Like many cryptocurrencies and other risk assets, Dogecoin (DOGE-USD) has been soaring in recent days. As of early morning trading in New York today, the crypto had jumped nearly 10% since midnight and 23% over the last five days.
However, analysts and websites remain divided on the outlook of DOGE in particular and cryptos in general, as they offer widely varying Dogecoin price predictions.
Bullish Takes and Bearish Takes
According to Analytics Insight, Dogecoin, along with Shiba Inu (SHIB-USD) and Evergrowcoin (EGC-USD), can “help you retire in 2022.” The website states that, as one of the ten most popular cryptos, Dogecoin is “a cryptocurrency for day-to-day usage.” And finally, it notes that Dogecoin is second to only Bitcoin (BTC-USD) in terms of followers on Reddit and has influential backers.
Meanwhile, traders quoted by Benzinga stated that all cryptos could get a lift from stocks’ recent rally and from the retreat of the U.S. dollar this week.
Taking a much more bearish stance on cryptos in general was Susannah Streeter, a Hargreaves Lansdown analyst quoted by CoinDesk. “With the rules of the future games of mining, staking and trading still pretty murky, and the value of crypto assets hugely sensitive to volatile conditions in financial markets, it’s clear investing in the crypto Wild West is still a very risky business,” she stated.
Finally, Cryptopolitan was bearish on Dogecoin yesterday, saying that it has seen “consolidation after failure to reach further downside.”
Dogecoin Price Predictions
WalletInvestor predicted Dogecoin’s value would reach 13.2 cents in one year and nearly 40 cents in five years.
Also very upbeat is GovCapital, which has a “regular” price target of 10 cents for Dogecoin on Sept. 1, an 8.16 cent forecast for the crypto on Oct. 1 and a 10.4 cent target for it on Nov. 1.
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.