Dogecoin has been underperforming since slipping from its all-time high of $0.73 last year. The current market conditions brought on by the Crypto Winter have significantly exacerbated the meme coins’ bad days. Following its surge in May of last year, a lot of proponents expected a price target of $1; and up to this moment, some still do. Nonetheless, analysts think this is unlikely – at least not in the next eight years.
Analysts predict DOGE to end 2022 at $0.16
Last week, a Finder’s report noted the opinions of five fintech specialists on the direction of Dogecoin in a fortnight – the options were bullish, neutral and bearish. None of the respondents was bullish on Doge, 2 of them were neutral, and three were bearish.
The result was a downgrade from the previous week’s, which saw one respondent bullish, one neutral, and three bearish. The change in perspective is mainly due to the sharp decline of Doge’s price in the past week, having dropped by 13% since then.
In a separate survey conducted at the beginning of the year, predictions for Doge for the end of 2022 and the coming years were sought from a panel of 33 expert analysts. The experts predicted Doge to end the year with a price of $0.16, a downgrade from the $0.39 prediction made by the analysts in July of last year.
Furthermore, the specialists predicted Doge to reach a price of $0.32 by the end of 2025 and $0.54 by 2030. As the days’ progress and newer market realities are pumped into the space, expectations for the meme coin have lowered significantly.
Most analysts don’t see Doge becoming a utility coin
Though he doesn’t see dogecoin surging to $1 anytime soon, Fred Schebesta, founder of Finder, appears to be more bullish on Doge than others. Schebesta thinks Doge stands out amid over 20,000 crypto assets in the space, and that is a trait that can assist in its price movements.
“While it’s a meme coin, Doge is the original meme coin. This shouldn’t be underestimated in the world of cryptocurrency where breaking traditional methods for identifying value is a cherished pastime,” said Schebesta. He believes Doge will end the year with a value between $0.25 and $0.30.
Last month, the crypto community witnessed a surge of Dogecoin whale activity, indicating renewed interest in the asset. Last week, following the BTC dump by his electric vehicle firm Tesla, billionaire and Dogecoin proponent Elon Musk, mentioned that the firm had not sold any of its Doge holdings.
Conclusively, when asked if Doge is capable of rebranding itself in the future from a meme coin to an actual utility coin, the majority of the respondents – about 53.6% – said no., 28.6% were unsure, and 17.9% said yes. Doge currently trades at $0.068 as at press time, having dipped by 3.73% in the past 24 hours.