The meme cryptocurrency has suffered a turbulent ride in recent months – slowly dropping after reaching an all-time high in May of $0.73 (£0.52). This afternoon it sits at a mere $0.24 (£0.17) having temporarily rallied yesterday following a number of tweets from billionaire Mr Musk. And the Tesla CEO has tweeted again this afternoon, in a move that could mark the start of a huge rebound predicted by analyst David Cox.
Writing for CryptoNewsZ, he stated: “How much the coin will be worth by the end of this year could be answered as the price of Dogecoin might hover around the $1 mark.
“The minimum expected Dogecoin price would be around $0.90 (£0.65).
“It is likely to cross the $0.80 (£0.58) mark soon as the coin is constantly breaking the all-time high, as this is the year of cryptocurrencies.
“The price of Dogecoin has been showing a tremendous growth over the last few days as Elon Musk’s continuous support.”
Mr Cox then gave his prediction for how things could pan out if Mr Musk keeps giving a helping hand.
He added: “As per the one-year Dogecoin forecast, the price is predicted to cross $1 by the end of 2021.
“The predicted high for 2021 might be around $1.07, and on the downside, the low might be around $0.91.”
It comes after leading expert Professor Alexander, from the University of Sussex called for a new US commission to regulate cryptocurrency.
She said: “If the US is serious about regulating Bitcoin and other crypto assets, then they need to form a new crypto regulation commission to encompass both markets and institutions.
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“A well-resourced commission that incorporated experts who really understand what is driving these markets is essential.
“Regulators are often one step behind innovation, which is certainly the case with crypto. But with a specialist commission, there’s potential for regulators to keep up or even be a step ahead of those engaging in fraud or seeking to manipulate or abuse the crypto markets.
“It would help establish market discipline which is absolutely critical to allow the crypto sector to mature and to show its long-term potential.
“We need sector-specific regulators to eradicate the malpractice that is happening in plain sight.”
Prof Alexander said that the unregulated market has made cryptocurrency “the Wild West of financial markets” and only regulation can help it to be “truly effective”.
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Britain’s Financial Conduct Authority (FCA) has previously warned of the risks that come with investing in cryptocurrency.
They said: “If consumers invest, they should be prepared to lose all their money.
“Some investments advertising high returns from crypto assets may not be subject to regulation beyond anti-money laundering.
“Significant price volatility, combined with the difficulties valuing [Bitcoin] reliably, place consumers at a high risk of losses.”
Express.co.uk does not give financial advice. The journalists who worked on this article do not own Dogecoin or Bitcoin.