Recent predictions from prominent cryptocurrency researcher Sarah Thompson of Crypto Insights has predicted that BlockDAG will soar, with a value that will reach $30 by 2030. The distinctive architecture of BlockDAG and its expanding user base among developers and businesses are the main causes of this optimistic outlook.
This positive prediction coincides with a major drop in the value of Dogecoin (DOGE) and PEPE Coin, both of which have had serious setbacks recently. Blockchain Directed Acyclic Graph, or BlockDAG, is gaining popularity as a creative fix for the performance and scalability problems that plague conventional blockchain networks.
According to Thompson, the technology solves a few major scaling barriers in blockchain technology, which makes it a desirable choice for a variety of uses. As a result of BlockDAG’s market capitalization increasing steadily over the last year, investors have begun to take note.
Decline of Dogecoin Linked to Activities of Market Professionals
Dogecoin (DOGE) has seen its price collapse in sharp contrast to BlockDAG’s rise. Dogecoin has struggled to hold onto its value after hitting an all-time high in May 2021; in the last few months, its price has dropped by nearly 40%. The depreciation of Dogecoin is attributed by market professionals to multiple variables.
Its value has substantially decreased from the early euphoria. According to blockchain analytics cryptocurrency researcher James Li, “Dogecoin’s decline was somewhat inevitable given its reliance on speculative trading and social media trends.”
Although it still has a devoted following, its lack of a well-defined use case and technological innovation leaves it open to attack in a down market. PEPE Coin’s future today appears questionable despite early excitement and a price surge; in recent weeks, its value has dropped by nearly 50%.
PEPE Coin Likely to Take a Negative Turn, May Become Obsolete
Decreased community involvement and a lack of development activities have made the value decline of PEPE Coin worse. CoinTracker analyst Rachel Green in his statement expressed doubt that “Meme coins like PEPE Coin face significant challenges in sustaining long-term value.”
These currencies run the danger of going out of trend if investors move their focus to other promising initiatives in the absence of continuous development and a compelling use case. The attitude of investors has been moving in favor of initiatives that provide real answers to pressing issues.
There will be more distinctions between initiatives according to their respective use cases and technological qualities. The PEPE coin may take a negative turn because of its close relationship with Ethereum (ETH). The coin in the latest market analysis traded at $0.000011, a 3.35% rise first time in one week. Such a significant price rise may not continue considering the recent correction in the Ethereum market.
Traders Apply Caution, Reduce Their PEPE Holdings
Data from IntoTheBlock has it that the correction in Ethereum is as high as 0.91, meaning that The price of PEPE will reflect directly on Ethereum’s price movement. And with the price of Ethereum making a sideways trend, PEPE’s movement is likely to reach a major obstacle in the future.
Retail traders have significantly reduced their amount of PEPE holdings, meaning that the coin is struggling to maintain a bullish trend. The temporary popularity of memecoins in the harsh market volatilities is the main reason investors are moving away from popular ones like PEPE and Dogecoin to concentrate on the alternatives like BlockDAG, which is believed to be more sustainable.
According to a recent analysis, the future of BlockDAG is considered to be futuristic, and designed to sustain its profitability amid market price fluctuations. The Return On Investment (ROI) of memecoins is linked to their social popularity, thereby causing major fluctuation in the price.
As of press time, the four-month market period for BlockDAG and its $100 million liquidity after its launch makes sure the cryptocurrency sustains its growth. As of press time, the price of BlockDAG has maintained a steady growth level, moving from $0.001 in batch 1 up to $0.0122 in batch 18, recording an 1120% price increase.