Daily Archives: July 30, 2022

Majority See Dogecoin Losing All Value — ‘It’s Time to Get out of DOGE’ – Altcoins Bitcoin News

Majority See Dogecoin Losing All Value — ‘It’s Time to Get out of DOGE’ – Altcoins Bitcoin News

A panel of crypto industry experts says now is the time to sell dogecoin. The majority of the experts expect DOGE to completely lose its value. Dogecoin “was a meme coin that shouldn’t have really gotten to this point,” said one of the experts on the panel, blaming Tesla CEO Elon Musk for the popularity of the meme cryptocurrency.

Expert Panel on Dogecoin Losing All Value

Price comparison portal Finder updated its dogecoin (DOGE) price predictions Wednesday. The platform explained that it measures expert predictions of the future price of dogecoin using weekly and quarterly surveys. The latest quarterly survey, conducted in July, “asks a panel of 54 industry experts for their thoughts on how dogecoin will perform over the next decade.”

The panel was asked, “Do you think DOGE will completely lose its value?” 55% said yes, 21% believe the meme cryptocurrency will bounce back, and 24% said they were unsure. Regarding when the price of dogecoin will lose all of its value, 3% said it will happen within the year, 12% said next year, 9% see it happening in 2024, and 30% said the meme crypto will lose its value completely by 2025 or later.

Finder's Experts: Majority See Dogecoin Losing All Value — 'It's Time to Get out of DOGE'
Experts’ responses to the question: “Do you think DOGE will completely lose its value?” Source: Finder’s dogecoin predictions.

“We’re a little ways removed from the days when people thought DOGE was going to the moon,” Finder described. “People are now more worried about it staying here on Earth (read: going to zero), something that over half the panel (55%) say will happen at some point in future. Just 1 in 5 (21%) see DOGE bouncing back.”

Dogecoin’s Price Predictions

While the majority of the experts on the panel do not have confidence in the long-term future of dogecoin, some of them remained optimistic. For example, Walker Holmes, co-founder and VP of Metatope, predicted that the price of dogecoin could reach $0.40 by year-end. “DOGE has a great community but little utility. DOGE has the ability to attract a culture of content creators and creatives,” he opined.

Bullish forecasts of dogecoin by some of the experts have pushed the average panel predictions upward. Finder detailed:

Dogecoin may see a modest increase in its value in 2022, with Finder.com’s panel of fintech specialists giving an average end of 2022 prediction of $0.08. Going forward, the panel projects DOGE to be worth around $0.19 in 2025 before rising to $0.64 by 2030.

“The panel’s July short-term predictions are down considerably compared to the January survey results when the panel saw DOGE closing out 2022 worth $0.16 and $0.32 by 2025,” Finder noted. At the time of writing, the meme coin is trading at $0.070534.

A handful of experts on the panel said Tesla CEO Elon Musk is to blame for dogecoin’s popularity. Bitwave CEO Patrick White remarked: “DOGE was a meme coin that shouldn’t have really gotten to this point. Thanks, Elon.”

Regarding whether it’s time to buy, sell, or hold dogecoin, Finder detailed:

The majority of the panel thinks it’s time to get out of DOGE, with 71% saying sell. Just shy of a quarter (24%) think you should hold onto what you’ve got and only 4% say it’s time to buy.

The panel includes university directors, crypto exchange executives, crypto research analysts, and executives of various firms with crypto-related products.

Finder’s experts also recently made predictions about several other cryptocurrencies, including bitcoin (BTC), ether (ETH), cardano (ADA), solana (SOL), and binance coin (BNB). In May, the panel predicted the death of DOGE rival, the meme cryptocurrency shiba inu (SHIB).

What do you think about dogecoin’s price predictions by Finder’s expert panel? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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How High Can Ethereum Go Before The Merge

How High Can Ethereum Go Before The Merge

The Ethereum “Merge” has become a hot topic among top crypto analysts after the incident that led to the collapse of the Ethereum network in the sale of Otherside by Yuga labs, with nearly $200M lost as gas fees.

Related Reading: Proof of Work Vs Proof of Stake – Laneaxis

The Ethereum merge, also known as Ethereum 2.0, is the upgrade of the existing execution of the Ethereum layer 1 from proof-of-work (PoW) to proof-of-state (PoS), Beacon chain.

POW was first used by the early pioneers of the blockchain Bitcoin and Ethereum. It aims to achieve decentralization and security by using miners to decode cryptographic algorithms or puzzle-like maths. 

As the demand increases for transactions, it becomes slow, gas fees increases, and resources intensify.

Proof-of-Stake (POS) is similar to POW, just that users authenticate transactions on the blockchain employing stake and get rewarded. 

“The Merge” is a massive step for Ethereum and the community; it is important to note that the Beacon chain is shipped separately from the Ethereum mainnet. It means the Beacon works in parallel as POS, and all accounts, transactions, balances, and smart contracts remain secured by POW  until the final merge to POS.

Ethereum Price Remain Strong Despite Daily Resistance

Ethereum keeps showing great strength of bullish movement as the anticipated merge gets closer. Ethereum is currently trading at a resistance of $1,730 at the point of writing on the 1D daily chart. 

A break of this region would send Ethereum’s price to $2,400 and even higher if the bulls and sentiments of the market stay strong ahead of the merge.

ETH 1D Resistance On Daily Chart | Source: ETHUSDT On Tradingview.com

Ethereum looks really good from the chart on a daily timeframe which is a good sign as we head into a new month. Due to a low volume on a weekend, Ethereum would have a tough time breaking the resistance.

If Ethereum is unable to break out successfully, we could retest the region of $1,600 as the nearest support before a major upside movement.

Ethereum Price On the 4H Chart

Ethereum is currently facing resistance at $1,730 with a low volume accompanying it. If there is going to be a pullback over the weekend the support at $1,600 would be a good entry.

 

ETHUSDT
ETH Faces Resistance At $1,730 With Low Volume | Source: ETHUSDT On Tradingview.com

Related Reading: Will The Ethereum Merge Skyrocket ETH?

The relative strength Index (RSI) is above the 50 mark indicating the market looks healthy but with less price action. With bulls pushing Ethereum in the coming days, breaking the resistance at $1,730 would not be much of a challenge.

 



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Deposits at non-bank entities, including crypto firms, are not insured — FDIC

Deposits at non-bank entities, including crypto firms, are not insured — FDIC

The United States Federal Deposit Insurance Corporation, or FDIC, has issued an advisory informing the public it “does not insure assets issued by non-bank entities, such as crypto companies.”

In a Friday notice, the FDIC advised banks in the U.S. that they needed to assess and manage risks in third-party relationships with crypto firms. The government agency said that while deposits at insured banks were covered for up to $250,000, no such protections applied “against the default, insolvency, or bankruptcy of any non-bank entity, including crypto custodians, exchanges, brokers, wallet providers, or other entities that appear to mimic banks.”

“Some crypto companies have misrepresented to consumers that crypto products are eligible for FDIC deposit insurance coverage or that customers are FDIC-insured if the crypto company fails,” said the FDIC. “These sorts of statements are inaccurate and can cause consumer confusion about deposit insurance and harm consumers under certain circumstances.”

The advisory followed a Thursday letter from the FDIC’s enforcement division, in which assistant general counsels Jason Gonzalez and Seth Rosebrock claimed crypto lender Voyager Digital had made “false and misleading” statements concerning insured deposits. The legal team suggested the FDIC would insure neither Voyager customers nor funds deposited to the platform against the firm’s failure.

“Customer confusion can lead to legal risks for banks if a crypto company, or other third-party partner of an insured bank with whom they are dealing, makes misrepresentations about the nature and scope of deposit insurance. Moreover, misrepresentations and customer confusion could cause concerned consumers with insured-bank relationships to move funds, which could result in liquidity risk to banks and in turn, could potentially result in earnings and capital risks.”

Related: FDIC wants US banks to report on current and intended crypto-related activities

The FDIC began insuring deposits in 1934, first starting with up to $2,500 in coverage. Since that time, the government agency reported no depositor “lost a penny” in an FDIC-insured bank, despite more than 9,000 such institutions failing before 1940. The FDIC reported that 561 insured banks failed between 2001 and 2022, reaching a peak of 157 in 2010.