A panel of cryptocurrency industry experts say now is the time to sell dogecoin. The majority of experts expect DOGE to completely lose its value. “Dogecoin”was a meme currency that shouldn’t have come to thissaid one of the experts on the panel, blaming Tesla CEO Elon Musk for the popularity of the cryptocurrency meme.
A panel of experts speaks out on the loss of value of Dogecoin
Price comparison portal Finder updated its dogecoin (DOGE) price predictions on Wednesday. The platform explained that it measures expert predictions about the future price of dogecoin using weekly and quarterly surveys. The latest quarterly survey, conducted in July, “asks a panel of 54 industry experts to give their opinion on how dogecoin will perform over the next decade.”
The following question was posed to the panel: “Do you think dogecoin will completely lose its value?55% said yes, 21% believe the cryptocurrency meme will rebound, and 24% said they weren’t sure. As for when the price of dogecoin will lose all its value, 3% said it will happen within a year, 12% said next year, 9% see it happening in 2024, and 30 % said the crypto meme will completely lose its value in 2025 or later.
“We’re a bit far from the days when people thought DOGE was going to the moon“, describes Finder. “People are now more worried about DOGE remaining on Earth (read: falling to zero), which more than half of the panel (55%) say will happen at some point in the future. Only 1 in 5 (21%) see DOGE bounce back.”
Dogecoin Price Predictions
Although the majority of the experts on the panel did not have confidence in the long-term future of dogecoin, some of them remained optimistic. For example, Walker Holmes, co-founder and vice president of Metatope, predicted that the price of dogecoin could reach $0.40 by the end of the year. “DOGE has a large community but little utility. DOGE has the ability to attract a culture of content creators and creatives“, he opined.
Bullish forecasts for dogecoin by some experts pushed the average of the panel predictions higher. Detailed Finder:
Dogecoin could experience a modest increase in value in 2022, with Finder.com’s panel of fintech experts giving an average end-2022 prediction of $0.08. Going forward, the panel predicts that dogecoin will be worth around $0.19 in 2025 before reaching $0.64 in 2030.
“The July panel’s short-term predictions are significantly reduced from the January survey results, when the panel predicted DOGE to be worth $0.16 at the end of 2022 and $0.32 in 2025.“, noted Finder. At the time of writing, the meme currency is trading at $0.070534.
A handful of experts on the panel said Tesla CEO Elon Musk is to blame for dogecoin’s popularity. Bitwave CEO Patrick White remarked, “DOGE was a meme piece that really shouldn’t have gotten to this point. Thank you, Elon“.
Regarding whether it is time to buy, sell or hold dogecoin, Finder detailed:
The majority of the panel think it’s time to get out of DOGE, with 71% saying to sell. Just under a quarter (24%) think you should keep what you have and only 4% say it’s time to buy.
The panel includes university principals, heads of cryptocurrency exchanges, cryptocurrency research analysts, and executives of various companies offering cryptocurrency-related products.
Finder experts have also recently made predictions on several other cryptocurrencies, including bitcoin, ether, cardano, solana, and binance coin. In May, the panel predicted the death of DOGE’s rival, the shiba inu (SHIB) meme cryptocurrency.
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