Dogecoin (DOGE) price has fluctuated over the past few weeks, impacted by the overall cryptocurrency market sentiment. Now investors and traders are wondering if the meme coin can recover and reach $1 by the end of the year.
Dogecoin price performance
According to data from CoinMarketCap, on July 26, DOGE is currently trading at $0.06104. This is $0.939 or 93,896% away from the key psychological level of $1 that many expect the meme coin to reach by the end of 2022.
In addition, DOGE lost 5.91% on the day. It also fell 11% on a weekly basis. Its market cap is currently at $8.11 billion. As such, it is far from the $85 billion market cap it reached on May 5, 2021, at an all-time high.
Experts’ expectations from Dogecoin (DOGE)
Finder’s latest Dogecoin price prediction results are not very promising. Accordingly, 33 crypto and Web3 fintech industry experts predict the price of the token close to $0.16 by the end of the year. This places it below the promising $1 level at $0.84.
However, these experts made more optimistic forecasts in January before the big crypto crash. Experts believed that by the end of 2030, the price of DOGE would reach $0.92 a little further down the road. However, these forecasts are no longer as optimistic as they used to be. Because now the forecast for this time stands at $0.54. These experts expect DOGE to rise to $0.32 by the end of 2025. On the other hand, their forecast in January was that it would reach $0.57.
Useless and of no real value?
According to Fred Schebesta, founder of Finder, DOGE holds a special place in the crypto world as the original meme coin. Schebesta explains:
This should not be underestimated in the world of cryptocurrencies, where breaking traditional methods to determine value is a worthwhile pastime. There may be more, and others may come and go. However, investors will know that DOGE will be original forever. That’s why they can hold tight. Perhaps it is unlikely to expect the market to remember this from time to time.
Meme coins like DOGE and Shiba Inu (SHIB) first caught the attention of crypto investors in 2021. According to Vanessa Harris, chief product officer of Tokenize Web3 advertising platform Permission, these are a product of 2021. That’s why Harris sees their abandonment as inevitable in the future. She explains her views as follows:
The lack of real utility of meme-coins has led investors to seek more efficient investments in 2022. For this we will see the shine wear off. Dog coins may not survive the top 100. But they will always have a place in our hearts for their inspiration and friendship.
cryptocoin.comTo increase its value, the Dogecoin Foundation recently launched the Dogecoin Trailmap detailing its plans to increase the utility of the token. However, 53.6% of 28 respondents to Finder’s January survey say DOGE cannot rebrand itself from a meme coin to a utility coin. By comparison, 17.9% of the panel said they could be successful in rebranding. However, 28.6% of the panelists remain undecided.
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