The price of dogecoin has dropped another five percent in the last 24 hours as the meme cryptocurrency continues to struggle. It is now trading at $0.17 (£0.13), which is way off the $0.73 (£0.52) all-time high it set in May. But Elon Musk’s favourite token has been tipped to make a rebound in the future by financial analyst David Cox.
Writing for CryptoNewsZ, he stated: “How much the coin will be worth by the end of this year could be answered as the price of dogecoin might hover around the $1 mark.
“The minimum expected dogecoin price would be around $0.90 (£0.65).
“It is likely to cross the $0.80 (£0.58) mark soon as the coin is constantly breaking the all-time high, as this is the year of cryptocurrencies.
“The price of dogecoin has been showing a tremendous growth over the last few days as Elon Musk’s continuous support.”
Much of dogecoin’s success has been accredited to Mr Musk, who regularly shares his support on Twitter.
And Mr Cox made a prediction for how things could pan out if the Tesla CEO keeps giving a helping hand.
He added: “As per the one-year dogecoin forecast, the price is predicted to cross $1 by the end of 2021.
“The predicted high for 2021 might be around $1.07 (£0.78), and on the downside, the low might be around $0.91 (£0.66).”
But looking into next year, Mr Cox predicted the coin to smash past the $1 mark.
He added: “Dogecoin price is expected to trade with bullish momentum and head towards $0.90 (£0.65) towards the end of 2022.
READ MORE: Bitcoin warning as experts identify ‘significant limitation’ to cryptocurrency rebound
“As per the dogecoin price prediction 2022, the price of dogecoin (DOGE) might trade above $1 by the end of the year.
“The predicted high for 2022 might be around $1.22 (£0.89), and on the downside, the low might be around $0.96 (£0.70.”
It comes after leading expert Professor Carol Alexander, from the University of Sussex called for a new US commission to regulate cryptocurrency.
She said: “If the US is serious about regulating Bitcoin and other crypto assets, then they need to form a new crypto regulation commission to encompass both markets and institutions.
“A well-resourced commission that incorporated experts who really understand what is driving these markets is essential.
“Regulators are often one step behind innovation, which is certainly the case with crypto. But with a specialist commission, there’s potential for regulators to keep up or even be a step ahead of those engaging in fraud or seeking to manipulate or abuse the crypto markets.
“It would help establish market discipline which is absolutely critical to allow the crypto sector to mature and to show its long-term potential.
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“We need sector-specific regulators to eradicate the malpractice that is happening in plain sight.”
Prof Alexander believes that the unregulated market has made cryptocurrency “the Wild West of financial markets” and only regulation can help it to be “truly effective”.
Britain’s Financial Conduct Authority (FCA) has previously warned of the risks that come with investing in cryptocurrency.
They said: “If consumers invest, they should be prepared to lose all their money.
“Some investments advertising high returns from crypto assets may not be subject to regulation beyond anti-money laundering.
“Significant price volatility, combined with the difficulties valuing [Bitcoin] reliably, place consumers at a high risk of losses.”
Express.co.uk does not give financial advice. The journalists who worked on this article do not own dogecoin or bitcoin.
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