Dogecoin Prediction 2021: A Volatile Guessing Game
Predicting the future performance of any cryptocurrency is a challenge at the best of times. But when it comes to dogecoin prediction, seeing what’s to come given by the end of the day is practically impossible.
At least, with any degree of certainty.
Nevertheless, dogecoin has seen such high-profile exposure as of late that more people than ever before are getting in on the action. Casual investors are looking where to buy dogecoin online with low fees and commissions, while established traders are actively considering converting bitcoin to dogecoin in an attempt to maximize revenues.
As for whether doing so is an advisable strategy, the whole thing is - as usual - entirely a judgment call. The performance of dogecoin so far this year has been outstanding, but sharp movements over the past few weeks have demonstrated just how unpredictable the whole thing can be.
Dogecoin Hits an All-Time High
It was just a couple of weeks ago when dogecoin hit its all-time record-high, trading at an impressive $0.7376 on 8 May. At which point, this once-humble coin (which started life purely as a joke) had gained more than 15,000% since the start of 2021 alone.
But this was far from the only surge in dogecoin’s value that had brought the coin critical acclaim from all corners over the past few months. Dogecoin shot up in value during January, before once again plummeting in the middle of April. The all-time high for dogecoin was recorded on May 8, after which it fell in value by as much as 50% to around 36 cents by May 13. At the time of writing - May 19 - dogecoin is trading at around 41 cents.
One of the main reasons is so hard to set an accurate dogecoin prediction and that determining the future outlook of this coin is so tough, is the way in which the volatility of this particular coin is influenced heavily by social media. There are active efforts by groups on TikTok and Reddit to drive the price of the dogecoin upwards, but just a few choice words from an influential investor (like Elon Musk) can send the whole thing into a tailspin.
Nevertheless, there are many who genuinely believe dogecoin could reach the astonishing high of $1 before the end of the year.
Dogecoin prediction - Can Doge hit $1 in 2021?
One of those who can see a strong future ahead of dogecoin (for the next few months at least) is Sam Onigbanjo, founding partner at the Capital Markets Academy. In a recent interview with the Express newspaper in the UK, Sam spoke of how celebrity endorsements and notable mentions by major companies are likely to sustain the momentum of dogecoin for some time.
Specifically, he sees every possibility of dogecoin hitting the fabled $1 market before the end of July. Incredibly, he also went on to say that it’s perfectly possible dogecoin will eventually reach the value of $10.00.
Meanwhile, others are not quite as optimistic with regard to immediate and heavy gains for dogecoin investors. Algorithm-based forecasting service Wallet Investor painted a significantly more modest picture for dogecoin’s performance this year, suggesting that it is unlikely to go beyond the value of 48 cents before December.
Their current forecasts suggest that the best dogecoin investors can hope for is the price of 59 cents by the end of next year, followed by an increase to 69 cents by the end of 2023 and around 90 cents towards the tail end of 2025.
Not quite the stellar performance others have predicted, but still a major upward trend that would play right into the hands (and pockets) of savvy investors.
That is, unless the rather stark predictions of experts like Eddie Ghabour prove accurate - managing partner at Key Advisors Group. In a recent interview with Yahoo Finance Live, Eddie´s speculations regarding dogecoin prediction was that the coin had no long-term future ahead of it and will most likely “cease to exist” at some point.
Optimism vs Uncertainty
On one hand, it is true to say that there is major potential for the value of the dogecoin to increase significantly over the coming months. Depending on who endorses it and how many recognizable brands take an interest in it, there’s every chance it could see exponential growth.
At the same time, a major and continuous fall from grace cannot be ruled out of the equation. It depends entirely on the analysts and economists you listen to, once again making it purely a personal judgment call.