It has also said that the surge will be short-lived
- A vast majority of the panel however feels that the meme based DOGE is a bubble
- The image of DOGE has played a significant factor in its price
- Public perception does not equate intrinsic value
Finder’s Dogecoin price predictions report predicts that Dogecoin(DOGE) is all set to hit $0.42 at End of 2021. However it has also said that the surge will be short-lived.
A vast majority of the panel however feels that the meme based DOGE is a bubble. Xavier Segura, Morgan Creek Digital general partner, feels that DOGE prices are being pumped up by public perception, and that it lacks any real utility.
Value is based upon utility along with developer community not public perception
The image of DOGE has played a significant factor in its price. However public perception does not equate intrinsic value, where utility along with developer community support are two key tenets of value.
Forrest Przybysz, Token Metrics senior cryptocurrency investment analyst, feels that DOGE will grow just like the rest of the market and there would be brief instances of violent speculative pumps like before.
A section of the panelists thinks that DOGE prices could collapse as soon as this year, with just over half of panelists who say the currency is destined to grow (55%). They also added that it’ll happen at some point in 2021. Meanwhile, 42% think it’ll surge in 2022, and 3% say 2023.
John Hawkins Senior Lecturer University of Canberra feels that DOGE will be worth$0.15 at the end of the year and $0.05 at the end of 2025. Incidentally he is also one of six panelists who foresee that the value of DOGE will become $0 by 2030.
Hawkins also scoffs the belief that 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 added Hawkins.
Pump and dump the rationale for potential price gains
A small section of the panelists were of the opinion that by 2030 price could be anywhere between $5 and $3. Cake DeFi CEO Julian Hosp and Trade the Chain co-founder Ryan Gorman were two of the most bullish, both pointing to “pump and dump” as the rationale for potential price gains.
Gorman also said that con artists will continue to pump and dump this scam coin until it is outlawed. Jonathan Zeppettini, Decred’s international operations head also took Gorman’s line and said that DOGE experiences pumps and dumps. Zeppettini added that people who have invested money in DOGE on speculation and past performance must not be surprised if they lose money. DOGE is a meme coin which was created in a few hours and investors must not forget this when they invest in Dogecoin.
Ajay Shrestha, a member of the panelist and PhD Candidate at the University of Saskatchewan thinks Dogecoin value can touch $1 mark but added a rider to his prediction-It could happen only if Dogecoin receives continuous support from Elon Musk, CEO of Tesla. Desmond Marshall also had somewhat the same opinion and he said to track Dogecoin price status one should keep an eye on what Musk and Redditors are saying about the coin.
Rouge International managing director drew a similar link, simply suggesting that to predict the price of DOGE, you’d need to track
Almost half of the panelists were of the opinion that the success of DOGE and other meme coins are having a bad effect on the crypto currency segment and is undercutting the legitimacy of the cryptocurrency market, while 15% are unsure on that point.
University of East London senior lecturer Dr.Iwa Salami said that if Doge and other meme coins are not contributing in improving the business, services and the lives of ordinary people and is riding a wave based on hype only, then it is not good for the industry as a whole.
Dogecoin has a place in cryptocurrency folklore but simultaneously there are some serious questions which need to be addressed. Its survivability is still under question in the crowded and increasingly professional world of cryptocurrency.