With the recent market crash, Dogecoin has suffered market losses. But the company’s problems did not end with the crash. The digital asset had grown and gained the majority of its value as a result of the hype surrounding it. Mostly as a result of shilling from well-known figures such as Elon Musk. This drew investors, both old and new, into the asset, which had grown by more than 21,000 percent to an all-time high of $0.73.
Following this, the asset was rocked by a series of crashes. Dogecoin had struggled to maintain its high prices, primarily since the May market crash. Investors unloading their holdings in order to cash in on gains pushed the asset price even lower. As a result, it has lost more than 60% of its all-time high value. Nonetheless, investors remain optimistic about the coin’s long-term potential.
Predictions for the End of the Year
On Twitter, Crypto Godfather is a well-known cryptocurrency analyst. The analyst has some clout in the space, thanks to a 75K-strong follower base. Recently, a pseudonymous trader and analyst took to Twitter to discuss where major cryptocurrencies will be by the end of the year. Predictions ranged from top coins such as Bitcoin and Ethereum. All the way down to lesser-known tokens like FTT and RAY.
Starting at the top, the crypto analyst predicts that Bitcoin will be worth $80,000 by the end of the year, while Ethereum will be worth $10,000. This represents at least a 200 percent increase in the second-highest ranked cryptocurrency. The analyst predicted that Cardano (ADA) would be worth $4 by the end of the year. Binance’s native token BNB is expected to be worth $1,200. Again, a predicted increase of more than 200 percent.
Doge’s asset price by the end of 2021, according to Crypto Godfather, is $0.50. This was a more conservative prediction for the token, only predicting a 100% increase. This erred on the cautious side for a token prone to erratic movements. SOL was predicted to be worth $600, XRP was predicted to be worth $2.8, FTT was predicted to be worth $300, LINK was predicted to be worth $100, SRM was predicted to be worth $120, and RAY was predicted to be worth $50.
Dogecoin Has Recovered From Its Flash Crash
Dogecoin has been struggling since the September 7th flash crash. Upward corrections were seen almost as quickly as the crash. But, unfortunately, not on the same scale as the crash. Prior to this, Dogecoin was trading around $0.3. The 18 percent flash crash had pushed Doge below $0.2, threatening to set new lows.
Doge, which is currently trading around $0.24, is preparing to retest the $0.25 resistance level. It has found its footing and is now trading above $0.23. The next retest will almost certainly push the altcoin higher, closer to reclaiming $0.3.