Amid Dogecoin's meteoric rise, one question remains: will it be able to maintain its phenomenal run in the years to come?
For those not in the know, the once joke crypto has reached a mind-numbing 20,000-percent increase year on year, with a record high $0.70 on May 8. In addition, it saw a massive surge after Tesla and SpaceX CEO Elon Musk tweeted about collaborating with the meme-coin's developers.
Volatility remains an issue, with another Musk remark actually spiraling Dogecoin price to a third of its price last week at 44 cents. As such, a positive outlook may be in question. On Sunday, Dogecoin price was at 51 cents, which fell 2.96 percent since the previous day.
Dogecoin Price Prediction: Mostly Bullish
Despite these price fluctuations, however, experts say that the Shiba-inu-inspired coin will have a "bright future ahead," as noted in an Express.co.uk report, predicting a further rise from 2022 to 2028.
The report quoted Coin Price Forecast as saying that Dogecoin will reach 94 cents in 2030, and Capital T. Coin forecasting that the digital asset will hit $2 in 2040.
FX Street, meanwhile, predicted a bullish upward trend for Dogecoin due to a "confluence of support levels," expecting a surge of 23 percent in the near term to reach 69 cents. It is expected to eventually breach its all-time high of 73 cents in intra-day trading, especially with the support of Musk, whose pronouncements have dictated price movements. This could even lift the Dogecoin price to $1 if the trajectory continues.
Dogecoin Price to 'Reach $1 by End of 2021'
This view was concurred by Digital Coin Price, saying Dogecoin could reach $1.5 by 2025 (via Republic World). CryptoNewsZ also made a bold prediction about Dogecoin settling at $1.07 by the end of 2021.
This short-term spike came about after Musk announced in a tweet that he was working with Dogecoin developers on "system transaction efficiency" that he said was "potentially promising." Dogecoin since clawed back from its low of 44 cents on May 8 to 56 cents on Friday.
After Musk's support for the meme-based token, Dogecoin clawed back up the crypto rankings to fourth-behind Bitcoin, Ethereum, and Binance--with Forbes further stating a market capitalization of around $70 billion.
Dogecoin Success Story
Dogecoin was once billed as a "joke" cryptocurrency, yet years after its creation in 2013, it has turned out to be an utterly prized anecdote in its continuing success story.
Developers Billy Markus and Jackson Palmer created it as fun alternative to cryptocurrencies, even using a dog's meme on its coin. And quite expectedly, investors did not take it seriously at first.
But with its immense growth in recent years, Dogecoin is now one of the most valuable cryptocurrencies in the world, thanks to its most avid supporters Musk and the rapper Snoop Dogg.
Dogecoin has since proven to be a worthy investment, especially with the bullish predictions of its price from cryptocurrency experts in the long run.