By Micah Carnahan
The cryptocurrency market as a whole remains mired in a deep correction that began in earnest last November. Dogecoin (DOGE) could not escape this downward trend, seeing a decline of more than 50% since then. With war now raging in Ukraine and inflation ravaging the wallets of savers in the United States, it seems that the “people’s currency”, as Elon Musk dubbed the protocol, is the only thing that continues to fall. in a sea of rising consumer prices.
Nonetheless, as we head into an uncertain spring, a number of questions are once again being asked by eager investors who are still investigating the potential of this once-coveted crypto-favorite: What can we expect for the price of Dogecoin? in the future ? Why, despite its currently falling price, has Dogecoin persisted where other memecoins have failed? And what current developments are helping drive adoption of the original dog-themed cryptocurrency?
Dogecoin Price Prediction
Despite its recent decline, Dogecoin remains an incredibly popular project. In fact, the coin is the third most widely held cryptocurrency among US investors. While its price may or may not have bottomed out, many believe that 2022 can bring some decent gains for investors still watching that DOGE in the window.
The financial comparison website, Finder, systematically gathers projections made by its experts about the future of Dogecoin. Seeking input from more than 15 experts on a rotating schedule, respondent sentiment is recorded weekly in a regularly updated forecast.
According to the panel, Dogecoin is expected to rise around 16.5%, settling at around $0.16 by the end of the year. Longer term, Finder experts predict that Dogecoin will gain steadily over the next 8 years, reaching a high of $0.54 by 2030.
The collapse of the memecoin
While Dogecoin has fallen sharply over the past few months, many so-called memecoins have fared just as badly or even worse. Other popular dog-themed cryptocurrencies like Shiba Inu (SHIB) have also disappointed their hodlers this year.
Memecoins are, of course, notoriously speculative. The appearance of so many of these joke-based currencies in the crypto market was recently mocked by Billy Markus, co-founder of Dogecoin, as being “…made by people trying to get away with it.” enrich at the expense of other people trying to get rich.” Without any underlying utility, the base of support that these memecoins enjoy when they first appear often diminishes over time.
By contrast, Dogecoin has largely kept its investor base intact and even added a few companies to the list of companies accepting cryptocurrency as payment. AMC Theatres, for example, recently announced their acceptance of the play. With no signs of diminishing basic understanding, Dogecoin’s potential to increase its utility is now front and center in front of a growing class of investors.
The Rise of Dogecoin
At its heart, Dogecoin is a peer-to-peer currency, much like Bitcoin, and is primarily used for fast, low-cost transactions. Without the need to rely on second-layer technologies, Dogecoin may even hold a key advantage over its broader market counterpart.
A few developments may also have helped renew interest in Dogecoin recently. A roadmap, called Trailmap by the developers, has now been made public. The Trailmap outlines a series of features to be realized in the near future, including the coin’s transition to a proof-of-stake consensus mechanism.
Whether Dogecoin can transcend its memecoin moniker and be taken more seriously for its usefulness remains to be seen. With the continued involvement of highly respected developers like Vitalik Buterin, this possibility has clearly been placed before us.
While the future remains stubbornly far from certain, if the development timeline unfolds as proposed in the Dogecoin Trailmap, this DOGE in the window will almost certainly be worth more than what it is being sold for today.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.