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Dogecoin (DOGE) price prediction 2022
What does the future hold for the value of Dogecoin (DOGE)? Nothing bright, according to the panel.
Every week we ask a rotating panel of five fintech specialists whether they are bullish, bearish or neutral on DOGE for the 2 weeks ahead. In a separate January 2022 survey, we also asked a 33-expert panel for their long term price forecasts for the end of the year, as well as over the next decade. You can find the results for both of these surveys on this page.
Dogecoin price prediction for two weeks' time
Each week we ask our expert panel's verdict on the Dogecoin price in a fortnight's time. When asked this week, 0 were bullish (same as last week), 2 were neutral (same as last week) and 3 were bearish (same as last week) about the price of DOGE for the week of 11 July 2022.
Dogecoin price predictions for 2022
Dogecoin (DOGE) will jump to US$0.16 by the end of 2022, according to Finder's panel of fintech specialists.
This is also a far cry from the $0.39 July 2021 prediction that the panel gave for the year-end 2021. The value of DOGE at the time of writing this (2 February 2022) is $0.14, meaning that while the panel doesn't see a lot of growth for the coin, its value should increase by roughly 16.5% by the end of 2022.
Around the time of our last survey, many people thought that DOGE was going "to the moon" and cresting the $1 mark, but our panel was fairly sceptical about the coin's ability to hit that milestone. And since then, their long-term outlook on the coin's future has waned, expecting its value to hit $0.32 by 2025 and $0.54 by 2030, compared to its previous expectations of $0.57 by 2025 and $0.92 by 2030.
Founder of Finder Fred Schebesta is one of the highest on the coin's value in the short-term and sees the coin closing 2022 with a value of $0.25 to $0.30. While he recognises that DOGE is a memecoin, he's quick to point out that it has a special place in the world of crypto:
"While it's a memecoin, Doge is the original memecoin. 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. Perhaps it's not unlikely to expect the market to remember that from time to time. Subscribe to the above thinking and you might find a logic that stands the test of time in what would otherwise be about as irrational an investment as you could find – even if for the 'wrong reasons', traditionally speaking."
Technologist and futurist at Thomson Reuters Joseph Raczynski shares a similar outlook on the coin, adding, "It will likely remain the original memecoin. It is only worth something because people want to believe in it."
John Hawkins, senior lecturer at the University of Canberra, and Vanessa Harris, the chief product officer at Permission, are both out on the coin and see its value falling to just $0.05 by the end of 2022. Hawkins, points out the issues with the price of the memecoin being so closely aligned with tweets from Elon Musk:
"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."
Harris, on the other hand, thinks that memecoins like DOGE are going to be left behind and were a product of 2021.
"2021 was by some estimates the year of the memecoin. DOGE, SHIB and others captured the imagination of first-time crypto investors. In 2022, we will see the lustre wear off as memecoins' lack of true utility causes investors to seek more fruitful investments. The dog coins may not survive in the top 100, but they will always have a place in our hearts for the memes and camaraderie they inspired."
Can DOGE make the jump from meme to utility?
The Dogecoin Foundation recently released the Dogecoin Trailmap and detailed a set of projects to boost the utility of DOGE. However, over half (53.6%) of the panel don't see DOGE being able to successfully rebrand from a memecoin to a utility coin, with less than a fifth (17.9%) believing it can make the leap.
Meet the panel
There are several coins and tokens that could be seen as Dogecoin competitors, so you'll need to consider their performance when predicting DOGE price fluctuations. Competitors to consider include:
- Bitcoin (BTC). The world's biggest and most famous cryptocurrency needs no introduction. Though it's currently battling scaling issues, no other coin comes close in terms of market cap or widespread recognition.
- Litecoin (LTC). The silver to bitcoin's gold, Litecoin also offers fast transactions and minimal fees. Created in 2011, it's a top five coin in terms of market cap at the time of writing.
- Steem (STEEM). The cryptocurrency that powers the platform Steemit, Steem is used to reward the creators of popular content.
Dogecoin holds a unique and cherished place in cryptocurrency folklore. It's fun and unintimidating but also provides impressive practicality behind its light-hearted exterior. However, there are some serious question marks around whether or not it can not only survive but also thrive in the crowded and increasingly professional world of cryptocurrency.
If you're thinking of buying any DOGE, make sure you carefully consider the factors that could drive its value up or down before making a purchase.
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