The price of Dogecoin (DOGE) has been volatile over the past few weeks, impacted by the broader cryptocurrency market sentiment; hence, given the turbulence, investors and traders alike are speculating on whether or not the meme tokens value can rise to the $0.1 level by August 31, 2022. Interestingly, the community at CoinMarketCap has made predictions that the meme token will have a bullish month but will fall just shy of the $0.1 critical psychological level by forecasting an average price of $0.09 by August 31, 2022 – using the ‘Price Estimate’ function, which enables users to predict the future value of cryptocurrencies. With this prediction, the community votes are projecting that the price of the decentralized finance (DeFi) asset will increase by 46.19% or $0.03033 by the end of August from its value at the time of publication. At the time of publishing, 1,006 members of the community had cast their votes, resulting in the estimate above.
Crypto community more bullish for September
According to the 544 user votes recorded so far, the community anticipates that the price will be above the psychologically significant threshold of $0.01 by the end of September, with an average estimate of $0.1073. This would be a 63.20% increase or +$0.041 over the current price. As for the end of the year, the long-term price forecasts by a consensus of 33 crypto and Web3 fintech industry experts see the token’s price trading at $0.16, or $0.84 less than the $1 level that many Dogecoin advocates hope for, according to the results of the latest Finder price predictions report on July 19. In January, before the huge cryptocurrency market sell-off, these industry insiders were under the impression that the price of DOGE would hit $0.92 (closer to the $1 mark) a little further down the road, which would be by the year 2030’s conclusion. However, these forecasts are not nearly as high as they once were and now sit at $0.54. Furthermore, there is still considerable interest in DOGE as in the last two weeks; the meme coin has continued to add to the number of its holders, from 4.344 million on July 16 to 4.387 million on July 28, an increase of 43,000 new holders.
Dogecoin price analysis
Dogecoin’s price at press time sees the asset trading at $0.06589, up 4.40% on the day, although down 3.48% in the last week, with meme coin ranked in the top 10 cryptocurrencies by marketer cap. Furthermore, according to data that Finbold retrieved from CoinMarketCap on July 28, the entire market capitalization of DOGE sits at $8.7 billion, a long way off the $85 billion market cap it reached at its all-time high on May 5, 2021. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
