According to top product comparison sites, Dogecoin (DOGE), is likely to hit $0.163 per unit in 2018.
According to a survey of 33 analysts, DOGE’s value would reach $0.316/unit by 2025.
Analysts predict that DOGE will reach $0.25 by the end 2022.
According to Fred Schebesta, Finder’s CEO, investors can likely “sit tight knowing that although there will be more, others will come and go, DOGE will forever remain the original.”
Analysts think meme-based assets in general will lose appeal to investors in future, despite the support of Dogecoin.
Dogecoin (DOGE), will also drop after rising
But many analysts also predict that DOGE’s value will plummet as a result, as such is the nature of crypto.
Newcomers to crypto have been attracted by DOGE and SHIB, as well as many other cryptocurrencies.
The novelty of meme coin will be gone by 2022 as more investors look for other valuable assets.
Dogecoin’s Working Mechanism explained
LuckyCoin, a cryptocurrency project that originated the mining code for Dogecoin, was used initially.
For creating new blocks, miners in LuckyCoin — a fork of Litecoin, itself a fork of Bitcoin – were rewarded with a random number between 0 and thousands of free coins.
As the Dogecoin community evolved, Jackson Palmer and Billy Markus, two of Dogecoin’s co-creators, made the decision, in March 2014, to switch to a fixed block reward schedule.
It’s estimated that 5.2 billion Dogecoins are produced each year under the current timetable.
DOGE's total market cap is $14.846 Billion in daily charts | Source: TradingView.com
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While Bitcoin’s mining difficulty is adjusted every 2,016 blocks, Dogecoin’s mining difficulty is adjusted every block.
Charlie Lee (the developer of Litecoin) came up with the idea to merge Dogecoin and Litecoin mining.
Dogecoin’s network security would be improved via “merged mining,” which would allow miners to mine both Dogecoin and Litecoin concurrently.
Transactions on DOGE run much faster because blocks generated on Dogecoin take less time than Bitcoin’s (one minute instead of 10 minutes).
Meme Coin to Gain Just 16.5%
Dogecoin’s current value of $0.163/unit is projected to drop 16.5% by 2022.
Today, the meme coin trades at $0.11 with a 24 hour low of $0.11 and high of $0.14. DOGE had a volume of $650.45 millions in 24-hours.
Dogecoin’s value has dropped by 12.6% in the previous seven days, according to data from CoinMarketCap.
But, it is up by 147% this year compared to the US dollar, in spite of this.
Related Reading| Litecoin Creator Praises Dogecoin, Can The Token Get Its Bark Back?
DOGE’s market value is approximately $17.5 million, which makes it the 13th most valuable cryptocurrency.
The current market capitalization of meme coins is 0.9% of $1.8 trillion in crypto ecosystem.
An array of analysts expressed different opinions on future Dogecoin value prospects.
One such aspect is the Bitcoin market’s current downward trajectory as a result of the deteriorating crisis in Ukraine.
Since Russia’s mobilization and deployment of troops yesterday, the crypto market has fallen, hurting all stable coins, including Dogecoin.
Featured Image from Laptop Mag. Chart by TradingView.com