Dogecoin is a cryptocurrency joke that “really shouldn’t have gotten to this point” and will eventually become useless.
That’s the verdict of a group of 54 industry experts gathered by Finder, a UK price comparison site, for its latest quarterly survey on the state of the cryptocurrency market.
Asked to predict the future value of the Shiba Inu-themed digital currency – launched as a joke in 2013 but pushed for credibility last year by Tesla CEO Elon Musk – 55% of speakers said it was heading for the zero. Only 21% expected prices to pick up, while 24% said they were unsure.
Dogecoin exploded in value from under $ 0.005 in early 2021 to a high of $ 0.76 in May of the same year, riding a wave of hype started by Musk and other well-followed celebrities on social networks.
Its phenomenal price appreciation secured the token a spot in the coveted top ten cryptocurrency ranking, with a maximum market capitalization of over $ 85 billion.
However, as the broader market continued to appreciate until November 2021, Dogecoin immediately began to decline in value and is now worth only $ 0.07, reflecting a still generous market cap of $ 9 billion. Unlike most other major cryptocurrencies, the token has no recognizable use cases in the real world or metaverse.
It is literally just a coin from a puzzled looking dog.
“We believe cryptocurrencies like Dogecoin – which are completely useless and whose value is purely community-supported – will not increase in value in the future,” said Kevin He, COO of CloudTech Group. .
Patrick White, CEO of Bitwave, confirmed: “Doge was a coin that really shouldn’t have come to this. Thanks, Elon.
Unsurprisingly, when asked whether investors should then buy, sell, or hold Dogecoin, 71% of speakers recommended throwing the dog out of their pocket. Less than a quarter, 24%, said it was worth keeping existing stacks, while 4% of adventurers said they stayed in the cryptocurrency for a long time.
The results were more confusing when it came to price predictions, however, with speakers apparently establishing that Dogecoin had the potential to be dragged into a broader return to bullish market conditions, despite its lack of value. for itself. The token was supposed to end in 2022 at $ 0.16, before reaching $ 0.32 by 2025 and $ 0.64 by 2030.
“Doge is the only cryptocurrency in the Finder Cryptocurrency Report that saw its July 2030 forecast higher than when the panel provided forecasts in January,” the company noted, referring to a previous price forecast of $ 0.54 for 2030.
He added: “Other altcoins have seen their predictions for 2030 get much lower. The July 2030 panel projection for Binance Coin (BNB) is 27% lower than the January figure, with Solana (SOL) down 60% and Cardano (ADA) down 89%.
Musk’s enthusiasm for Dogecoin appears to be based on a philosophical belief that “the funniest outcome is the most likely”.
The billionaire entrepreneur – who sold 75% of Tesla’s bitcoin holdings during the 2022 bear market – argues, in all seriousness, that the meme coin “has potential as a currency”.
His point of view is not shared by the vast majority of cryptocurrency experts, who point to a litany of problems with Dogecoin, including its weak tokenomics, poor network security, and minimal development.