A majority of people consider Dogecoin to be worthless – “It’s time to get off the DOGE”
A panel of crypto-currency industry experts says it’s time to sell dogecoin. The majority of experts expect DOGE to lose its value completely. Dogecoin “was a currency meme that should not have come to this“, said one of the experts on the panel, blaming Tesla CEO Elon Musk for the popularity of the meme crypto currency.
Expert panel 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 experts’ predictions on the future price of dogecoin using weekly and quarterly surveys. The latest quarterly survey, conducted in July, “asks a panel of 54 industry experts for their opinions on how dogecoin will perform over the next decade.“
The panel was asked the following question:”Do you think dogecoin will completely lose its value?“55% said yes, 21% believe the crypto meme will bounce back, and 24% said they weren’t sure. As for when the dogecoin price will lose all its value, 3% said it will happen within the year, 12% said next year, 9% see it happening in 2024, and 30% said the crypto meme will lose its value completely in 2025 or later.
“We are a bit far from the time when people thought DOGE was going to the moon“, describes Finder. “People are now more concerned about DOGE staying on Earth (read: falling to zero), which more than half of the panel (55%) believe will happen at some point in the future. Only 1 in 5 (21%) see DOGE rebounding.“
Dogecoin price predictions
Although the majority of experts on the panel were not confident in the long-term future of dogecoin, some 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 dogecoin predictions by some experts have pushed the average panel prediction higher. Detailed Finder:
Dogecoin could see a modest increase in value in 2022, with Finder.com’s panel of fintech experts giving an average prediction of late 2022 of $0.08. Going forward, the panel predicts that dogecoin will be worth about $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“, Finder noted. As of this 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 noted, “DOGE was a meme coin that really shouldn’t have gotten this far. Thank you, Elon“.
Regarding whether it’s time to buy, sell or hold dogecoin, Finder detailed:
The majority of the panel thinks it’s time to get out of DOGE, with 71% saying to sell. Just under a quarter (24%) think it’s time to keep what you have and only 4% say it’s time to buy.
The panel includes university administrators, crypto-currency exchange executives, crypto-currency research analysts and executives from various companies offering crypto-currency related products.
Finder’s experts have also recently made predictions about several other crypto-currencies, including bitcoin, ether, cardano, solana, and binance coin. In May, the panel predicted the death of DOGE’s rival, the crypto-currency meme shiba inu (SHIB).