Dogecoin has performed woefully since spiraling down from its all-time price high in 2021. The popular cryptocurrency has struggled to make an impact in terms of price action without success.
However, the current market situation makes it difficult for DOGE to make headway.
The price surge in May 2021 prompted many to predict a $1 to a DOGE token, which was not to be, and to this day, some are confident that it will happen.
Nevertheless, market insiders stated that a price surge to $1 is unlikely given the current scenario, not even in the next five years.
DOGE End of Year Price Might Drop to $0.16
According to analysts’ opinions on the price direction of the meme token rated based on bullish, neutral, and bearish sentiments, the major answer appears alarming.
All the respondents see no bullish outcome for Dogecoin; two are neutral, while three see a bearish trend for the coin.
Meanwhile, the current survey result differs from the previous one, depicting the responses as bullish, neutral, and bearish.
A cursory look at the performance of Dogecoin shows that it affects the change in perception experts have of the canine cryptocurrency. Additionally, the sudden decline in the price of Dogecoin in the past week by 13% is also another factor.
Other surveys carried out at the start of 2022 on DOGE value by a panel of 33 expert analysts show a discouraging price of $0.16 for the end of the year. This means the price of DOGE will further slump below the predicted $0.39.
Moreover, the experts also predict the price if $0.32 in 2025 and $0.54 by the end of 2030.
With each passing day, the market realities show the gradual decline of the once famous meme cryptocurrency.
DOGE Has No Utility Features
Many people in the Dogecoin community have revealed their opinions on the prospects of the meme coin. In addition, the network is still trying to cobble itself back after being dragged down by Shiba Inu in price performance, indicating a power shift.
Despite renewed whale activity on the Dogecoin network last month, the price has yet to recover fully. The billionaire tech entrepreneur, Elon Musk, also revealed that Tesla had not traded any of its DOGE tokens even after dumping its BTC stash.
Even the most optimistic Dogecoin fan understands the almost impossible task of the token making a comeback any time soon. The frequency with which the Dogecoin community rallies towards the token has declined further compared to previous months.
Many people now see DOGE as a mere meme cryptocurrency that cannot serve as a utility as previously envisioned. Unlike its rival, Shiba Inu, Dogecoin is currently in a bearish trend while its closest competitor continues to stake its claim as the number one meme digital currency.
Meanwhile, Dogecoin is trading at $0.68 at the time of writing, having sunk 3.73% over the past 24 hours.
Stay with Dogecoin News Hub as we follow this bull market.