Owing to uncertainty, fear, chaos, geopolitical tensions, and technical factors like the rise in volatility, the crypto market was sunk in blood on Thursday. As most top coins shed 9%-15% of their value over the past day, the meme-leader Dogecoin shrunk by 18%. As a direct result, the token stooped down to a level 10-month low price level of $0.1119.
Amidst the prevailing bearish sentiment, Finder’s panel of fintech specialists have predicted that Dogecoin would to $0.16 by the end of 2022. The said target is notably lower than February’s peak of $0.1711.
As far as long-term projections are concerned, per the panel members, DOGE would likely attain $0.32 by 2025 and $0.54 by 2030. Quite recently Finder came up with a $58 year-end target for Cardano’s native ADA token.
Memes may come and memes may go, but DOGE to go on forever?
Despite recognizing DOGE as a meme coin, founder of Finder Fred Schebesta was, however, quick to point out that it had a special place in the world of crypto. He said,
“While it’s a memecoin, Doge is the original memecoin. This shouldn’t be underestimated in the world of cryptocurrency where breaking traditional methods for identifying value is a cherished pastime. Investors can likely sit tight knowing that while there will be more, and others will come and go, Doge will forever be the original.”
John Hawkins, senior lecturer at the University of Canberra, and Vanessa Harris, the chief product officer at Permission, were nonetheless bearish about the prospects of DOGE. They see its value falling to $0.05 by the end of 2022. Per Hawkins,
“Dogecoin moves with altcoins, but its price is also affected by Elon Musk tweets. These are impossible to predict, but their impact in boosting the Dogecoin price seems to be weakening over time.”
Harris, on the other hand, thinks that meme coins like DOGE are going to be left behind and were a product of 2021.
“2021 was by some estimates the year of the memecoin. DOGE, SHIB and others captured the imagination of first-time crypto investors. In 2022, we will see the luster wear off as memecoins’ lack of true utility causes investors to seek 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 they inspired.”
Is Dogecoin becoming a lost cause?
Well, less than 2 months back, the Dogecoin Foundation had released a Trailmap and outlined a set of undertakings that would boost the utility of DOGE going forward.
In fact, over the past few months, Dogecoin’s development activity has witnessed a macro-inclination, despite witnessing hiccups here and there. The pace of activity on Github too has been going on at a decent rate.
Despite that, over half (53.6%) of the members from finer’s panel don’t see DOGE being able to successfully rebrand itself from a meme coin to a utility coin. Only less than a fifth (17.9%) believe that it’ll be able to leap.
Well, market participants, experts, analysts, panelists, and everyone else across the spectrum are entitled to have their own opinion about the prospects of any coin. Since its inception, people have been skeptical about DOGE. Nevertheless, it has substantially grown over the years and investors have been able to reap its benefits. The path forward would not be easy for Dogecoin, it would have to strive hard to remain relevant and provide other use cases and utilities. Only then would it be able to survive in the competitive crypto-environment. Else, it might soon be forgotten.