Is Dogecoin still a good investment in 2023?

No doubt, Dogecoin is still one of the most popular crypto assets among users all over the world. First introduced in 2013, Dogecoin will celebrate its tenth anniversary in December 2023. So, is it still worth investing your money in Dogecoin, or has its time already passed？ Lets find out

Is It Too Late to Buy Dogecoin？

Frankly speaking, it‘s not. Despite the crypto winter, we can express such an opinion regarding any cryptocurrency. Let’s not forget that the entire crypto market is a vulnerable thing. Also, there are some factors that can influence the DOGE price, such as Twitter mentions or Mr. Elon Musks statements. So, this crypto can be pumped and dumped. Fun fact: Technically, Dogecoin introduced the term “

meme coin

” to the crypto space in general and to crypto enthusiasts in particular. This crypto seems to have nice perspectives and growth potential.

What exactly can boost the

Dogecoin price

？

We‘re explaining all the possible reasons down below. Dogecoin Price History Dogecoin was launched back in 2013. Throughout its history, this digital asset has experienced a lot of ups and downs. Dogecoin hit its lowest price when it briefly plunged to $0.0000869 on May 6, 2015. On the contrary, DOGE reached its highest price of $0.682 on May 8, 2021. As of now, its market cap exceeds 12B. Not creating any conspiracy theory here, but is May an important month for Dogecoin？ Well, we’ll see. Let‘s get back to history. Dogecoin’s price was relatively flat and stable for almost 7 years, from 2013 to 2020. Sure, DOGE had its ups and downs in those years. Its behavior correlated with the market: the coin went up in 2014 and collapsed in 2018, as Bitcoin did.

However, at the beginning of 2021, Elon Musk made a couple of remarks about Dogecoin on his Twitter. Right after that, the coin‘s value boosted by 340%, reaching the price of $0.032642. This event gave rise to the era of DOGE speculation since whenever the businessman mentioned this crypto, its price went up. How Did Dogecoin Perform in 2022？ In 2022, Dogecoin didn’t have any special highlights. Most of the time, the meme coin followed the general market trend. However, at the end of October, DOGE started its bullish move, reaching $0.1425 on November 1. This might have been a reaction to Elon Musks Twitter acquisition.

Whats Wrong with Buying Dogecoin？

There‘s nothing wrong with buying DOGE. However, it’s important to understand the pumps and dumps experienced by the coin. Since this

cryptocurrency

is very vulnerable to news and Elon Musk‘s endorsements, you shouldn’t fall for DOGE when it‘s hyped. Wait until the price gets stable, so you won’t invest in overpriced coins. It should be noted that the roots of this crypto were no more than just a joke. While the history of this popular cryptocurrency can call its worth into question, eventually, its market cap reached an estimate of a big company with thousands of employees. So, after ten years of market games, it seems like DOGE is here to stay. Crypto Market Struggles They say that crypto markets are volatile and risky. Believe it or not, investing in DOGE itself is a lot riskier. Nonetheless, nothing ventured, nothing gained.

The Dogecoin price depends not only on Elon Musk but also on the general movement of the market. Surely, the asset price correlates with the price of the main cryptocurrency, Bitcoin. So, DOGE‘s main struggles lie in its extreme volatility and overall correlation with the cryptocurrency markets. But isn’t volatility made up for speculations？ Let‘s see. Speculative Investments Many people buy DOGE and then trade it, believing that someday it will make them rich. By the way, have you ever heard the story of Glauber Contessoto, known as the DOGE millionaire？ It’s a real rags-to-riches story. And back to rags. This guy had invested about $180K in Dogecoin only. After Elon Musk‘s tweets and TikTok hype, his initial investment grew to over $1 million. Then, the DOGE rate dropped by nearly 90%, and Glauber’s profit was $180K. Glaubers story is really all about market speculation that anyone can encounter. What does this mean for DOGE？ This is another reminder that one should evaluate all potential risks when investing in such cryptocurrencies and be able to sell the crypto that is destined to fall. For the latter, the timing is especially crucial.

Is It Too Late to Buy Dogecoin — What the Experts Say？

The investment and markets analyst experts made their own predictions regarding Dogecoin‘s price. According to the Doge Fear and Greed Index, Doge is quite an option for crypto investors now. However, while the community members might have doubts about current investment, the whales are completely sure: buying or exchanging your crypto for DOGE is a real thing in 2023. How Could Dogecoin be Used in the Future？ Since Dogecoin is a meme cryptocurrency, some people don’t actually take it seriously. However, DOGE might be a good payment option.

How is Dogecoin used now？

Mostly, it comes in handy for making payments. This includes not only purchases but also various donations and tipping systems. Speaking of store-of-value currencies, Dogecoin does not fall into this category. This cryptocurrency has an infinite supply, making DOGE highly inflationary by design. So, were not sure that the main function of DOGE — payment — will ever change.

Taking everything into consideration, we need to say that its not too late to buy DOGE in 2023. Furthermore, this cryptocurrency can unleash its potential in the future. You can use this asset for long-as well as short-time investments. However, be extremely cautious with the sharp ups and downs that its price may experience.