Featured Image: Shutterstock/Enfoca y dispara 5.18.2023 8.14.2021
Dogecoin (DOGE) is set to hit $0.42 by the end of the year, according to the average panel forecast in Finder’s Dogecoin price predictions report, but any increase the coin sees could be short-lived.
In fact, a vast majority of the panel (80%) thinks that DOGE is a bubble.
Morgan Creek Digital general partner Xavier Segura thinks DOGE prices are being propped up by public perception, and that it lacks any real utility.
“Public perception has undoubtedly played a significant pricing factor for crypto. Perception, however, does not equal intrinsic value, where utility along with developer community support are two key tenets of value,” he said.
Token Metrics senior cryptocurrency investment analyst Forrest Przybysz thinks DOGE will grow in tandem with the rest of the market, which will be followed by “violent speculative pumps” like we’ve previously seen.
Some panelists believe that DOGE prices could collapse as soon as this year, with just over half of panelists who say the currency is destined to pop (55%) also saying it’ll happen at some point in 2021. Meanwhile, 42% think it’ll pop in 2022, and 3% say 2023.
University of Canberra senior lecturer John Hawkins predicts that DOGE will be worth $0.15 at the end of the year and $0.05 at the end of 2025. He is also one of six panelists who predict that DOGE will be worth $0 by 2030.
“Dogecoin seems largely dependent on Elon Musk’s erratic tweets. It is barely used as a payment instrument and has proved a very poor store of value,” Hawkins said.
However, a handful of panelists are far more bullish on the coin’s end-of-year prices. Cake DeFi CEO Julian Hosp and Trade the Chain co-founder Ryan Gorman had two of the most bullish 2030 price predictions at $5 and $3, both citing “pump and dump” as the reason for potential price gains.
Gorman went as far as to say that “con artists will continue to pump and dump this scam coin until it is outlawed.”
Decred’s international operations lead Jonathan Zeppettini also said DOGE experiences pumps and dumps.
“People who speculate on it should not be surprised if they lose their money. After all, it’s a Doge-themed meme coin that was created in a few hours,” he said.
PhD Candidate at the University of Saskatchewan Ajay Shrestha thinks DOGE will end the year at the much-speculated-about $1 mark, but added a qualifier, saying that this will only happen if DOGE receives continuous support from Elon Musk.
“Only if Dogecoin receives continuous support from Elon Musk. Otherwise, it wouldn’t get such hype,” he said.
Rouge International managing director Desmond Marshall drew a similar link, simply suggesting that to predict the price of DOGE, you’d need to track what Musk and Redditors are saying about the coin.
Just under half of panelists (46%), including University of East London senior lecturer Dr. Iwa Salami, say that the success of DOGE and other meme coins is undercutting the legitimacy of the cryptocurrency market, while 15% are unsure on that point.
“The simple question to ask is – what is Dogecoin contributing to improve businesses, services and the lives of ordinary people? And is it able to make a useful contribution in this way in [sic] future?” Salami said. “If the answer is no, but the price continues to be driven by who talks it up or down, this certainly is not good for the credibility of the crypto asset industry.”
COO of BitBull Capital Sarah Bergstrand agrees with Salami in that she believes coins with little to no utility or use cases are bound to lose value over the long run and damage the image of real assets with real value.
Origin Protocol founder Josh Fraser plays the contrarian and is part of the 38% who don’t think DOGE or other meme coins are undercutting the legitimacy of the cryptocurrency market.
“Everything is a meme. All value is assigned by social consensus. And consensus says DOGE has value, whether you like it or not,” he said.
Founder of Finder Fred Schebesta shares a similar sentiment.
“Bitcoin holds the crown as store of value. DOGE holds the crown as a meme. No other blockchain has claimed a crown for the purpose it stands for. Like it or not, DOGE is here to stay, even if it’s just for a good joke between long-term crypto fans. The cryptocurrency market does not care if people understand, support or deny legitimacy. It speaks only by way of money, innovation and adoption,” he said.
A few panelists, including lecturer of law at the University of Liverpool Matthew Shillito and FX/crypto market strategist at Quantum Economics Imran Yusof, are unsure.
Yusof put it the following way.
“As far as I’m concerned, Dogecoin is a commodity people are willing to trade – as long as people can trade in Dogecoin and earn profits in the form of the legal tender of the day. Whether or not it’s undercutting the legitimacy of the crypto market depends on which newspaper you read.”
Read the full report over at Finder.com.
Zak Killermann is a writer at Finder who’s been specializing in cryptocurrencies and blockchain technology for four years, covering everything from ICO booms to crypto winters, memecoins and more. He’s mined and minted cryptocurrencies, and remembers the days when DOGE was just for fun. Zak’s focus is on breaking down technical concepts (like yellow papers) for average folks to digest on their morning commutes. Before diving into all things crypto, Zak contributed to Finder’s money transfers vertical.
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