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Dogecoin ‘Pump And Dump’ Cycle Could Send The Memecoin Soaring By The End Of 2021

Dogecoin ‘Pump And Dump’ Cycle Could Send The Memecoin Soaring By The End Of 2021
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Dogecoin, the tongue-in-cheek cryptocurrency that has exploded into the top ten this year, has added 25% to its price this week (Sign up now at Forbes CryptoAsset & Blockchain Advisor and discover eligible cryptocurrencies for 1,000% gains).

The price of the Dogecoin soared to its highest levels of more than 70 cents in a rally feared by Elon Musk in May, rising several thousand percent at the same time last year, only to collapse again in the following months. However, the Dogecoin price found a floor at around 20 cents before starting to climb this week.

Ahead of Dogecoin’s recent rally, a panel of crypto experts predicted that memecoin could reach 42 cents in value by the end of 2021 — a 60% increase from its current level — thanks to a “pump and dump” cycle.

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“I expect Doge to grow alongside the rest of the fast-growing cryptocurrency market, although it will likely have long periods of flat price action followed by aggressive speculative pumps as we have seen in the past,” said Forrest Committee Member Przybysz, Senior Investment Analyst. For cryptocurrencies in Token Metrics crypto finder.

The panel surveyed the price comparison site Finder, polling 42 crypto experts on what they expect to happen to the price of dogecoin in the coming years, with 80% branding dogecoin as a bubble.

Most (55%) of those who said the dogecoin is a bubble think its price will collapse this year, while 42% think the dogecoin bubble will appear in 2022 and 3% in 2023.

The panel average, which puts the price of Dogecoin at 42 cents at the end of 2021, sees Dogecoin reaching $1.21 by 2025 and $3.60 by 2030 although experts are starkly divided with some confident that the crypto-based The meme will soon collapse to zero and others are expecting a huge rise to $10 per Dogecoin.

“Dogecoin appears to be largely based on Elon Musk’s erratic tweets,” said John Hawkins, Senior Lecturer at the University of Canberra, predicting that Dogecoin will be worth 15 cents by the end of 21 and will be completely worthless by 2030.

“[Dogecoin] It is hardly used as a payment instrument and has proven to be a very poor stock in value terms,” added Hawkins.

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Billionaire Elon Musk has adopted dogecoin as something of a Pet Project this year, repeatedly sharing dogecoin memes on social media and issuing calls for developers to come up with upgrade ideas and improvements. Musk alienated much of the bitcoin community by supporting Dogecoin and suggesting that Dogecoin could “beat bitcoin” if he lowered transaction fees and increased the speed of his network.

Despite Musk’s attempts to give validity to Dogecoin, many remain unconvinced that it will ever rival the likes of Bitcoin, Ethereum and other cryptocurrencies.

“Scammers will continue to pump and dispose of this fraudulent currency until it is banned,” said Ryan Gorman, co-founder of market data site Trade The Chain.


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