Dogecoin price: Is DOGE dying? Elon Musk influence wanes despite brief surge

Dogecoin ‘is pure speculation and will end badly’ says Yusko

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DOGE was only recently one of the most popular altcoins on the market. The token gained astronomical value earlier this year thanks to people like Elon Musk, who have relentlessly pedalled it. But his latest endorsements haven’t had the same effect, only prompting a brief DOGE surge from its latest baseline.

Is Dogecoin dying?

In late 2020 and early 2021, DOGE units sold for between $0.003 (£0.0022) and $0.009 (£0.0065).

But come early spring, it had shot to $0.41 (£0.30), and by the middle of the season approached the dollar at $0.73 (£0.53).

Unfortunately, since then, it has all gone downhill for DOGE holders, as the coin has failed to crack the $0.41 (£0.30) mark since early June.

As it stands, individual DOGE units sell for $0.25 (£0.18), but they have succumbed to severe volatility in recent days.

Last Thursday on June 24, people could pick one up for $0.24 (£0.17), and by Friday, $0.28 (£0.20).

On the same day, it soared to a recent low of $0.23 (£0.17), making it a risky investment at present.

According to Coindesk, it has a 30-day volatility rate of 1.93.

And now, it appears even DOGE’s most prominent backer doesn’t wield the same influence he used to.

Elon Musk prompted the coin to rise back to $0.25 this morning after he tweeted “release the doge” via his 57.7 million strong following, causing the $0.01 surge.

As the current price shows, however, Mr Musk has failed to encourage longer-term interest or growth.

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Financial forecasters don’t believe DOGE is finished with the cryptocurrency market just yet, however.

Wallet, an algorithm-based forecasting service, predicts it could still hit the dollar mark.

But backers will have to wait quite some time for results.

In mid-June, the forecasters made a long term prediction that DOGE would hit $0.30 (£0.22) in early July.

After then, people would have to wait until the end of 2021 for more valuable growth, when Dogecoin could surge to $0.38 (£0.28).

A year later – by the end of 2022 – it could gain another $0.19, to $0.57 (£0.41).

Wallet then predicts DOGE could hit $0.76 (£0.55) as 2023 closes and finally reach the dollar mark by April 2025.

If DOGE manages such a feat, it will approach the value of Tether, which is currently the third most valuable coin behind bitcoin and Ethereum.

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