Doge Write For Us – We will start with the most essential part, but unfortunately, many interested in buying Dogecoin tend to ignore it. When we talk about Dogecoin, we talk about the first coin, a meme coin. This cryptocurrency was born as a satirical criticism of Bitcoin but has gained followers and investors over time.
The idea of Dogecoin is to become a currency with which to buy goods and services. In its long life, it has been on the market for almost ten years (a milestone in this sector). It has served different charities, donations, and important events.
It is primarily remembered for the favor it has won from icons of the business and entertainment world, such as Elon Musk or Gene Simmons. However, it has also been criticized for being a currency conducive to financial bubbles.
What is the function of the DOGE token?
To get a Dogecoin forecast right, it is essential to understand in advance the DOGE token is utility since no project is sustained over time if it does not have the support of a powerful currency and, above all, with proven use.
According to the Dogecoin Manifesto, the currency is designed for transactions. It has been used throughout history to support crowdfunding, sponsor events, contribute to charitable causes, or pay rewards.
Its purpose would be simply as a payment currency. Still, it would not have any other application or associated advantage as they have, for example, cryptocurrencies such as Solana (SOL).
Advantages and disadvantages of investing in Dogecoin
We assume that any investor will carry out this exercise before approaching an asset, but if this is not the case, we will include it in our analysis.
The justification of pros and cons is fundamental to including or discarding the investment in DOGE against other cryptocurrencies. Consider these pros and cons if you want to buy Dogecoin from Spain.
- It is a cheap cryptocurrency and very accessible to any pocket
- It has a very loyal and proactive community of followers
- It is the central meme coin of the crypto world
- It has proven to be a cryptocurrency that reacts very well to positive news, so its revaluation potential against bullish catalysts is much higher than the currency average.
DOGE Range and Volatility
An essential aspect when investing in Dogecoin, and generally when investing in any financial asset, is controlling its price range and volatility.
Knowing the price range allows us to refine our operations and understand what we are exposed to. In this case, DOGE is a very volatile asset; therefore, you must review its data to exploit this quality.
Dogecoin’s bullish streaks are notorious. We saw its golden period from January 2020 to May 2021, with a revaluation of more than 44,400%.
Best practices when investing in Dogecoin
This section will address the best practices when investing in Dogecoin. Of course, it is a series of exercises that should not be considered investment recommendations, but that will help us when applying a severe and sensible operation on DOGE.
Investment terms are essential.
Who hasn’t ever heard that the best investment is to leave $100 in Dow Jones and sleep for 30 years? It may be accurate, but that is only valid if we are talking about indices or other types of assets whose behavior is certainly not the same as what we have seen in Dogecoin.
Putting $100 in DOGE in January 2020 and collecting it in May 2021 would undoubtedly be a great joy, as we saw in previous sections, but setting $100 in May 2021 and managing it today would not. That is why, knowing the volatile nature of the asset in question, the important thing is to hunt profitability in the short term.
DOGE is not an exchange asset; it is a trading asset
Considering DOGE or other cryptocurrencies as similar to gold is clearly a mistake. Perhaps Bitcoin, at most, can be equivalent, but it is entirely incorrect in the case of the already mentioned meme coin.
We must see DOGE as a trading element for which retention has no value, but the exchange profit prevails.
Short-term operations are as lucrative or more lucrative than long-term
We have verified that the bullish trends in Dogecoin are pretty vertical, while the bearish trends last longer. That is why you have to know how to take advantage of them.
No one rules out that DOGE could once again experience a scenario like the one in the first half of 2021, where Dogecoin performed much better than the rest of the cryptocurrencies. Still, nevertheless, the time that the currency shakes downwards is longer than it shakes the rise.
Therefore, Dogecoin is a cryptocurrency that lends itself, especially to short trading, benefiting from market falls.
Beware of leverage
Leverage is one of the significant advantages of CFDs. However, it is no less accurate that it is usually more valuable and productive when applied to assets that do not have too many oscillations. This is the case, for example, of Forex, where changes are a matter of a few pips.
Given its high volatility, applying leverage when investing in Dogecoin is not advisable. This means that, by chance, our benefits are projected, but in a matter of counter-trend, we will experience situations that only the most experienced can assume.
Which cryptocurrencies is Dogecoin most correlated with?
A critical aspect when investing is the issue of correlation since all financial assets have a direct or indirect correlation.
In this case, we are interested in seeing how DOGE correlates with the rest of the main currencies in the crypto ecosystem. This will help us configure a portfolio where we do not have to keep an eye on the evolution of all our investments simultaneously, but we know that some do not go down when others do.
Dogecoin Price 2023
We start with the Dogecoin forecast for the next year, 2023. From DigitalCoinPrice, they establish a price that will move between $0.14 and $0.15 without much variation throughout the year.
For its part, Telegaon would be more optimistic since it establishes the average price at $0.42, with the minimum at $0.38 and the maximum at $0.47.
Time to get in with Bitcoin Wisdom. The portal gives DOGE an average price for 2023 of $0.129668, quite in line with DigitalCoinPrice, while the minimum would be at $0.118838 and the maximum at $0.148535
Finally, we go with price prediction. This firm considers that next year’s average price of DOGE will be around $0.11, which would also coincide with the minimum, while the maximum would reach $0.14.
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