Dogecoin (DOGE-USD) is falling slightly today after it rose earlier this morning. The crypto climbed after a number of large trades yesterday, but the rally lost momentum throughout the morning. Meanwhile, multiple websites are offering long-term Dogecoin price predictions today.
There were 943 trades of Dogecoin that were worth $100,000 or more yesterday. That represented a large increase from the 505 such transactions that were made just one day before, on Saturday.
Meanwhile, “the total miner reserve” of Dogecoin has tumbled 32% so far this year. The mining reserve has reached its lowest point since the end of 2013.
According to Decrypt, “Miner reserve is a metric that refers to the total coins held in miner-affiliated wallets which haven’t been sold yet.” The crypto’s value has tumbled nearly 60% so far this year.
Dogecoin Price Predictions
After the crypto’s steep retreat in the first six months of 2022, a number of websites have mixed predictions on its long-term outlook.
Gov Capital expects the crypto to end the year at 7.1 cents. Wallet Investor is much more bullish, providing a one-year target of 15.9 cents. DigitalCoinPrice expects Dogecoin to have an average price of 10 cents in 2023. The website’s minimum price target for next year is 9.6 cents, and its maximum price target is 11 cents.
Dogecoin was launched as a joke, but after the cryptocurrency received some support from Tesla (NASDAQ:TSLA) CEO Elon Musk, it rose rapidly in 2020 and 2021 before tumbling this year. Musk recently stated that he would remain a backer of Dogecoin, sparking a rally.
On the date of publication, Larry Ramer 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.