The price of Dogecoin (DOGE) is likely to go to zero and never come back, according to the predictions of the majority of members of a crypto sector panel polled by the comparison site Finder.com.
“We’re a long way from the days when people thought DOGE was headed for the moon,” the article reads. “People are now more concerned about the possibility of it remaining here on Earth (read: going down to zero), which more than half of the panel (55%) said will happen at some point in the future.”
On the other hand, 24% of respondents are convinced that this will happen in 2024 or earlier, while 3% of panelists even believe that DOGE will fall to zero by the end of this year.
The survey results are undoubtedly the hallmark of DOGE, the market’s first and most popular original meme cryptocurrency. These meme assets are notoriously difficult to analyze and are mostly driven by hype and trader enthusiasm.
“Dogecoin’s birth was originally a joke,” commented Kevin Hedirector of operations in the fintech company CloudTech Group. He added:
“We believe that cryptocurrencies like Dogecoin, which have no utility value and whose value is solely supported by the community, will have no value in the future.”
Taking a look at the average of the panelists’ specific price predictions, the cryptocurrency, which is currently ranked 11th by market capitalization, could still stay afloat and even see its price increase over the next few years.
By year-end, the average response points to a price of $0.08 for DOGE, while $0.19 and $0.64 are considered likely price targets for 2025 and 2030, respectively.
Gavin Smitha partner with the crypto hedge fund Panxoraexplained the continued popularity of cryptocurrency:
“While DOGE was started as a joke, a large and loyal community has grown around it. Critics of the token forget that community is at least as important as exclusivity in the crypto space.”
Others, like the co-founder of the Non-Fungible Token Project (NFT) MetaTope, Walker Holmesalso highlighted the existence of a strong community around cryptocurrency:
“It’s thanks to Elon’s influence and insight [Musk] which maintains its support for the project, however, DOGE enjoys a large community, but little use. DOGE has the ability to attract a culture of content creators and creatives,” he said.
Finder.com’s latest price prediction for Dogecoin is considerably more bearish in the near term than an earlier prediction from January: The panel said it would likely hit $0.16 by the end of this year and $0.32 by the end of 2025.
At the end of 2030, however, the panel was more bearish at that time, predicting a price of $0.54.
The majority of the panel – 71% – said it was time to ditch DOGE as an investment. 24% said investors should hold on to what they have, while only 4% said it was time to buy.
At the time of writing, DOGE is trading at $0.070, down 1.8% over the past 24 hours and up 3.3% over seven days.
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