A panel of crypto industry experts says now is the time to sell dogecoin. The majority of the experts expect DOGE to completely lose its value. Dogecoin “was a meme coin that shouldn’t have really gotten to this point,” said one of the experts on the panel, blaming Tesla CEO Elon Musk for the popularity of the meme cryptocurrency.
Expert Panel on Dogecoin Losing All Value
Price comparison portal Finder updated its dogecoin (DOGE) price prediction on Wednesday. The platform explained that it measures expert predictions about the future price of dogecoin using weekly and quarterly surveys. The latest quarterly survey, conducted in July, “asks a panel of 54 industry experts to give their thoughts on how dogecoin will perform over the next decade.”
The panel was asked, “Do you think DOGE will completely lose its value?” 55% said yes, 21% believe the meme cryptocurrency will bounce back, and 24% said they were unsure. Regarding when the price of dogecoin will lose all of its value, 3% said it will happen within the year, 12% said next year, 9% see it happening in 2024, and 30% said the meme crypto will lose its value completely by 2025 or later.
“We’re a little bit off when people thought DOGE was going to the moon,” Finder described. “People are now more worried about staying here on Earth (read: going to zero), which more than half of the panel (55%) say will happen in the future. Only 1 in 5 (21%) sees DOGE bouncing back.
Dogecoin’s Price Predictions
While the majority of the experts on the panel do not have confidence in the long-term future of dogecoin, some of them remained optimistic. For example, Walker Holmes, co-founder and VP of Metatope, predicted that the price of dogecoin could reach $0.40 by year-end. “DOGE has a great community but little utility. DOGE has the ability to attract a culture of content creators and creatives,” he opined.
Bullish forecasts for dogecoin by some of the experts pushed the average panel forecast higher. Detailed Finder:
Dogecoin could see a modest increase in value in 2022, with Finder.com’s panel of fintech experts giving an average end-2022 forecast of $0.08. Going forward, the panel predicts that DOGE will be worth around $0.19 in 2025 before rising to $0.64 by 2030.
“The panel’s July short-term predictions are down considerably compared to the January survey results when the panel saw DOGE closing out 2022 worth $0.16 and $0.32 by 2025,” Finder noted. At the time of writing, the meme coin is trading at $0.070534.
A handful of experts on the panel said Tesla CEO Elon Musk was responsible for dogecoin’s popularity. Bitwave CEO Patrick White said, “DOGE was a coin that really shouldn’t have gotten to this point. Thanks 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 sell. Just shy of a quarter (24%) think you should hold onto what you’ve got and only 4% say it’s time to buy.
The panel includes university principals, crypto exchange executives, crypto research analysts, and executives from various companies offering crypto-related products.
Finder’s experts also recently made predictions about several other cryptocurrencies, including bitcoin (BTC), ether (ETH), cardano (ADA), solana (SOL), and binance coin (BNB). In May, the panel predicted the death of DOGE rival, the meme cryptocurrency shiba inu (SHIB).
