What will happen to the price of Dogecoin in 2021?

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What will happen to the price of Dogecoin in 2021?

Forbes does not write about every single token. But Dogecoin is not amongst them. To a certain degree, that’s because Elon Musk confessed in July 2021 that he actually owned Bitcoin, Ethereum, and Dogecoin. In general, the token is doing great now and has even exploded into the top ten this year. So, let’s get to know the destiny of the token for the end of 2021 and find out the dogecoin price prediction. But first, for those who don’t know, let’s get to know what Dogecoin is.

What is the token about?

The coin got its name from a once-popular meme. It was initially released as a part of a casual joke for crypto geeks in 2013. As of writing, it turned out to be the fifth largest crypto by market cap.  

Now, it’s not a joke anymore. In early 2021, before the crypto talk was banned on the subreddit, Dogecoin gained momentum on the message board of Reddit’s WallStreetBets, the top investing and trading community. The members promised to promote its worth to the moon. 

In 2021, the token has already got a 5000% increase in price. One of its fans that has significantly influenced its value, Elon Musk called it his fave crypto and people’s one and promised to plant a real Dogecoin on the moon. 

Just during August 2021, the price has increased by 25%. The value actually skyrocketed to over 70 cents thanks to Musk’s encouragement in May and yet plummeted the following months. Nevertheless, the token’s worth settled at around 20 cents before going up in August.

Although there was a recent price surge, many crypto experts agree that the memecoin is going to end up with a 42-cents price point in late 2021. This means a 60%-increase from its present-day level. This comes as a result of the coin experiencing a “pump and dump” cycle.

A panel expert Forrest Przybysz admits the Doge is likely to grow as many cryptos do in the market. Yet, it’ll be experiencing the times of flat price action and further aggressive wild pumps. 

There was a survey held by Finder (price comparison platform) of 42 crypto pros on what they see coming next for the Doge. Eighty percent of them call the whole thing a complete bubble. 

Fifty-five percent among them are convinced that the price will crash this very year, herewith 42% believe the bubble will burst the next year, and only 3% think it’s going to happen in 2023. 

The happy medium that gives the token 42 cents by late 2021, predicts Dogecoin to reach 1.21 bucks by 2025 and 3.60 bucks by 2030. Here’s where the division happened: some think that meme-based cryptos will go down to zero, while others foresee a huge surge to ten bucks.

John Hawkins, professor at the University of Canberra, negatively says that the value of the token directly depends on Musk’s random statements. He predicts the worth to reach 15 cents in late 2021 and by 2020 it won’t have any value at all. In fact, the token operates as a payment tool but has a very insignificant store of value. 

It looks like it’s a pet project for Elon Musk (no need for the introduction, right?), as he regularly posts dogecoin memes on socials and gives calls to the team to offer upgrade and improvement ideas. 

He had negative feedback from the Bitcoin community due to his support of Dogecoin. Additionally, he suggested the token could beat BTC, had it decreased transaction commission and improved the speed of operations. 

Although Elon manages to create hype around it and give some validity to the coin, a lot of pros still conclude that it will never outshine BTC, ETH, and other solid cryptos. Ryan Gorman from Trade The Chain has talked tough about the coin calling it a scam that can be supported by ‘con artists’ pumps and dumps. But still, it will be outlawed at the end of the day.

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