Dogecoin (DOGE) could hit $0.42 by the end of the year, according to the average panel forecast in Finder’s Dogecoin Price Predictions Report.
However, this increase might be short lived, with 80% of Finder’s 42 panellists, including Token Metrics senior cryptocurrency investment analyst, Forrest Przybysz, saying DOGE is a bubble.
“I would expect DOGE to grow in tandem with the rest of the rapidly growing crypto market, though it will likely have long periods of flat price action followed by violent speculative pumps like we’ve seen in the past,” he said.
The majority (55%) of those who think DOGE is a bubble expect prices to collapse this year, while 42% think it’ll pop in 2022 and 3% in 2023.
Allnodes CEO and Founder, Konstantin Boyko-Romanovsky thinks DOGE will be worth $0.50 at the end of 2021, with the bubble bursting in 2022. He also commented that DOGE may not exist in 2030 due in part to its lack of utility and potential.
John Hawkins: DOGE to be worth 15 cents by year end
Senior lecturer at the University of Canberra, John Hawkins, predicts DOGE will be worth $0.15 at the end of the year and $0.05 at the end of 2025. He is also one of six panellists (including Boyko-Romanovsky) who predict DOGE will be worth $0 by 2030.
“Dogecoin seems largely dependent on Elon Musk’s erratic tweets. It is barely used as a payment instrument and has proved a very poor store of value,” Hawkins said.
CEO of Cake DeFi, Julian Hosp, and Cofounder of Trade The Chain, Ryan Gorman, had two of the most bullish 2030 price predictions of $5 and $3; both citing “pump and dump” as the reason for price gains.
Gorman went as far as to say that “con artists will continue to pump and dump this scam coin until it is outlawed”.
Be prepared to lose money on meme coin
Decred international ops lead, Jonathan Zeppettini, also said DOGE pumps and dumps.
“…People who speculate on it should not be surprised if they lose their money, after all it’s a doge themed meme coin that was created in a few hours,” he said.
However, Zeppettini is part of the 38% who don’t think DOGE or other meme coins are undercutting the legitimacy of the cryptocurrency market. Founder of Finder, Fred Schebesta, agrees:
“Bitcoin holds the crown as store of value. Doge holds the crown as a meme. No other blockchain has claimed a crown for the purpose it stands for. Like it or not, Doge is here to stay, even if it’s just for a good joke between long-term crypto fans. The cryptocurrency market does not care if people understand, support or deny legitimacy – it speaks only by way of money, innovation and adoption.”
Just under half the panel (46%) say the success of DOGE and other meme coins are undercutting the legitimacy of the cryptocurrency market while 15% are unsure.
Are meme coins hurting the cryptocurrency markets?
COO of BitBull Capital, Sarah Bergstrand, said meme coins with little to no utility or use cases are bound to lose value over the long run and damage the image of real assets with real value, a sentiment echoed by research analyst at CrossTower Martin Gaspar.
“It demonstrates that coins with little use case and development can attain valuations greater than that of legitimate cryptocurrencies,” Tower said.
CEO of Coinmama Sagi Bakshi called the situation ‘embarrassing’.
“It is embarrassing to see good projects with thousands of working hours invested in them, lose to a meme coin with good marketing,” he said.
A few panellists, including lecturer of law at the University of Liverpool, Matthew Shillito, and senior cryptocurrency investment analyst at Token Metrics, Forrest Przybysz, are unsure.
Shillito says memecoins have a role to play in attracting people to the cryptocurrency market, however he concedes that some who have witnessed a DOGE price plummet may be more risk averse.
“…It is important to note though, that it is the price movement that is more likely to affect legitimacy than its appearance as a meme coin (and that other non-meme coins have seen similar rises and falls),” he said.
Przybysz put it this way: “While memecoins do not provide utility and diminish the overall perceived value of the crypto space, they are rapidly introducing a lot of newcomers to cryptocurrency. All in all the pros and cons are probably a wash.”