As we approach 2023, merchants and buyers of Dogecoin (DOGE) are wondering what the future holds for this popular digital asset. While DOGE has faced some challenges in recent months, it has remained relatively stable compared to other top cryptocurrencies during the widespread crypto market downturn in 2022. Stay tuned for updates on what 2023 may bring for DOGE
Dogecoin, specifically, was the second-best performer out of the highest ten cryptocurrencies by market cap in 2022, having dropped ‘just’ 54% this yr, behind solely Binance Coin (BNB) as per the ‘State of the Network’ report by the blockchain analytics platform CoinMetrics printed on December 20.
Trying on the prime ten property by market capitalization over the past 12 months, Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and Polygon (MATIC) all misplaced considerably extra, respectively.
Furthermore, because the 2022 cryptocurrency market massacre continues, greater than half of Dogecoin buyers are nonetheless profiting; about 54% of DOGE holders had been in revenue based mostly on the token’s worth on December 27. One other 43% of the holders are at a loss, whereas 3% have damaged even, in keeping with IntoTheBlock knowledge.
DOGE technical evaluation
The sentiment monitored on the 7-day gauges over at TradingView is predominantly on the bearish facet, its abstract indicating a ‘sell’ at 13, as oscillators stand within the ‘neutral’ space at 3 and shifting averages level to ‘strong sell’ at 12.
Regardless of the truth that Dogecoin is generally buying and selling within the pink zone, the meme forex has recorded flashes of rallies spurred by enter from Tesla (NASDAQ: TSLA) CEO Elon Musk. The asset worth surge could also be immediately attributed to Musk’s frequent Twitter (NYSE: TWTR) commentary wherein he expresses his enthusiasm for DOGE.
Half of the present spike was prompted by Musk’s formal acquisition of Twitter, which fueled hypothesis that the coin is likely to be built-in as a fee technique on the social media community.
The place will DOGE go from right here?
As investors look for opportunities in the cryptocurrency market, they may be interested in projects that show signs of strong community growth and adoption. One such example is Dogecoin (DOGE), which saw a temporary increase in value when it was reported that Elon Musk and Vitalik Buterin, the co-founder of Ethereum, were possibly collaborating to support the digital asset.
Looking ahead to the end of 2022, Dogecoin investors may be optimistic that the asset has reached a bottom and will begin a new upward trend. According to the machine learning algorithm at PricePredictions, Dogecoin is predicted to trade at $0.079 on January 1, 2023.
Currently, Dogecoin is trading at a price of $0.07077, which represents a 0.39% decrease over the past 24 hours and a 4.6% drop over the past week.
With a market capitalization of $9.44 billion, Dogecoin has assumed the place of the eighth-largest digital asset among the many prime 100 cryptocurrencies by this indicator.
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