How likely is Dogecoin to make the $1 dream come true? Experts answer
While Dogecoin has lost much of its value over the past months, some investors still see a bright future for the token due to the influence it has gained in the cryptocurrency community. But how much chance does Dogecoin have to live the dream of reaching the price of “one dollar” and how long could such an event take?
To Report Finbold, the price of Dogecoin has been fluctuating over the past weeks, influenced by the general sentiment of investors towards the digital currency market. Meanwhile, some investors are still concerned about whether Dogecoin can one day reach $1.
Now that we are reviewing this issue, each Dogecoin is trading at a price equivalent to $0.062; This means that the price must experience a jump of 1,500% from here in order to realize the dream of this meme coin becoming one dollar for its holders.
If we look at the performance of Dogecoin in recent days, we can see that this digital currency has lost about 11% of its value in the last 7 days and more than 18% in the last 30 days. The market value of this digital currency, which was once (May 1400) 85 billion dollars, has now decreased to 8.3 billion dollars.
Experts predict the future of Dogecoin
Finder Institute has surveyed 33 experts active in the digital currency industry, Web 3.0 and fintech (financial technologies) to predict the price of Dogecoin at the end of 2022. The results of this survey show that Finder experts expect the price of Dogecoin to grow to $0.16 by the end of this year.
If we look at Finder’s January predictions, when the market had not yet fallen this far, we see that these experts at that time expected Dogecoin to be close to $1 (0.92) by the end of 2030. dollars) to reach Currently, however, the forecast of Finder experts is not as bullish as before and they now expect the price of Dogecoin to reach $0.54 at the end of 2030; Almost half of the previous forecast.
Finder analysts predict that the price of Dogecoin will reach $0.32 by the end of 2025, while they previously expected the price of Dogecoin to be $0.57 this year.
Fred Schebesta, the founder of Finder, says about Dogecoin:
As the main meme coin of the market, Dogecoin has a special place in the world of digital currencies. This issue should not be underestimated in this market; Where breaking the traditional rules to determine the value of an asset is a common pastime. Investors can wait a bit to see in the future the number of meme coins will increase and projects will come and go; But Dogecoin will forever be the main memecoin of the market. It is not out of mind to expect the market to remember this coin meme from time to time.
Also read: What is Dogecoin? Everything you need to know about this cute cryptocurrency + video
On the other hand, Vanessa Harris, the senior product manager of the Permission platform, which is active in the field of Web 3.0, says that the emergence of meme coins such as Dogecoin and Shiba Ino is a product of the change in the digital currency market in 2021; When such tokens were able to attract the attention of new investors.
Vanessa says:
These tokens are doomed to be abandoned in the future. In 2022, we will see the shine of these digital currencies fade, as their lack of real efficiency will attract investors to more efficient assets. In the future, there may be no traces of meme coins among the top 100 currencies in the market; But these tokens will always have a place in their hearts because of their cuteness and the special attachment they have created between users.
To value this digital currency, the Dogecoin Foundation has recently prepared a roadmap that includes details on how to increase the efficiency of this project. However, 53.5 percent of the 28 experts surveyed by Finder say that Dogecoin is not capable of transitioning from a meme coin to a utility token. 17.9% believe that this token will succeed in this change and the remaining 28.6% have not given a specific opinion in this regard.