Joel Frank
It’s been a rough year for Dogecoin. The dog meme-inspired cryptocurrency is currently down about 60% since the end of last December and, at current levels just above $0.07, is down around 90% from the record highs in the $0.70s set in May last year. While Dogecoin’s pullback from record highs in 2021 had more to do with profit-taking and an unwinding of speculative excess, its downside this year has had much more to do with a broader deterioration in macro conditions that has weighed on risk assets and cryptocurrency markets on the whole.
Bitcoin, for example, is down about 64% on the year, driven lower by an aggressive campaign of rate hikes from the US Federal Reserve to reign in a sudden surge in US and global inflationary pressures. But with Dogecoin still trading with gains of over 6000% since the March 2020 lows around $0.0012, some investors might still be worrying about whether it is too late to buy Dogecoin and benefit from gains.
Is it too late to buy Dogecoin?
The outlook for cryptocurrency markets in early 2023 isn’t super rosey. The Fed made it clear earlier this month that it wants to keep interest rates at restrictive levels for some time in order to ensure that inflation doesn’t get stuck above its 2.0% goal. That means crypto bulls may have to wait some time yet before the Fed pivots towards an easing rather than tightening bias, which has historically been a positive for cryptocurrencies like Dogecoin.
That suggests that, for investors asking whether it is too late to buy Dogecoin, the answer would be no. But maybe they should hold off just incase Dogecoin’s price drops any further in early 2023.
More broadly, investors should consider whether they think Dogecoin will appreciate in the long-run or not. If yes, then it isn’t too late to buy. If no, then it is too late to buy. Will Dogecoin appreciate in 2023?
Experts Give Their 2023 Dogecoin Predictions
According to Business 2 Community’s crypto expert Connor Brooke, the Dogecoin price reach $0.60 by the end of 2023, if it continues to garner traction as a popular tipping mechanism owing to its low fees, and if there is integration into the Twitter social media platform. Brooke adds that if DOGE can enjoy further integration into the decentralized finance world after it was recently listed on the THORchain decentralized liquidity protocol, that could add further utility to the token, thus further boosting its long-term demand.
Meanwhile, according to a recent Finder.com survey of a panel of fintech and cryptocurrency experts, 71% think that its time to sell Dogecoin, suggesting they hold a bearish outlook for 2023. CloudTech Group’s chief operating officer Kevin He made scathing remarks about the meme coin, saying its “sudden surge in value (in 2021) was entirely due to the early Dogecoin not having its own wallet and the collapse of a large number of early exchanges supporting Dogecoin trading at the time leading to a reduction in circulation and the promotion of Elon Musk on Twitter”.
“We believe that cryptocurrencies like Dogecoin, which are completely useless and the value is purely supported by the community, will not gain value in the future”, he continued. Panxora Hedge Fund general partner Gavin Smith had kinder words for Dogecoin, noting that “while DOGE was launched as a joke coin, it has subsequently developed a large and loyal community”. “Detractors of the token forget that community is at least as important as uniqueness in the crypto space”, he added.
Altcoins to Consider
With broader cryptocurrency markets having performed poorly in recent weeks, investors may be looking to diversify their holdings with the pre-sale tokens of promising, up-and-coming cryptocurrency projects.
FightOut (FGHT) – Presale Launches
FightOut, a brand-new move-to-earn (M2E) fitness application and gym chain that seeks to bring the fitness lifestyle into web3, has opened its pre-sale and investors think the project could transform the existing web3 M2E landscape. While existing M2E applications such as STEPN only track steps and require expensive non-fungible token (NFT) buy-ins to take part, FightOut takes a more holistic approach to tracking and rewarding its users for their exercise and activity, and doesn’t require any expensive buy-ins to take part.
FightOut’s FGHT tokens are currently selling for 60.06 per 1 USDT, and interested investors are encouraged to move fast to secure their tokens, with the pre-sale having already raised nearly $2.5 million in just a few weeks. FGHT is the token that will power the FightOut crypto ecosystem.
Dash 2 Trade (D2T) – Presale Enters Final Stage
Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.
These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.
Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates and sales recently surpassed $11.3 million. The pre-sale dashboard is going to be released soon, with the development team currently running ahead of schedule. Tokens are currently selling for $0.0533 each and will be listed on multiple centralized exchanges in under one month.
Calvaria (RIA) – Final Presale Stage Now
Major blockchain-based games like Axie Infinity lost significant traction in 2022. As a result, many investors interested in the crypto gaming space are looking for alternative avenues. Calvaria, an up-and-coming play-to-earn battle card crypto game, could be a good alternative. Calvaria seeks to boost crypto adoption by creating a bridge between the real world and crypto, a fun and accessible crypto game.
Investors should consider Calvaria’s RIA token pre-sale. Calvaria has now raised $2.6 million, with a crypto whale scooping up $97.5K in one purchase earlier this month. The presale is in the final stage, with only 16% of tokens left.
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This article was written for Business 2 Community by Joel Frank.
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