Investors are chattering over a fledgling cryptocurrency called Oxen (CCC:OXEN-USD). The recently rebranded coin is shaking up the world of digital currency with its security-heavy focus. But, is the coin really destined to be the new Dogecoin (CCC:DOGE-USD) like some are proclaiming? Oxen (OXEN) price predictions aren’t exactly convincing.

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Oxen is a crypto that used to be called LOKI. Launched in 2018, Loki sought to solve a lack of privacy inherent in public blockchain transactions. See, when a transaction is made on a chain like Bitcoin (CCC:BTC-USD), that transaction is publicly recorded, and can be traced to a user through their unique wallet address.

In order to make the public blockchain more private, the Loki/Oxen blockchain wants to eliminate the trackability of transactions. The chain does this by utilizing technologies like stealth addresses and ring signatures to obfuscate the actual parties in a transaction.

Oxen (OXEN) Price Predictions: Can Oxen Really Be the Next DOGE?

In January, Loki began its rebrand into Oxen, and has since enjoyed plenty of investor interest. In fact, some are calling Oxen the “cryptocurrency that could crush Dogecoin.” Oxen is up over 70% on today’s trading session alone, bolstered by a 51% increase in trading volume. Coins are trading hands at $1.76.

But what do analysts seem to think of Oxen? Is it destined for the same huge gains as DOGE? Let’s look at what analysts are saying:

• DigitalCoinPrice thinks Oxen will close out the year with only slightly higher gains than it is currently seeing. The outlet pegs the coin for a $1.95 price by the end of the year.
• Gov Capital doesn’t see Oxen doing much after breaking the $2 mark. The outlet is predicting a $2.07 valuation for OXEN in June 2022.
• WalletInvestor is actually quite bearish on Oxen. They are the only outlet predicting losses, valuing the OXEN coin at $1.16 by this time next year.