With the fall trading season heating up, two things have become increasingly clear. We are in the midst of a pupcoin frenzy — and no one knows just how far it can go. There has been plenty of buzz surrounding popular tokens Shiba Inu (CCC:SHIB-USD) and Floki Inu (CCC:FLOKI-USD) as well as the resurgence of Baby Doge (CCC:BABYDOGE-USD), but this week kicked off with Dogecoin (CCC:DOGE-USD) trending once again as prices rose by 6.5%. With this in mind, what is causing the DOGE rally? And what are expert Dogecoin price predictions calling for?
It seems that the spike has to do with two of the most prominent names in investing making headlines this morning.
Shark Tank star Mark Cuban announced that he tripled his stake in DOGE, from $500 to $1,500. This comes after Cuban touted the benefits of Dogecoin in August, suggesting its strength as a medium of exchange. While $1,500 may be pennies for Cuban, his endorsement of Dogecoin has shown that it can take DOGE prices much higher.
In other news, Tesla (NASDAQ:TSLA) founder Elon Musk got Dogecoin moving with a single tweet. When social media influencer Matt Wallace noted how fast Musk’s wealth was growing, the Dogefather responded that he hoped it would lead to extending life on Mars. Could DOGE play a role in our life on Mars?
While reactions to Musk’s sentiment were mixed, the crypto began to rise as any pupcoin inevitably does when Musk tweets about it.
Dogecoin Price Predictions
- According to CryptoNewsZ, the “Dogecoin price is expected to trade with bullish momentum” and could reach 90 cents by the end of 2022. Going into 2023, DOGE prices could top $1.
- DigitalCoinPrice predicts that Dogecoin will rise by as much as $1.15 by the year 2028. In the shorter term, though, it predicts that DOGE will rise steadily. It has a target of $0.4558039896 by the end of 2022 and $0.5355567444 by the end of 2023.
- Coin Price Forecast provides an in-depth perspective, predicting that “In the first half of 2022, the Dogecoin price will climb to $0.32; in the second half, the price would add $0.02 and close the year at $0.34, which is +32% to the current price.”
- For 2022, CoinPedia predicts that if Dogecoin “closes this year hitting the highs, then 2022 might start bullish at $0.99. On the other hand, if a bearish trap engulfs, then the 2022 trade might resume at a similar trend at $0.21.” Citing the potential for catalysts like big exchange listings, CoinPedia has a bull-case target of $2.38 by the end of 2022.
On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.