Dogecoin is one of the most popular meme coins in the market today. Having been around from the early days of cryptocurrencies, Dogecoin has built a solid community around itself.
This article will examine whether Dogecoin is a good investment in 2023. To do that, we will look at its price action over the years, analyze its price highs and lows, and look at the best broker where to buy Dogecoin in 2023.
Contents:
Is Dogecoin A Good Investment In 2023? An In-depth Analysis
Dogecoin Fundamentals Analysis
Is Dogecoin A Good Investment In 2023? An In-depth Analysis
In a volatile market like crypto, it is normal to find yourself wondering, is Dogecoin a smart investment in 2023? This question can easily be answered by looking at Dogecoin's price history and its potential use cases going into the future.
But first, it is important to answer the question, "What is Dogecoin?" Dogecoin has come a long way since its inception in 2013 as a joke coin, and much of that success can be attributed to its strong community, which faithfully followed and supported the currency through the years.
Unlike any other crypto blockchain, this community focuses on having fun rather than an internecine power struggle or manipulating price points. The recent surge in Dogecoin's value can largely be credited to Elon Musk's constant promotion of the currency on social media, immediately drawing attention and investor crossover from other coins. Through this combination of hard work and hype, Dogecoin has finally served justice and recognition as an example of cryptocurrency to watch in 2023.
Who Created Dogecoin and When Did It Start Trading?
Software developers Jackson Palmer and Billy Markus are widely credited as the creators of Dogecoin.
Palmer used social media platform (Twitter) to poke fun at his digital currency until positive feedback from fans led to the purchase of the domain, dogecoin.com.
The creation of dogecoin coincided with the digital currency creation dream of Billy Markus, who wanted to add his creation to the altcoins in the decentralized finance stratosphere.
Billy Markus decided to create a DOGE cryptocurrency that could reach a wider demographic (that wanted to stay free of fiscal policies about money from central governments globally).
Like all cryptocurrencies, Dogecoin was created to help its users send money to anyone no matter their location in the world over an internet network in a quick and secure manner.
Developers of the coin had an intention of creating a cryptocurrency that was not only an alternative to BTC and LTC but one which is more friendly and approachable.
Such an approach has been highly invaluable with regards to the accessibility of its mining process which has seen huge support from the internet community.
Dogecoin Community donates tokens to be used in charitable projects which have brought enormous popularity to the digital asset and the team behind it.
Many crypto lovers and market analysts believe such acts of generosity associated with the coin confirms the availability and sustainability of the project.
How Many Dogecoins Are In Supply?
There are 133 billion DOGE in circulation which is the same as the total supply of coins on the market.
So, is Dogecoin a smart investment in 2023?
Dogecoin has become a hot topic in the cryptocurrency space recently, thanks to the influence of Tesla CEO Elon Musk. Dogecoin's biggest potential selling point lies in the concept that it could be integrated into Twitter as a payment method. The ease with which users could use Dogecoin to purchase products and services would be unprecedented and open up new opportunities for online commerce - and just as importantly, it would make investing easier for those who struggle to understand more complex cryptocurrencies. It's an exciting prospect, and there's no denying the role Elon Musk has played in publicizing it further, but it remains to be seen whether or not he will choose to pursue this integration further.
Dogecoin is also trading at a significant discount compared to its price back in 2021. Like the rest of the market, 2022 has yet to spare DOGE. When you factor in the potential that a Twitter integration holds for DOGE, there is no doubt that it has good prospects going into 2023.
On this basis, Dogecoin is one of the best cryptocurrency investments in 2023 and for many years to come. While all cryptocurrencies are inherently speculative, the odds are clearly in favor of Dogecoin doing well going into 2023.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
How Dogecoin Has Performed Since Inception And In 2022
Before you invest in cryptocurrency, it is important to understand how it has performed over the years. In the case of Dogecoin, the price history stretches way back to 2013.
Dogecoin was launched in 2013 to satirize the cryptocurrency market at the time. At the time, Dogecoin was trading at $0.00030. Being a joke coin, Dogecoin saw little in price action up to 2017, when the entire crypto market went parabolic. By January 2018, Dogecoin was trading at a high of $0.015.
Source: Coinmarketcap
In the crypto crash of 2018, Dogecoin was not spared either. By the end of 2018, Dogecoin had dropped to a low of $0.0004. Dogecoin then flatlined in 2019 and didn't come alive again until 2020, when Elon Musk started tweeting about it. His influence also saw DOGE make its most extensive run since it was created.
Dogecoin started 2020 trading at $0.002. By May 2021, Dogecoin was trading at $0.65. However, since that hype ended, Dogecoin has struggled and is yet to retest its all-time highs. The 2022 cryptocurrency bear run has not spared DOGE either. As of December 2022, Dogecoin was trading at $0.095.
While Dogecoin's crash is a significant drop from its price back in May 2021, it's still way higher than Dogecoin ever got before it's 2020/21 price action. To give you an idea of how good Dogecoin is as an investment, consider that anyone who bought Dogecoin at inception is sitting on an ROI of 111,983%. That's much higher than you would get from conventional assets, such as stock indices, over a similar period.
As the community continues to grow now that there is a clear path to adoption, Dogecoin will be one of the top cryptocurrencies to watch in 2023.
Dogecoin Price Analysis
As noted above, anyone who invested in Dogecoin at inception or as recently as 2020 made a tidy profit from their investment.
Like the rest of the market, Dogecoin had a good run in 2021. However, even the Musk effect has yet to be able to shield Dogecoin from the crypto winter of 2022. The war in Ukraine and rising inflation worldwide have hurt Dogecoin in 2022.
The collapse of a major cryptocurrency (Terra), and the third largest crypto exchange (FTX) has not made things easier for the market either. Interestingly, even with these negatives that have dampened the mood in the cryptocurrency market, the Dogecoin community continues to grow. It indicates that while the market has been ruthless for Dogecoin, the odds are in its favor for long-term growth.
Dogecoin Highs And Lows
Up to this point, we have looked at Dogecoin's price action since it hit the market to date. We have also looked at some key factors that make DOGE a good cryptocurrency investment in 2023.
Here is a summary of Dogecoin's price action, as discussed above.
- Dogecoin hit the market in 2013 – Dogecoin entered the market at $0.00030
- January 2018 – After the crypto rally of 2017, Dogecoin hits a high of $0.015
- December 2018 – The crypto crash of 2018 saw Dogecoin drop to $0.0004
- January 2020 – The broader crypto market rise saw Dogecoin rise to $0.002
- May 2021 – Dogecoin rallies to a high of $0.65 after Elon Musk tweets
- December 2022 – The crypto collapse of 2022 pushes Doge to a low of $0.0095
These ups and downs clearly show that every dip in the price of Dogecoin presents an opportunity to buy Doge and profit over time. That said, volatility is a risk, and investing in cryptocurrencies should be cautiously approached.
Dogecoin Price Predictions
Even as you go online to ask the question, is Dogecoin a good investment? Always remember that all predictions are speculative. It is best only to invest what you can afford to lose.
That said, analysts are in consensus that if the cryptocurrency market turns bullish in 2023, Dogecoin could rally to $0.50.
There are even bigger predictions for 2025 since, going by past price action, the crypto market goes parabolic a year after a Bitcoin halving. For this reason, analysts expect Dogecoin to hit a high of $1 in 2025.
If these predictions come true, Dogecoin will be one of the best cryptocurrency investments in 2023.
Don't Miss: Dogecoin Price Predictions
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Dogecoin Fundamentals Analysis – Is Dogecoin A Good Investment?
There are several reasons why Dogecoin stands out as one of the best cryptocurrency investments to make today. Some of Dogecoin's use cases make it a potentially strong investment going into the future.
Dogecoin for social media tipping
Dogecoin is becoming increasingly popular as a tipping mechanism on social media platforms. Transactions are fast and nearly free, making it an ideal choice among those who prefer to tip small amounts while also providing plenty of incentive with its potential appreciation in value. This creates a win-win situation for all involved. Not to mention the added benefit it brings an increased awareness of cryptocurrency among the general public, who, until recently, might not have been aware of its existence. As more users adopt Dogecoin, more and more people will be exposed to cryptocurrency and its potential benefits - ultimately helping steer us toward a decentralized future.
Dogecoin for everyday payments
Dogecoin has recently surged in popularity due to its decentralized and open nature and its role in enabling everyday payments. It is built on the same technology that powers Bitcoin and Ethereum but with even less latency and more scalability than traditional cryptocurrencies. Thus, Dogecoin enables lightning-fast transactions on its blockchain network with lower transaction fees than traditional methods.
Moreover, it also offers users much greater privacy than other payment solutions. As such, it presents a strong use case for daily payments and digital transactions in general. Moreover, its unique meme culture is a big part of its success since it attracts younger audiences passionate enough about their communities to rally around Dogecoin and keep supporting it.
With the potential that Elon Musk could integrate Dogecoin into Twitter, Dogecoin's use case as an everyday payments cryptocurrency is set to get even bigger.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Where To By Dogecoin
Before you invest in Dogecoin, make sure to find a reputable cryptocurrency exchange. You also need to figure out how to store the cryptocurrencies you buy safely.
eToro – Best Cryptocurrency Broker To Invest In Dogecoin In 2023
eToro has more than 20 million clients spread across the globe. That's a strong indicator that the company is doing something right. One of the major reasons why traders are attracted to eToro is that it is a regulated broker. eToro is regulated in the UK, the US, Cyprus, and Australia. These are some of the most important global financial markets and make eToro a safe cryptocurrency exchange for anyone.
Traders also love eToro for its low deposit minimum. With eToro, you can deposit as low as $50 and buy Dogecoin or any other cryptocurrency for as low as $10. eToro also offers traders access to a wide array of deposit and withdrawal options. With eToro, you can deposit with your debit card, do a wire transfer, or even use online payment methods like PayPal, Skrill, and Neteller.
Buying cryptocurrencies on eToro is easy; anyone can do it. This has served to make eToro even more attractive to cryptocurrency investors.
Read More: How to Invest in Dogecoin
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Should I Invest In DogeCoin?
Up to this point, you have a good idea of whether Dogecoin is a smart cryptocurrency investment. However, if you are still unsure of whether Dogecoin is a good investment, here is a summary of some of its strong points:
- Dogecoin is the number one meme coin.
- Dogecoin is perfect for online tipping.
- Dogecoin metrics make it perfect for everyday payments.
- Dogecoin has the backing of Elon Musk.
Conclusion
This article has looked at some of the reasons why Dogecoin is a smart investment in 2023. The reasons why Dogecoin is a good investment range from its popularity as a meme coin, Elon Musk, to the fact that Dogecoin is pretty good as a payment method. We have also analyzed why eToro is the best crypto platform to buy Dogecoin. eToro is known for its low fees, ease of use, and the fact that it is a regulated broker.
eToro – Top Cryptocurrency Platform To Buy Dogecoin
eToro have proven themselves trustworthy within the Crypto industry over many years – we recommend you try them out.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
FAQs
Should I Invest in Dogecoin?
Yes, Dogecoin, the most popular meme coin, is a good investment.
Is Investing in Dogecoin safe?
Yes, Dogecoin is decentralized, which means it is safe. To make it even safer, buy DOGE on eToro, a regulated broker.
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