Dogecoin forecast: DOGE fall is 'not in sight' as coin continues to rally

Dogecoin forecast: DOGE fall is 'not in sight' as coin continues to rally

Dogecoin (DOGE) is continuing to shoot up in value, having jumped by a further three percent in the past 24 hours. In the past month, it has jumped by more than 479 percent, with the value of the coin now standing at £0.23 ($0.31), according to Coinbase. Many had assumed that the cryptocurrency, which was initially started as a joke based on the doge meme, would be a flash in the pan.

However, thanks to Elon Musk and his prolific tweeting – including a promise to put a “literal Dogecoin on the Moon – it has continued to rise.

Mr Musk’s most recent claim is that he is ‘The Dogefather’ – a nod to The Godfather trilogy – has once again caused a spike in value.

Now, experts believe that Dogecoin will continue to rise in value.

Sam Onigbanjo, founding partner of Capital Markets Academy, told Express.co.uk: “Dogecoin is rallying and a fall is not in near sight, precisely because the rise of the Dogecoin is based on ‘HYPE’ excitement and celebrity involvement.

“Elon Musk for example has been tweeting and trending #dogefather. This has heavily been retweeted by fellow investors.

“Summarising, the mood is highly expectant and the trend is bullish.

“Finally amongst the top 10 cryptocurrencies of the week, Dogecoin has experienced the second-highest growth at 7.93 percent for the week.”

Some forecasters believe Dogecoin could hit upwards of $1 by the middle of the decade which would mark a truly meteoric rise for the cryptocurrency.

READ MORE: How high will dogecoin go? Experts pinpoint future for digital coin

As with any currency, there will be fluctuations in the price of Dogecoin.

However, as there is limitless Dogecoin, as opposed to something like Bitcoin, its value will fluctuate rapidly.

According to experts, the hype around the coin and its volatile nature makes it a smart coin to invest in, however, the chance to make serious money may have passed by.

When asked by Express.co.uk as to how much money one can make off Dogecoin, Paddy Osborn, Academic Dean at London Academy of Trading, said: “In simple terms… a lot!”

He continued: “That said, the best opportunity for massive profits may already be gone since Doge has risen 7000 percent since the end of January 2021.”

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As with any investment, especially cryptocurrency, it is important to note that nothing is a certainty.

Money experts Ramsey Solutions said on its website: “Trading in cryptocurrency is like gambling.

“Because it’s exchanged peer to peer without any tie to regulatory standards, there’s no pattern to the rise and fall of its value.

“You can’t predict changes or calculate returns like you can with growth stock mutual funds.

“There just isn’t enough data, or enough credibility, to create a long-term investing plan based in cryptocurrency.”

Published at Fri, 30 Apr 2021 17:47:00 +0000