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Dogecoin is nearing a major breakout season despite all the volatilities in the market
Dogecoin is the top dog among all the meme coins. Several crypto analysts and experts have considered DOGE as an obsolete cryptocurrency that is made to support thousands of people worldwide. Back in 2021, Dogecoin was one of the outstanding performers in the cryptocurrency market that also descended in its forthcoming months. By the beginning of 2022, Dogecoin had already reduced significantly since its highs in 2021. DOGE, however, might be an extremely volatile cryptocurrency that dances around according to the statements and actions were taken by the DOGE master, Elon Musk. Nevertheless, DOGE has given crypto investors several reasons to be optimistic about it as well. DOGE investors are currently quite keen on implementing additional use-cases to its network to boost the coin’s value proposition. According to coinmarketcap, the Dogecoin price is currently trending at around US$0.0573, at the time of writing this article, indicating that the price is struggling to adopt an uptrend in value and is also successfully achieving it.
Currently, the entire crypto market is struggling to gain a support level and retain some sort of semblance as a valuable investment market. Crypto investors are battling to stay above all psychological fears and retain their investments. With Bitcoin currently trending below US$25,000 and Ethereum staging itself at around US$1,000, it has become quite impossible for the investors to keep up their hopes and spirits and continue investing in these volatile assets. But quite surprisingly, Dogecoin has successfully been able to surge despite all the volatility and skepticism going on around the financial and economic markets. Experts have suggested that all investors should have Dogecoin on their watchlist. Even though its volatility is still quite persistent but DOGE’s capability to rise despite the present conditions has truly proved a point to those who were doubting its capability to rise in market value.
Should you invest in Dogecoin right now?
Experts have long anticipated the price breach of Dogecoin. The crypto is now probably preparing for a bullish price rally, nevertheless, investors should always be careful before investing in the crypto and not jump into it instantly, or follow a trend of investment. The current conditions of the market are quite unstable, hence, the crypto might even crash when you would not even expect it to. So, before starting to earn capitalizing profits from Dogecoin, it is quite crucial to realize that its popularity and reliability do not go hand-in-hand.
Dogecoin did experience massive gains back in 2021, but the crypto did very little to prove its market dominance since then. Nevertheless, faithful adopters of the crypto still plan on holding the cryptocurrency in hopes that it would yield substantial gains again or maybe higher than the previous ones. But even after everything, Dogecoin’s performance in 2022 has been quite satisfactory. Those who have bought Dogecoin when it became popular have currently lost major percentages of their investments after the crypto market meltdown.
Do not invest in DOGE just because it is an Elon-favourite
Elon Musk has stated that he owns Dogecoin, along with Bitcoin, and Ethereum and that he has a representative on the board of the Dogecoin Foundation. Perhaps, the DOGE supporters would like to ask Musk to reinstate his hope in crypto with his support and tweets which might help the crypto raise its market value. But do not just invest in Dogecoin because Elon assured you. The crypto market is currently in an exceedingly fragile place and the prices of all cryptocurrencies are weak. So tread carefully in the market before making your moves during a crypto’s breakout season.