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Expert panel slashes 2022 outlook for Dogecoin price. Here’s why

Originally created as a joke, Dogecoin still has a market value of nearly US$9 billion despite crashing 91% from last year’s record highs.
The post Expert panel slashes 2022 outlook for Dogecoin price. Here’s why appeared first on The Motley Fool Australia. –

The Dogecoin (CRYPTO: DOGE) price is up 1% over the past 24 hours, currently trading for 6.74 US cents.

Yet the meme crypto, with a Shiba Inu for its virtual mascot, remains down 61% year to date. And it’s down a painful 91% since hitting all-time highs of 73.76 US cents on 8 May last year.

To be sure, some crypto investors or traders are still making money while others are losing it as the Dogecoin price continues to be notoriously volatile.

How volatile?

Over the past three months, the token has traded as high as 13.19 US cents and as low as 4.97 US cents, according to data from CoinMarketCap.

Quite a spread.

But investors with the stomach to ride out these ups and downs could see 18% gains by the end of 2022.

Dogecoin price forecast to end 2022 at 8 US cents

According to 54 fintech specialists, polled by Finder in early July, the Dogecoin price will end 2022 trading for 8 US cents.

That level (an average value of their predictions) is half the value Finder’s expert panel forecast for the meme token’s year end worth back in January. At the time they predicted it would enter 2023 trading for 16 US cents.

Gavin Smith, general partner at Panxora Hedge Fund, counted among the bulls, forecast that the Dogecoin price will finish off the year worth 24 US cents.

“While DOGE was launched as a joke coin, it has subsequently developed a large and loyal community. Detractors of the token forget that community is at least as important as uniqueness in the crypto space,” he said.

Walker Holmes, co-founder and VP of MetaTope, was even more bullish. He forecast a year end price of 40 US cents, despite its lack of fundamental utility.

“DOGE has a great community but little utility. DOGE has the ability to attract a culture of content creators and creatives,” Holmes said.

But not everyone agreed.

In the bearish camp

55% of the expert panel believes that “at some point in the future” the Dogecoin price will go to zero. Only 21% said they believe the crypto will bounce back.

Swinburne University of Technology director Dimitrios Salampasis is among the experts who believe the meme token will eventually be worthless. Though he sees it almost doubling in price by year end to 12 US cents.

According to Salampasis, Dogecoin is “nothing more than a non-serious coin with no value proposition or utility. One of the many to soon disappear”.

So, at the current Dogecoin price is it time to buy, sell or hold?

71% of the panel said it was time to sell, with 24% saying hold on to what you already own.

Only 4% of the panel said it was time to buy.

The post Expert panel slashes 2022 outlook for Dogecoin price. Here’s why appeared first on The Motley Fool Australia.

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More reading

Dogecoin price could more than double by the end of 2022: expert panel
Why top cryptocurrencies Bitcoin, Ethereum, and Dogecoin are slumping today
3 cryptos to avoid no matter what
Did Elon Musk’s comments support or hurt meme tokens?
Why Bitcoin, Ethereum, and Dogecoin are falling today

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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