Amid the meteoric rise of Dogecoin, one question remains: will it be able to sustain its phenomenal run in the years to come?
For those who don’t know, the one-time kidding crypto has seen an incredible 20,000 percent year-over-year increase, with a record high of $ 0.70 on May 8th. On top of that, there was a massive spike after Elon Musk, CEO of Tesla and SpaceX, tweeted about working with the developers of the meme coin.
Volatility remains an issue, with another comment from Musk actually pushing Dogecoin price to a third of what it was last week at 44 cents. Hence, a positive outlook can be questioned. On Sunday the Dogecoin price was 51 cents, a decrease of 2.96 percent compared to the previous day.
Dogecoin Price Prediction: Mostly Bullish
Despite these price volatility, experts say the Shiba-inu-inspired coin will have a “bright future,” as noted in an Express.co.uk report that predicts a further increase from 2022 to 2028.
The report cited the coin price forecast as saying that Dogecoin will reach 94 cents in 2030, and Capital T. Coin forecast that the digital asset will reach $ 2 in 2040.
FX Street forecast a bullish upward trend for Dogecoin due to a “confluence of support levels” and expected a short-term increase of 23 percent to 69 cents. It is expected to eventually break its all-time high of 73 cents in intraday trading, particularly with the support of Musk, whose pronouncements have dictated price movements. This could even raise the Dogecoin price to $ 1 if the trajectory continues.
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Dogecoin price for ‘reaching $ 1 by the end of 2021’
That view was confirmed by Digital Coin Price, which said Dogecoin could reach $ 1.5 by 2025 (via Republic World). CryptoNewsZ also made a bold prediction that Dogecoin would hit $ 1.07 by the end of 2021.
This short-term surge came after Musk announced in a tweet that he was working with Dogecoin developers on “system transaction efficiency,” which he described as “potentially promising.” Dogecoin has since scraped back from its low of 44 cents on May 8 to 56 cents on Friday.
After Musk endorsed the meme-based token, Dogecoin was able to move the crypto rankings back to fourth place behind Bitcoin, Ethereum and Binance – Forbes continued to report a market capitalization of around $ 70 billion.
Dogecoin success story
Dogecoin was once billed as a “hoax” cryptocurrency, but years after its launch in 2013, it has emerged as a hugely cherished anecdote in its ongoing track record.
Developers Billy Markus and Jackson Palmer created it as a fun alternative to cryptocurrencies and even used a dog’s meme on its coin. And as expected, investors initially did not take this seriously.
With its immense growth in recent years, Dogecoin is now one of the most valuable cryptocurrencies in the world thanks to its most ardent supporters, Musk and rapper Snoop Dogg.
Dogecoin has since proven to be a worthwhile investment, especially given the optimistic long-term projections of its price by cryptocurrency experts.
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