Unlike other well-known cryptocurrencies, Dogecoin was created by the programmer Billy Marcus as a joke. At the end of 2013, he launched it, by his own acknowledgment, in three hours as a skit of militantly developing cryptocurrencies.
Dogecoin’s emblem was a well-known meme, a contented shiba-inu dog, and the slogan was “a digital currency preferred by shiba-inu around the world.
Technically, Dogecoin is also as unsophisticated as possible unlike Bitcoin or Ethereum, which have a developed infrastructure and considerate capabilities (such as smart contracts, etc.).
But after some retail chains, sports, and medical institutions began to accept Dogecoin, the currency has also acquired the features of a real payment tool. Don’t be too flattered, though.
The governor of the Bank of England, Andrew Bailey, explicitly stated that cryptos have no intrinsic value, thus “buy only if you are prepared to lose your money”.
Dogecoin is certainly not an analog to a “Ponzi scheme.” But there is no doubt that the Doge value is heated almost exclusively by PR.
At the end of November 2022, Elon Musk published slides from a presentation to Twitter employees, triggering a simultaneous plunge of two assets such as Dogecoin and MobileCoin. The presentation talked about new features as part of the Twitter 2.0 update.
The cryptocurrencies were not explicitly mentioned by the billionaire. Dogecoin’s jump traditionally was driven by expectations of integration into the social network as “Musk’s favorite digital currency.”
Cardano founder Charles Hoskinson admitted that Dogecoin could be integrated with the social platform after Elon Musk’s purchase of Twitter.
He suggested that the meme-cryptocurrency could be moved to his project ecosystem.
Nowadays, the key owners of Dogecoin are completely different from the people who have launched it.
Back in 2015, Marcus left the project by selling his tokens, and this year he wrote an open letter in which he called Dogecoin “grown out of a gimmick” and named the fantastic growth in its value as “total insanity”.
Traders are wondering if Dogecoin will ever truly emerge from the bear market that began in the second half of 2021 and lasted most of 2022.
Dogecoin’s latest decline has resulted in a yearly gain of less than 20%, but the virtual asset is still rising (present rate is -$0.08166) compared to its 2021 lows of less than $0.05.
But Dogecoin is likely to remain constrained within a multi-month range of $0.07-$0.11 in the upcoming future.
Dogecoin price predictions for the near future are milk and water. Traders hoping to make a quick profit may prefer to consider other high-potential tokens, such as those sold on pre-sales by prospective crypto projects.
To find the best answer to the question of whether Dogecoin is worth investing in today, you have to consider both the factors that make it a good investment and the risks of investing in Dogecoin in 2023.
You`d better buy meme coin only if you can digest the massive price drops typical of meme coin. They range from double-digit drops within a few hours to 90% within a few months.
Therefore, no one can say with any precision how much Dogecoin will cost in December 2023, but most analysts and investors are confident that DOGE token prices will rise if the market avoids the current decline.
Due to the Whale Alert service, on February 5, 2023, an unknown person moved 2,043,137 DOGE tokens that had been idle since December 31, 2013. The coins’ owner had invested just over $800 in Dogecoin. Today, their combined value exceeds $187,000.
Since mid-November 2021, Bitcoin has also begun to fall, which continues these days. Experts are talking about the onset of crypto winter, although many experts are convinced that today is the right time to top up their cryptocurrency wallets.
You are able to easily swap DOGE to BTC on Godex.io at the best exchange rate just now without any limits, registrations, or difficulties.