17.9% of the panel believe that their rebranding could succeed, while 28.6% of the panelists are undecided.
Disclaimer: The content of this website should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.