Dogecoin (DOGE) is one of the oldest meme coins in the market. DOGE was created in 2013 to critique the high number of new cryptocurrencies entering the market. However, it developed a strong community that has seen it survive over the years as one of the largest cryptos by market capitalization.
However, Dogecoin went truly mainstream in 2020 after Elon Musk started hyping it up via Twitter. This hype triggered a Dogecoin rally, that saw it gain by over 10,000% in the 2020/21 bull cycle.
Let's now look at Dogecoin's prospects and predict if it is still a buy for 2023.
Dogecoin Is One Of The Most Popular Meme Coins
Meme coins have gained in popularity since 2020 after Elon Musk started hyping up Dogecoin. Since then, many meme coins have come up, and investors expect 100 to 1000x gains from them.
In such an increasingly saturated market, the big players are likely to be the ones that survive and thrive. This easily makes Dogecoin one of the cryptocurrencies likely to benefit the most as meme coins gain traction.
Since hype is part of the factors that drive up cryptocurrency prices, Dogecoin could benefit from a cryptocurrency bull rally in 2023. Many new investors view meme coins as a pathway to wealth, and Dogecoin has an advantage as the king of meme coins.
Dogecoin Has The Elon Musk Factor
Elon Musk has become one of the most important figures in crypto. Even Bitcoin seems to respond to what he says, as was evident in its price drop in May 2021 when he questioned its energy efficiency.
However, the power of Elon Musk in the crypto market has most been felt by Dogecoin. The hype saw it outperform most cryptocurrencies in 2021 and rally by over 12,000%.
Elon continues to be heavily involved with Dogecoin. In 2021, he nicknamed himself the Dogecoin Father and even reignited developer interest in Dogecoin. However, his biggest sign that he supports Dogecoin was the move to make some of Tesla's merchandise purchasable in Dogecoin.
He has also been pushing other companies, especially McDonald's, to accept Dogecoin payments. As more companies hid his call and start accepting Dogecoin for payments, the price could rally, especially if the broader market turns bullish again.
Check Out: Dogecoin (DOGE) Price Prediction
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Dogecoin Has A Strong Community Backing It Up
Cryptocurrencies with large and active communities tend to be safer bets than those with small communities. That's because the cryptocurrency market is pretty crowded, with over 6000 cryptos and new ones coming up daily. In essence, the more visible it is, the higher the odds of drawing in new investors and driving up the price.
Dogecoin happens to have one of the largest communities in crypto. The Dogecoin community on Reddit has more than 2 million subscribers, and they are active. This makes Dogecoin one of the most visible cryptocurrencies to new investors, a factor that could help drive up the price, not just in 2023 but for many years to come.
Dogecoin Is Available On Multiple Exchanges
Dogecoin is listed on most of the major exchanges, including Binance and eToro. This makes it pretty visible, especially to new investors. This is a big deal because it means Dogecoin volumes are always high regardless of the market's direction at any given time. This is also advantageous because it is easy for new investors to buy DOGE in bull markets. This could add to the FOMO as bulls regain control of the market in 2023 and future bull cycles.
Read Also: The 5 Best Ways To Buy Dogecoin
Dogecoin Is Decentralized
Meme coins usually tend to be heavily centralized, with teams of backers pumping prices. The downside of this is that many scams in the market are taking advantage of naive investors looking to get rich quickly out of meme coins.
Dogecoin is one of the meme coins that have an element of security. Dogecoin's security stems from its decentralized. It runs on a Proof-of-Work algorithm and is easy to mine even with a PC. This means that no single person or entity controls the Dogecoin network. This factor can lead to an increase in Dogecoin adoption and its price, not just in 2023 but for years to come.
Should You Buy Dogecoin In 2023?
Even after rising by over 12,000% in 2021, Dogecoin is not expensive. It has the full backing of Elon Musk, a factor that has helped drive up the price in the past. At the same time, Dogecoin has one of the largest communities of all meme coins, a factor that can help drive FOMO in the next Bull Run. Simply put, Dogecoin is a cryptocurrency to buy for 2023.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
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