Dogecoin price could more than double by the end of 2022: expert panel

The dog businessman in glasses is holding a calculator and a fan of dollars.

The dog businessman in glasses is holding a calculator and a fan of dollars.

The Dogecoin (CRYPTO: DOGE) price has reversed the past week’s selling trend to post a slender 0.5% 24-hour gain.

At time of writing the meme token, which profiles a Shiba Inu as its virtual mascot, is trading for 6.2 US cents.

That leaves the world’s number 10 crypto, with a market cap of US$8.3 billion, down 64% year-to-date and down 92% from its 8 May 2021 all-time high of 73.8 US cents.

But if the experts are right, the Dogecoin price could more than double from here by the end of the year.

What’s likely to impact the Dogecoin price?

According to 15 fintech specialists, asked for their long-term price forecasts by financial product comparison service Finder earlier this year, the Dogecoin price will end 2022 trading for 16 US cents.

That number, an average of the 15 forecasts, is 158% higher than the current value. Though it’s a good bit lower than the 39 US cents the fintech expert panel forecast last July for the end of 2021. The meme token ended last year trading for 17 US cents.

Fred Schebesta, Finder’s founder, was among the most bullish on the outlook for the Dogecoin price. He forecasts it will close out 2022 trading between 25 and 30 US cents.

According to Schebesta:

While it’s a meme coin, Doge is the original meme coin. This shouldn’t be underestimated in the world of cryptocurrency where breaking traditional methods for identifying value is a cherished pastime. Investors can likely sit tight knowing that while there will be more, and others will come and go, Doge will forever be the original.

John Hawkins, senior lecturer at the University of Canberra, was chief among the bears when it came to the meme token’s future. Hawkins forecast Dogecoin will end the year trading for 5 US cents, some 20% below the current price.

According to Hawkins, “Dogecoin moves with altcoins, but its price is also affected by Elon Musk tweets. These are impossible to predict, but their impact in boosting the Dogecoin price seems to be weakening over time.”

The post Dogecoin price could more than double by the end of 2022: expert panel appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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