Dogecoin 2023: Is It Too Late to Purchase?

Without a question, Dogecoin continues to rank among the most widely used crypto assets among users worldwide. In December 2023, Dogecoin will mark ten years since its initial launch. So, is it still wise to put money into Dogecoin, or is it beyond its prime? What do DOGE and other meme coins have in store for us this year? Let’s find out.

Is Purchasing Dogecoin Too Late This Year?
In all honesty, it isn’t. We are able to say this about any cryptocurrency, notwithstanding the crypto cold. Don’t forget that the entire cryptocurrency industry is a weak point. Additionally, there are a few things that can affect the price of DOGE, like Mr. Elon Musk’s comments or mentions on Twitter. So, it’s possible to pump and dump this cryptocurrency.

Interesting fact: Technically, Dogecoin is responsible for popularizing the phrase “meme coin” among cryptocurrency users in general and enthusiasts in particular. This cryptocurrency appears to have good prospects and room for expansion. What specifically could raise the price of Dogecoin? All potential explanations are provided here.

History of Dogecoin Prices
Dogecoin was introduced in 2013. The value of the coin has fluctuated greatly during the course of its existence. On May 6, 2015, Dogecoin momentarily fell to a price of $0.0000869, marking its lowest point ever. On the other hand, DOGE’s price rose to $0.682 on May 8, 2021. Its market cap currently surpasses $12 billion. I don’t want to start any conspiracy theories, but is May significant for Dogecoin? We’ll see, I guess.

Let’s return to the past. From 2013 through 2020, the price of Dogecoin was essentially flat and constant. Yes, DOGE experienced ups and downs during that time. The coin increased in value in 2014 and decreased in value in 2018, similar to how Bitcoin behaved.

But, towards the beginning of 2021, Elon Musk made a couple of remarks on Dogecoin on his Twitter. Following that, the coin’s value increased by 340% to hit a high of $0.032642. This incident started the period of DOGE speculation because the businessman’s mentions of this cryptocurrency caused its price to increase.

Should I Avoid Purchasing Dogecoin?
Purchasing DOGE has no negative effects. It’s crucial to comprehend the pumps and dumps the cryptocurrency experiences, nevertheless. You shouldn’t buy into DOGE enthusiasm because this cryptocurrency is extremely susceptible to news and Elon Musk’s endorsements. To avoid investing in overvalued coins, wait until the price is stable.

It should be mentioned that this crypto’s origins were nothing more than a joke. While the coin’s past has the potential to cast doubt on its value, its market cap eventually rose to the equivalent of a sizable corporation with thousands of workers, according to estimates. So, it appears that DOGE is here to stay after 10 years of market gaming.

Cryptomarket Challenges
The cryptocurrency market is allegedly unstable and dangerous. Contrary to popular belief, buying DOGE directly carries far more risk. Yet, nothing ventured, nothing gained. Dogecoin’s pricing is influenced by market trends as well as Elon Musk in general. The asset’s price is undoubtedly correlated with that of the leading cryptocurrency, Bitcoin. So, DOGE’s key issues are its high volatility and general market correlation. Yet, doesn’t volatility compensate for speculations? We’ll see.

Speculative Investments
Many individuals buy DOGE and sell it in the hopes that it may one day make them wealthy. Have you ever heard the tale of Glauber Contessoto, a.k.a. “the DOGE millionaire,” by the way? It’s a true “rags to riches” tale. Back to rags we go.

This man had only put roughly $180,000 into Dogecoin. His initial investment increased to over $1 million as a result of Elon Musk’s tweets and TikTok excitement. The DOGE rate then decreased by about 90%, and Glauber made a profit of $180,000.

The main theme of Glauber’s tale is market speculation, which can happen to anyone. What does DOGE get out of this? This serves as a further warning that while investing in such cryptocurrencies, one should consider all possible dangers and be prepared to sell any cryptocurrency that is likely to decrease in value. For the latter, timing is particularly important.

What the Experts Say About Buying Dogecoin – Is It Too Late?
The price of Dogecoin was predicted by the investment and market analysts. The Doge Fear and Greed Index indicates that Doge is currently a good option for cryptocurrency investors. While the general public might be unsure about the current investment, the whales are very certain that buying or exchanging cryptocurrency for DOGE will be possible in 2023.

What Future Use Could Dogecoin Have?
Dogecoin is a cryptocurrency that serves as a meme, therefore some people don’t truly take it seriously. However, DOGE might be a viable method of payment. How is Dogecoin currently used? It is most useful while making payments. This covers not only purchases but also many forms of giving and tipping. When it comes to storing value, Dogecoin does not fit this description. Since there is no end to the supply of this cryptocurrency, DOGE is by nature very inflationary. Therefore, we doubt that DOGE’s primary purpose of payment will ever alter.

What stores sell Dogecoin?
Since numerous cryptocurrency exchanges, like Binance, OKEx, and Coinbase, offer competitive pricing, there are many options for purchasing Dogecoin.

Conclusion
Our verdict considering everything, we must conclude that purchasing DOGE in 2023 is still possible. Additionally, this cryptocurrency has the potential to grow in the future. This asset can be used for both long-term and short-term investments. But because of the sudden ups and downs that its price can encounter, proceed with extreme caution.