How high will Dogecoin go? Experts determine the future of digital coin performance | City & Economy | Finances

Dogecoin is an open source peer-to-peer cryptocurrency featured in a meme shared by Elon Musk. The cryptocurrency has hit record highs in the last few days after the meme was released. According to experts, online communities are driving up the price of the digital coin after the SpaceX CEO rose 91 percent after a tweet about Dogecoin, according to price trackers. The current price points to an increase of 20,000 percent from this point in time last year.

But how high will Dogecoin go up? Express.co.uk speaks to an expert about future predictions for the meme-inspired cryptocurrency.

Michael Kamerman, CEO of Broker Skilling, said the “parody currency” often appeals to investors because of its status and popularity on social media and with celebrities.

He told Express.co.uk: “The revival of awareness of Dogecoin, which was originally introduced as a spoof currency, may seem attractive to investors because of its volatility, but for the currency to ever have intrinsic value, scalability and security issues need to be addressed be.

“It’s moved by headlines, tweets, celebrities, or company recommendations and while this is likely to be belittled by“ traditional ”investors, it brings the masses to cryptocurrencies.

“The masses understand headlines, tweets, and endorsements, and the masses will likely mature as crypto enthusiasts and begin to appreciate the movement for its more technical nuances.

“The main reason Dogecoin is so popular, however, is its online communities, coupled with the support of high-profile business tycoons like Elon Musk.”

READ MORE: State Pension: Britons urged to review Social Security records

Sam Onigbanjo, founding partner of the Capital Markets Academy, said Dogecoin is clearly on the up.

The cryptocurrency expert told Express.co.uk, “The Dogecoin is currently trading at £ 0.31 and will short-term overtake £ 0.70 ($ 0.50).

“His first major test will cross the £ 0.72 ($ 1) mark, which all signs suggest could take place before the end of July.

“Once that barrier is broken, the next target will be £ 7.19 ($ 10).”

He added, “The Dogecoin is powered based on trading fundamentals and events such as celebrity endorsement and big business adoption.

When asked how high the Dogecoin could possibly be, he said it was hard to predict, but he didn’t think it would overtake fiat money.

Mr Kamerman said, “Cryptocurrencies are here to stay, but I don’t think they will” overtake “fiat currency.

“I think the ‘traditional’ financial world has to embrace the technologies that underpin cryptocurrencies.

“It will start with the rise of central bank digital currencies. These are already on the advance and are expected to gain further importance in the coming years.

“While I cannot predict the direction of the market, I can assume that the variables underlying such price increases will remain unchanged in the short term.

“Right now, investors and traders are almost encouraged to take the risk.

“The FOMO factor is in full swing and there is market exuberance everywhere.”

DO NOT MISS
Dogecoin Price Prediction: Will DOGE Hit $ 1 This Year? [INSIGHT]
Can you buy Dogecoin on Coinbase? [EXPLAINER]
Dogecoin Price: How Much Will Dogecoin Go Up? [ANALYSIS]

Skilling’s CEO said that volatility in the market could likely result in a consistent change in the currency, but he believes it will eventually subside.

Mr. Kamerman added, “I believe that volatility is likely to subside in the years to come.

“Cryptocurrency is constantly attracting new traders and investors – both large and small.

“As the number of traders increases, volume and liquidity will increase, which will smooth the price movement for everyone involved.”