Analyst predictions said that Dogecoin is getting ready for a major comeback. Despite the ups and downs the meme coin has gone through, it might hover around $1 value at the year-end.
Dogecoin, also known as a meme coin, started out as an internet joke compared to the all-time popular cryptocurrency Bitcoin. However, its rapidly growing value is anything but funny. Despite its current value of $.23, it has a market capitalization of over $31 billion, making it one of the highest traded coins in the online market.
Dogecoin also has a reputation for rapidly soaring values. Despite its high risks, analysts believe that the meme coin could easily pull off another market surge in these next few months.
Will Dogecoin Value Break Through $1 Price?
Express reported the huge Dogecoin price rebound predicted by analyst David Cox. He said that similar to the May all-time high, a tweet from billionaire Elon Musk might mark the start of a market comeback. The analyst emphasizes that Dogecoin would continue its tremendous growth with Elon Musk's continuous support.
By the end of the year, the analyst predicts that the Dogecoin price would average at $0.9. At best, it could reach $1.07, and at worse might end up at $0.91.
Another expert, Professor Alexander from the University of Sussex, said that the U.S. government's intentions to regulate cryptocurrency might improve market stability. She said that new crypto regulation commissions encompassing both market and institutions could bring innovation to crypto management. The new system could also prevent frauds from abusing the market. Overall, this development could help cryptocurrencies mature and show long-term potential.
Dogecoin Price, Investments Get Major Positive Forecast
Proof of Dogecoin's investment potential continue to flourish in the current market. Investment in the meme-based cryptocurrency Dogecoin has reached up to hundreds of millions of dollars.
Forbes reported the comments made by Sam Bankman-Fried, CEO and founder of FTX. He said that Dogecoin has become mainstream, making it more and more popular today.
"There are tons and tons of people who have interest in trading crypto and also have interest in trading stocks," Bankman-Fried explained. "The moment that a bunch of brokers, including Robinhood, restricted buying of Gamestop, like literally that hour hundreds of millions of dollars flowed into dogecoin. And it was just a really strong signal that it's the same people."
The FTX CEO has long predicted that a convergence between "crypto" and "mainstream" could lead to price balloons. He added: "I think we're seeing more and more convergence as crypto gets closer to the mainstream, the mainstream is getting closer and closer to crypto."
The Dogecoin market continue to be highly unpredictable. Investors might still experience problems with the meme coin value as it fluctuates. However, multiple analysts firmly believe that Dogecoin has long-term potential in the market. Also, when compared to its current growth, Dogecoin breaking through the $1 is certainly possible.
Interested investors need to keep their eyes on the market trend because the next Dogecoin boost could happen anytime soon.
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