Due to uncertainty, fear, chaos, geopolitical tensions and technical factors such as increased volatility, the cryptocurrency market was plunged into blood on Thursday. As most major coins lost 9% to 15% of their value the day before, meme leader Dogecoin shrank by 18%. As a direct result, the token dropped to a 10-month low price level of $0.1119.
Amid prevailing bearish sentiment, Finder’s panel of fintech experts foreseen that Dogecoin would reach $0.16 by the end of 2022. Said target is notably lower than the February peak of $0.1711.
As far as long-term projections go, according to the panelists, DOGE would likely hit $0.32 in 2025 and $0.54 in 2030. Recently, Finder presented a target of $58 in end of the year for Cardano’s native ADA token.
Memes may come and memes may go, but will DOGE go on forever?
Despite acknowledging the DOGE as a meme coin, Finder founder Fred Schebesta was nevertheless quick to point out that it had a special place in the cryptocurrency world. He said,
“Although it is a memecoin, Doge is the original memecoin. This should not be underestimated in the world of cryptocurrencies, where breaking traditional methods of identifying value is a precious pastime. Investors can probably sit still knowing that while there are more, and others come and go, Doge will forever be the original.”
John Hawkins, a senior professor at the University of Canberra, and Vanessa Harris, Permission’s director of products, were still pessimistic about DOGE’s prospects. They see its value drop to $0.05 by the end of 2022. Per Hawkins,
“Dogecoin moves with altcoins, but its price is also affected by Elon Musk’s tweets. This is impossible to predict, but its impact on the Dogecoin price increase appears to be weakening over time.”
Harris, on the other hand, thinks meme coins like DOGE will be left behind and were a product of 2021.
“2021 was, by some estimates, the year of memecoin. DOGE, SHIB and others have captured the imagination of novice cryptocurrency investors. In 2022, we will see the glow fade, as the lack of true utility of memecoins causes investors to seek out more fruitful investments. 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 ago, the Dogecoin Foundation launched a trail map and outlined a set of endeavors that would increase the DOGE’s usefulness in the future.
Source: Dogecoin Foundation
Indeed, in recent months, Dogecoin’s development activity has witnessed a macro tilt, despite witnessing hiccups here and there. The pace of activity on Github is also happening at a decent pace.
Despite this, more than half (53.6%) of the finer panel members do not see DOGE being able to successfully rename itself from a meme coin to a utility coin. Only less than a fifth (17.9%) believe they will be able to jump.
Well, market participants, experts, analysts, speakers and everyone else across the spectrum are entitled to have their own opinion on the outlook of any currency. Since its inception, people have been skeptical of DOGE. However, it has grown substantially over the years and investors have been able to reap its benefits. The way forward would not be easy for Dogecoin, it would have to work hard to stay relevant and provide other use cases and utilities. Only then would it be able to survive in the competitive cryptographic environment. Otherwise, it may soon be forgotten.