Dogecoin, the tongue-in-cheek, meme-based cryptocurrency that exploded into the crypto top ten this year, has added 25% to its price this week (subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover crypto blockbusters poised for 1,000% gains).
The dogecoin price soared to highs of over 70 cents in an Elon Musk-fueled, fear-of-missing-out rally in May, up many thousands of percent on the same time last year, only to crash back in the following months. However, the dogecoin price found a floor at around 20 cents before beginning to climb this week.
Ahead of dogecoin’s latest surge higher, a panel of cryptocurrency experts predicted the memecoin could be worth 42 cents by the end of 2021—an increase of 60% from its current level—thanks to the “pump and dump” cycle.
Sign up now for the free CryptoCodex—A free, daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday
“I would expect doge to grow in tandem with the rest of the rapidly growing crypto market, though it will likely have long periods of flat price action followed by violent speculative pumps like we’ve seen in the past,” said panel member Forrest Przybysz, senior cryptocurrency investment analyst at crypto researcher Token Metrics.
The panel, surveyed by price comparison website Finder, polled 42 crypto experts on what they expect to see happen to the dogecoin price in coming years with 80% of them branding dogecoin a bubble.
Most (55%) of those who said dogecoin is a bubble think its price will collapse this year, while 42% think the dogecoin bubble will pop in 2022 and 3% in 2023.
The panel average, which puts the dogecoin price at 42 cents at the end of 2021, sees dogecoin hitting $1.21 by 2025 and $3.60 by 2030 though the experts are starkly divided with some confident the meme-based cryptocurrency will soon crash to zero and others forecasting a huge rally to $10 per dogecoin.
“Dogecoin seems largely dependent on Elon Musk’s erratic tweets,” said senior lecturer at the University of Canberra, John Hawkins, who predicted dogecoin will be worth 15 cents by the end of 21 and will be completely worthless by 2030.
“[Dogecoin] is barely used as a payment instrument and has proved a very poor store of value,” Hawkins added.
CryptoCodex—A free, daily newsletter for the crypto-curious
Despite Musk’s attempts to give validity to dogecoin, many remain unconvinced it will ever compete with the likes of bitcoin, ethereum and other cryptocurrencies.
“Con artists will continue to pump and dump this scam coin until it is outlawed,” said Ryan Gorman, the cofounder of market data website Trade The Chain.