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Dogecoin, the ironic memes-based cryptocurrency that exploded into the top ten crypto this year, added 25% to its price this week (subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover crypto blockbusters ready to earn 1000%).
The price of dogecoin hit highs of over 70 cents in a rally fueled by Elon Musk and fear of running out in May, up several thousand percent from the same period last year, for collapse in the following months. However, the price of dogecoin bottomed at around 20 cents before starting to climb this week.
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Ahead of the latest dogecoin increase, a panel of cryptocurrency experts predicted that memecoin could be worth 42 cents by the end of 2021, a 60% increase from its current level, thanks to the cycle. ” pump and dump “.
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Dogecoin has been one of the best performing cryptocurrencies this year, with its price rising by far … [+]
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“I would expect doge to develop in tandem with the rest of the rapidly growing crypto market, although it will likely have long stretches of fixed price action followed by violent speculative pumps like us. have seen in the past, ”panel member Forrest Przybysz said. , Senior Cryptocurrency Investment Analyst at crypto researcher Token Metrics.
The panel, interviewed by price comparison site Finder, asked 42 crypto experts what they expect to see the price of dogecoin in the coming years, with 80% of them calling dogecoin d ‘a bubble.
Most (55%) of those who said dogecoin is a bubble believe its price will collapse this year, while 42% believe the dogecoin bubble will burst in 2022 and 3% in 2023.
The panel average, which puts the price of dogecoin at 42 cents at the end of 2021, sees dogecoin reaching $ 1.21 by 2025 and $ 3.60 by 2030, although experts are strongly divided, some are convinced that the memes-based cryptocurrency will drop to zero soon and others are predicting a huge rally to $ 10 per dogecoin.
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“Dogecoin appears to be largely dependent on Elon Musk’s erratic tweets,” said John Hawkins, a senior lecturer at the University of Canberra, who predicted the dogecoin will be worth 15 cents by the end of 21 and be completely free. value by 2030.
“[Dogecoin] is hardly used as a payment instrument and has proven to be a very small store of value, ”added Hawkins.
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Dogecoin price has added over 7,000% to its value in the past year despite violent crash … [+]
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Despite Musk’s attempts to give dogecoin validity, many are not convinced that it will ever compete with bitcoin, ethereum, and other cryptocurrencies.
“Scammers will continue to pump and dump this scam piece until it is banned,” said Ryan Gorman, co-founder of market data website Trade The Chain.
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