High time I confessed I let the Doge out /TAi4p1khAd The tweet had an impact on the DOGE markets, although it only resulted in a smaller price spike. For example, on February 22, 2023, Musk tweeted “High time I confessed I let the Doge out”. While Musk isn’t discussing Dogecoin on his Twitter account as much as he did before, the billionaire entrepreneur is still occasionally throwing the Dogecoin community a bone. Without Musk raising the coin’s profile, it would be difficult to imagine DOGE sitting at a market capitalization of $11.2 billion. While Elon Musk has become a more controversial figure recently, it’s undeniable that Elon Musk's support for Dogecoin is one of the biggest reasons why Dogecoin is where it is today. While there’s no guarantee that Dogecoin will ever go on a big rally again or reach $1 or above, accumulating some DOGE now is probably a better long-term bet than buying DOGE when it’s already in the middle of a rally. If you’re wondering if you should buy Dogecoin, now might be a good time, as DOGE has shown the capacity to reach much higher prices in the past. In fact, if we exclude stablecoins, there’s only 6 other cryptocurrencies that have a larger market cap than DOGE.
Today, DOGE is changing hands at $0.084, which represents a decrease of about 85% from the all-time high.ĭespite this, Dogecoin has kept a strong position relative to the rest of the crypto market, as it is currently the 10th largest crypto asset by market capitalization. Dogecoin reached its historical peak in May of 2021, when the DOGE price hit $0.73. The simplest reason in favor of investing in Dogecoin is the fact that DOGE is trading significantly below its all-time highs. Dogecoin is trading well below its all-time highs If you’re looking to invest in cryptocurrency and Dogecoin in on your shortlist, we’ll highlight a few of the most important factors going in favor of Dogecoin as an investment in 2023. Invest in Dogecoin Reasons for investing in Dogecoin We’ll also highlight the Dogecoin price prediction based on the current technical analysis factors. So, is Dogecoin a good investment in 2023? In this article, we will be taking a look at both the positives and negatives of investing in DOGE in 2023. For example, Bitcoin has increased by 44% this year, while Solana has gained a whopping 139%. However, many other top cryptocurrencies have performed much better in the same time period. DOGE is up 20% since January 1, 2023, which seems solid at first glance.
Although there have been some recovery rallies along the way, the Dogecoin market has mostly been moving downwards following the big rally in 2021.Įven if we take a look at a shorter timeframe, Dogecoin’s performance hasn’t been particularly impressive. Dogecoin has been through a tough vear market, dropping by about 88.5% from the all-time high price it reached in May of 2021.
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