Over the last few years, many absurd investing success stories about cryptocurrency have popped up. You may have heard about folks who got rich from meme coins and random coins they invested in for fun.
Then, in 2022, the cryptocurrency market crashed. Luna was completely eliminated, and many altcoins went to being worth almost nothing with shocking losses.
Despite the recent losses in the cryptocurrency space, many still believe that cryptocurrency is the future. Many Dogecoin fans are still attempting to prop up this meme coin. Also, we’re seeing cryptocurrencies like Bitcoin rebound slightly in 2023.
We will look at the cryptocurrency space to see what’s happening with Dogecoin, Polygon, and other coins.
- The cryptocurrency market suffered greatly in 2022, with many coins down over 70%.
- We looked through expert analysis to see the predictions for the prices of Dogecoin and Polygon—and the numbers are all over the place.
- Dogecoin continues to have the support of Elon Musk and a strong community of enthusiasts.
How’s Dogecoin Doing?
Only a few people will remember that Dogecoin started as a joke in 2013 by folks who didn’t believe cryptocurrency was the way of the future. The Dogecoin cryptocurrency was created purely as a parody, taking its name from the viral meme of the Shiba Inu dog. Unlike other forms of cryptocurrency, Dogecoin was never intended to have any real-world applicable utility.
Then the community surrounding the cryptocurrency created clever memes and pumped the coin up until others started to notice. Elon Musk came into the picture and became associated with the coin. Musk referred to Dogecoin as the “people’s crypto,” and he went as far as to announce at one point that Tesla would accept Dogecoin as payment.
For some reason, this coin has many dedicated fans who continue to hype it up. They’ve garnered a significant amount of positive press, largely thanks to public stunts associated with the coin, like sponsoring the Jamaican bobsled team at the 2014 Winter Olympics. Elon Musk mentioned the coin on SNL in 2021.
One issue with Dogecoin is there’s no limit on how many coins can be created, so this crypto could lose its value easily as the supply goes up.
Dogecoin is currently listed at $0.079, with an all-time high of roughly $0.70 in May 2021. As of April 25, 2023, Dogecoin is down 49.43% for the year. Dogecoin is currently ranked 8th of all cryptocurrencies based on market cap.
How’s MATIC Doing?
MATIC is the name of the native coin on the Polygon network, which lives on top of the Ethereum blockchain instead of using its own blockchain. As Ethereum became more popular, it became more expensive and slower to use. Polygon is a layer 2 solution, meaning it stays on top of another blockchain (Ethereum in this case).
MATIC suffered in 2022 because some experts felt that with the Ethereum merge, there wouldn’t be much use for a layer 2 project.
The goal of the Polygon network is to enable you to have many of the same features as the Ethereum network with a fraction of the fees. Even with Ethereum switching to the proof-of-stake mechanism in 2022, it looks like the fees on that network have yet to decrease to the levels of Polygon.
Ethereum enthusiasts were hopeful that the transaction fees would eventually come down. Polygon supporters, on the other hand, continued to argue the speed of Ethereum hadn’t changed. Many still rely on Polygon for scaling.
MATIC is currently listed at $0.98, with an all-time high of $2.92 on December 27, 2021. As of April 25, 2023, MATIC is down 27.81% year-over-year. MATIC is currently ranked 9th in the cryptocurrency space based on market cap.
What Are Current Price Predictions for Dogecoin and Polygon?
We looked through various analyst reports to see what experts are predicting for the future prices of Dogecoin and Polygon. The major difference between cryptocurrency and the stock market is that there aren’t as many mainstream analysts in the cryptocurrency space. It’s also difficult to find experts with a proven track record in the crypto arena.
What are the price predictions for Dogecoin?
The team at Coin Journal feels that Dogecoin could go above $1 in “the near future” if there’s enough bullish momentum in the coming months. They believe the coin could hit between $2 and $3 in 2030 if more merchants accept it as a form of payment and if a bull market were to kick it up a few notches.
Digital Coin Price predicts that Dogecoin could reach a maximum price of $0.18 in 2023. It also predicts a minimum price of $0.0711 for this year. By 2031, Digital Coin Price predicts Dogecoin will reach $1.
What are the price predictions for MATIC?
The team at Coin Journal published its price prediction that MATIC would reach $3.42 during 2023. They believe MATIC will reach $4.39 by 2024 and $34.74 by 2040.
Crypto Ticket published in 2022 that they believed the price of MATIC could reach $1 if the higher scalability with Ethereum led to more applications being moved over to the Polygon network. Indeed, the crypto did cross the $1 threshold several times in 2022. Recently, the price has been decreasing and has dropped 5.66% in the last month.
Digital Coin Price predicts that MATIC could reach a maximum price of $2.20 this year and a minimum price of $0.90. By 2025, Digital Coin Price predicts MATIC will reach a maximum price of $3.65 and a maximum of $10.48 by 2030.
The predictions for MATIC and Dogecoin vary quite a bit. It’s difficult to tell if there will be another bull market in the near future where the price of all cryptocurrencies goes up in tandem.
What You Need to Know About Cryptocurrency Price Predictions
It’s important to note that it’s challenging enough to predict the price of any cryptocurrency a week down the line, let alone years into the future. Price predictions from earlier in 2022 were much different than predictions at the end of the year, as the entire market dropped drastically.
Also, as we looked at cryptocurrency price predictions, we found many caveats and contingencies. There are many other factors at play here, including mass adoption, the global economy, and governmental regulation. We also can’t forget about the importance of another bull run.
Here’s what you need to know about the price of any type of cryptocurrency:
- Cryptocurrency isn’t independent of the overall macroeconomic situation. When the Fed raises rates, the stock market drops—and so does the crypto market.
- Many experts are just guessing. It’s rare to find an expert in this space with a decent track record.
- Nobody knows for sure what’s going to happen in the cryptocurrency space. This asset is so volatile and unpredictable that it’s a fool’s errand to try to make a prediction.
How Are The Key Altcoins Doing?
When looking at the cryptocurrency market, it’s only fair that we break down some of the key altcoins. These are all prices as of April 25, 2023, on CoinDesk.
The price of Solana is currently $21.72, with an all-time high of $259.96 in November of 2021. SOL is down 78.51% for the year.
The price of Avalanche is currently $17.72, with an all-time high of $144.96 in November of 2021. AVAX is down 75.56% for the year.
The price of XRP is currently $0.47, with an all-time high of $3.40. XRP is down 32.42% for the year.
The price of Polkadot is currently $5.99, with an all-time high of $54.35 in November 2021. DOT is down 66.91% for the year.
Binance Coin (BNB)
The price of Binance Coin is currently $336.68, with an all-time high of $686.31 in May 2021. BNB is down 17.04% for the year.
From some of the prices in this article, it should be clear many cryptos aren’t having a profitable year. While some hope this is the bottom, there’s no way to know. Many coins are down over 70% for the year.
However, you should also note the month-to-month price movements are slightly more optimistic. Avalanche, for example, is down about 75% for the year but has increased 7.63% in the past month. Similarly, Bitcoin is down approximately 30% year-over-year at the moment but up about 40% over the past six months.
How Should You Be Investing?
While investing in digital assets has become more popular over the last few years, it’s important to remember that these are still risky investments with extreme volatility. The cryptocurrency market is open 24 hours worldwide, so you never know when there will be some sort of a pump or a crash.
We’re living in a time of high inflation and lowered consumer spending. If you’re interested in investing in speculative assets like cryptocurrencies, you should be prepared to lose any money you invest. There’s no guarantee about anything these days.
The Bottom Line
It’s fair to say that waiting for a crypto pump is a bad financial move you can make, as there’s so much volatility in the space. As always, we suggest you only invest money you can afford to lose in risky assets because you don’t want to watch the money you worked hard for disappear.
Featured Image Credit: Rūdolfs Klintsons; Pexels: Thank You!