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Crypto community with 70% historical accuracy sets Dogecoin price for May 31, 2022

Following the news that Elon Musk had agreed to purchase Twitter (NYSE: TWTR) for $45 billion, his favorite cryptocurrency Dogecoin (DOGE) reacted with several sharp spikes in price, after which it dropped and consolidated at around $0.14.

As things stand, the CoinMarketCap crypto community is projecting that the dog meme token will trade at an average of $0.1538 by the end of May 2022, with 1,872 votes.

In particular, the estimated price indicates a $0.01324 or 9.42% increase from the decentralized finance (DeFi) asset’s current value.

DOGE average price estimate. Source: CoinMarketCap

Meanwhile, the votes of 777 community members for the end of June established a slightly lower target than May’s predicting that DOGE will trade at $0.01042 or 7.41% more than the price of the coin at press time.

Based on the performance of estimates made over the preceding six months, the crypto community has historically predicted the price of Dogecoin with an accuracy rate of 69.39%.

DOGE estimation accuracy. Source: CoinMarketCap

DOGE price analysis

Currently, DOGE is trading at $0.1405 up 1.18% on the day but down 0.73% across the previous seven days, according to CoinMarketCap data.

DOGE 7-day price chart. Source: CoinMarketCap

At the time of publication, the total market cap of the dog token stands at $18.66 billion.

Interestingly, the community is rather bullish on Dogecoin, possibly due to the positive effect of Musk taking over one of the largest social networking platforms. This effect can also be ascribed to Dogecoin transactions with a value above $100,000 reaching a four-month high at 2,440 transactions on April 26.

Meanwhile, as Musk was still trying to reach a deal over the proposed Twitter takeover, Dogecoin added $2 billion to its market capitalization in only one hour, growing from $16.56 billion to $18.64 billion, as Finbold reported.

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