Dogecoin, the popular meme coin backed by Tesla founder and world’s richest man, Elon Must has been a sensation in the crypto space in the last two years but now, there seems to be an indication that it is time to move on from the shitcoin.
Popular price comparison platform, Finder has revealed in its quarterly survey that the DOGE will completely shed off its value soon and that now is the time for holders to sell off the meme coin if they are still holding some.
The Finder’s quarterly report is derived from a poll conducted with a panel renonwed crypto industry experts. The platform claimed that the recent report contains finding derived from a panel composed of over 54 crypto specialists and analysts who were asked how the DOGE price will fare in the next decade.
They responded to the question “Do you think DOGE will completely lose its value?”
55% of experts say Dogecoin is dying
According Finder, around 55% of the respondents agreed that DOGE will shed value while 21% say the meme coin will recuperate. About 24% were not sure of the future of the DOGE.
When asked about their thought on much longer the coin will be relevant, 3% of the respondents think that the DOGE will lose its value within the year. About 12% believe it will lose its value next year. While 9% believe the value will be completely eroded by 2024.
The remaining 30% are convinced that the meme coin will completely shave off its value by 2025 or at a later time. According to Patrick White, Bitwave CEO who was part of the survey, Elon Musk should be held responsible for the faux popularity and acceptability Doge enjoys.
“DOGE was a meme coin that shouldn’t have really gotten to this point. Thanks, Elon,”
Also, Kevin He, the chief operating officer at CloudTech Group, buttresses this point by saying Dogecoin has no future and it is to be sold now.
“The birth of Dogecoin was originally a joke. The sudden surge in value was entirely due to the early Dogecoin not having its own wallet and the collapse of a large number of early exchanges supporting Dogecoin trading at the time leading to a reduction in circulation and the promotion of Elon Musk on Twitter. We believe that cryptocurrencies like Dogecoin, which are completely useless and the value is purely supported by the community, will not gain value in the future.”
Dimitrios Salampasis, a Swinburne University of Technology director and lecturer of fintech innovation and entrepreneurship sees the coin as worth $0.12 at the end of the year but ultimately says DOGE is “… nothing more than a non-serious coin with no value proposition or utility. One of the many to soon disappear.”
71% say it’s time to sell
Around 71% of the experts believe that it’s time to sell Dogecoin. On the contrary, about 24% believe that people should hold on to the meme coin while 4% are convinced that it’s time to buy more coins to your holdings.
Although many crypto experts have lost hope in the shitcoin, some like Walker Holmes and Gavin Smith remain relatively positive. For example, Walker Homes, Metatope VP and Co-Founder, forecasts that DOGE prices can increase to $0.40 by the end of 2022. He says the token has a “great community but little utility, Doge has the ability to attract a culture of content creators and creatives.”
General partner at Panxora Hedge Fund Gavin Smith is also bullish on DOGE, saying the coin could top $0.24 by the end of 2022 due to its unflinching band of supporters.
“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.”
What you need to know…
Tesla CEO, Elon Musk, popularised DOGE but as the days come by, it seems Elon’s influence on the token market price has dwindled.
After Elon pushed the meme coin to its peak of $0.74 in May 2021, it has been on a downward spiral since then. This translates to over 90% loss of value to sit at $0.068 at press time.
Elon Musk’s usual tweets, hypes and shillings have had little or no effect on the cryptocurrency In recent times. This may signify a loss in users’ enthusiasm and a lack of trust in the billionaire’s recommendations.
The fallout with Twitter over his failed takeover bid has not helped matters as well. It was projected that Doge was going to be incorporated into Twitter as a tipping option when the acquisition has been completed. If that had happened, it would have buoyed its utility and acceptability as well as inadvertently increased its value.
But, that seems not to be a reality for now.
As uncertainties loom in the general crypto market, there is only a slim chance that doge will bounce back and reclaim its lost glory. That does not, however, mean the token is completely dead.
Doge is a meme coin and it would definitely act like one – crazy upward movement one day and a drastic downward trend in the next. Reports like this may spark a panic sell off and further crash the price with little chance for a future rebound.
Yet, it is what it is: what experts think of the future. As to what to do with it, the choice is with the holders.
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