Dogecoin is headed for zero, according to the industry panel
The price of dogecoin (DOGE) is likely to go to zero and never return, predicted the majority of members of a crypto industry panel surveyed by the comparison website Finder.com.
According to the survey, the majority of panelists believe that DOGE will lose all value at some point in the future.
“We’re a bit removed from the time when people thought DOGE was going to the moon,” the report said. “People are now more concerned about it staying here on Earth (read: going to zero), which over half of the panel (55%) say will happen at some point in the future.”
Meanwhile, 24% said they believe it will happen by 2024 or earlier, while 3% of panelists even predicted that DOGE will have gone to zero by the end of this year.
The survey results are perhaps characteristic of DOGE, which is considered the most popular and original so-called meme coin. Meme coins are notoriously difficult to analyze and are mainly driven by hype trader sentiment.
“The birth of Dogecoin was originally a joke,” commented Kevin He, CEO of the fintech firm CloudTech Group., and added:
“We believe that cryptocurrencies like Dogecoin, which are completely useless and whose value is purely supported by the community, will not gain value in the future.”
However, looking at the average of the panelists’ specific price predictions, the coin, currently ranked 10th by market cap, could still remain buoyant and even rise in price over the next few years.
At the end of the year, the average response indicated a DOGE price of USD 0.08, while USD 0.19 and USD 0.64 are seen as likely price targets for late 2025 and 2030 respectively.
Gavin Smith, general partner in crypto hedge funds Panxoraexplained the coin’s continued popularity by saying that,
“While DOGE was launched as a joke coin, it has subsequently developed a large and loyal community. Detractors of the token forget that community is at least as important as uniqueness in the crypto space.”
Others, such as non-fungible token (NFT) project MetaTope co-founder Walker Holmes also pointed to the strong community around the coin.
“This is with Elon’s foresight [Musk] By sticking with the project, Doge has a great community, but little use. Doge has the ability to attract a culture of content creators and creatives,” he said.
Finder.com’s latest dogecoin price forecast is markedly more bearish in the near term than an earlier prediction from January, when the panel said the coin is likely to reach $0.16 by the end of this year and $0.32 by the end of 2025.
However, for the end of 2030, the panel was more bearish then, predicting a price of USD 0.54.
The majority of the panel – or 71% – said they think it’s time to get out of DOGE and sell. 24% said investors should hold on to what they have, while only 4% said it was time to buy.
At 12:52 UTC on Friday, DOGE was trading at $0.0677, up 2.1% for the day and down 3.2% for the week. It’s also up nearly 3% in a month, down 68% in a year, and down nearly 91% since its May 2021 high.
____
Learn more:
– Bitcoin could fall to USD 13.6K this year, panel says after adjusting predictions once more
– Volatile months ahead for Ethereum and USD 1711 likely at year-end, says Crypto Industry Panel
– BNB will grow modestly this year, may triple by 2025 – Analyst panel
– Little upside for Solana this year, but the long-term future remains bright, predicts the panel
– Year-end Cardano price at $0.63, increasingly bearish panel estimates
– Global economic growth is slowing amid a gloomy and more uncertain outlook
