Analysts believe that Dogecoin cryptocurrency is doomed to fail

The majority of cryptocurrency analysts believe that the Dogecoin (DOGE) token is doomed to fail, according to a recent survey.

According to a survey by Finder, 55% of 54 analysts are convinced that Elon Musk’s favorite cryptocurrency has no future. The respondents who were negative about the meme cryptocurrency predicted a drop in the token’s value in the near future: 3% of respondents said that DOGE will crash in the next 12 months, 12% - in 2023, 9% - in 2024, and 30% - in 2025.

However, despite the negative forecasts of most analysts, 21% of respondents believe that Dogecoin will remain in the crypto market and take a leading position, and 4% of respondents advised users to buy DOGE now, as the token will «prove itself soon.» At the time of writing, Dogecoin is trading at $ 0.06.

Recently, 33 crypto and Web-3 industry experts predicted that DOGE will cost no more than $ 0.16 by the end of this year and no more than $ 0.32 by the end of 2025. Billionaire Elon Musk, who has repeatedly stated his commitment to Dogecoin, would definitely disagree with such forecasts and opinions. Thus, in early July, the parent company SpaceX announced the start of accepting payments in Dogecoin. Also earlier this month, Tesla CEO announced that he would send Dogecoin cryptocurrency to the moon. «The DOGE-1 mission to the Moon, as Elon Musk called it, will take place later this year.